4 Reasons Why Renting is the Smart Move

If you’re feeling the pressure of owning your first home by the time you’re 30, there’s no need. Nowadays, the reality of owning your first home all depends on your career status or current lifestyle. Therefore, it’s very common for a lot of people to rent a house, flat, or unit while they save up money for a down payment for their first home. For some people, the idea of renting causes financial or personal stress; however, there are many perks to renting including these four reasons below.

1. Helps Maintain a Flexible Lifestyle

One of the many great reasons to rent a place is that it allows more room for a flexible and busy lifestyle. You don’t have to stay put in the same place or suburb if you’re not completely satisfied. It allows more flexibility with your career and work status and leaves plenty of time to develop a new relationship before getting married, starting a family, and settling into your first home. If you’re heading into a career that requires you to travel or move around a lot, then renting is definitely a better option.

2. Allows You to Save for a Deposit

Don’t be fooled into thinking that renting will stop you from saving any money for your future plans to buy your first home. If your long-term housing goal is to eventually purchase, then renting is the right choice while you save up for your deposit. Renting with a couple of housemates is a bonus as the cost of rent, bills, and food is usually split three ways, allowing you to save more money for your well-deserved first home.

3. Develops New Friendships

Another great reason to rent a place is the many friendships you’ll make along the way, especially if you decide to live in a share house or with a housemate. This is how a lot of people meet their life-long friends which are essential to have in our hectic and demanding lives.

4. Allows You to Gain More Independence

Moving out of the family home and renting a place requires a lot of time, effort, and responsibility. You are fully independent and your parents or family aren’t there to constantly tell you to do your laundry, pay your phone bill, and call the plumber or landlord to get the bathroom taps fixed.

While all of these things on top of paying rent each month will always be on the backburner, it will help you to further develop your independence and sense of responsibility which will make being on your own less daunting in the long run. Renting a place will also help when you develop a long term relationship and move out with that person elsewhere as you will already be prepared and experienced with managing everyday living expenses and living independently.

Can you think of other reason why renting is actually pretty great? Share it in the comments below.