How to Enjoy Renting Instead of Buying a Home

I think it’s only natural to want to buy a home instead of rent. But the 2008 housing crisis is still a tender subject. For many people, they either aren’t in a position to buy a home – or they are really wondering whether or not it’s a good idea.

 

Most of these concerns are there for good reason. So instead of pushing yourself into home ownership, consider embrace the lifestyle of a renter. Here’s how to enjoy renting instead of buying a home.

 

The Simplicity of Budgeting

When you rent a home, it’s a pretty fixed expense. Sure, you may have to pay utilities. But overall, your housing expense is pretty much fixed. You know you’ll be spending ‘x’ each month on housing. If something breaks, it’s not your responsibility. This makes saving money easy. You don’t have to have a massive emergency budget.

 

The Ability to Go Anywhere

While renting, you’re not tied into a home for a great length of time. If you were to buy, you’d have to stay put for at least three years to have any hope of that being a wise decision. Many experts recommend that if you buy a home, you should stay put at least seven years. With renting, contracts are much shorter. If you’re a real nomad, you can even rent on Craigslist with no contract at all. I’ve lived in a place for just eight months.

 

No Need for Major Upgrades

When you’re renting, you don’t need to worry about upgrading the home. You don’t need to think about tearing a wall down to make the space more inviting. You don’t need to worry about building a bigger garage. Instead, just move. Or mention it to your landlord and perhaps he’d be willing to make the changes. As a renter, it’s so easy to not have to worry about the home in its entirety.

 

It Gives You Time to Know Exactly What You Want

I’ve lived in a lot of homes. The first home I lived in was in a new suburb. I thought I’d love it. But I personally found it inconvenient having to drive to any real destination. The only spots I could walk or bicycle to Walmart, Target and a handful of mid-tier restaurant chains. The house though was great in that I liked how large it was.

 

I learned new things from the next house I rented. It was in a historic neighborhood. Everything was in reach. And the home was beautiful. It was a place I wanted to be. It wasn’t too incredibly expensive either. I loved it.

 

The third house I rented was a condo. I liked the efficiency of it but I realized life is too short to live in such a tiny, uninspiring home. I’m really glad I didn’t buy it. At first it was fine but over time, I outgrew it.

 

The home I’ve most recently rented was in a very nice part of town. The house was also really cool. We had a hot tub, a wet bar, plenty of garage space, 3 decks and porches and it was definitely in the rich part of town.

 

Over time, I realized it was kind of too nice. I never used the hot tub, wet bar, most of the garage space, two of the porches, etc. But I did learn that I liked being so near a biking path. That was awesome.

 

What I’ve hopefully illustrated is that you learn new things with each place you rent. You learn what you like. You learn what you dislike. Overtime, you learn pretty much what your ideal home will look like, where it will be, how large it will be, how fancy it will be and more. You never really know what you’ll like until you experience it. That’s why renting is appealing.

 

What to Do When You’re Ready to Buy

At some point, I think it’s advantageous to buy. When that time comes, make sure to have plenty of money saved. This will be used for your down payment, furnishings and any unexpected expenses.

 

Have fun renting and then, when you’re ready, have fun buying.

 

Join our newsletter

If you like Critical Financial, subscribe and get our latest content via email.

Powered by ConvertKit

Share this post:

Recent Posts

Leave a Comment

*

People count the money to buy a house in future success.

Avoiding Mortgage Scams: Don’t Fall for Unreasonable Promises

If it sounds too good to be true, it probably is. That’s sound advice for almost all aspects of life, including the search for... more →
Eat for free for a whole month via the meal kit companies discounts for new customers.

How To Get a Month of Free Food: 9 Meal Kit Companies Offering Discounts to New Customers

Play your cards right and you might be able to line up a month’s worth of free meals if you were to try out all nine of the meal... more →
Generate extra cashflow -- here are 97 ways.

96 Awesome Ways to Generate Extra Cashflow

Who doesn’t want more money nowadays? We’ve got you covered on that front. Here comes a long list of different ideas on... more →
Valentine's Day gifts that won't destroy your budget

Valentine’s Day Crafts Are Romantic Rescue from Crazy Inflation

Fall for the hype this week and you’re out an average of $143.56 for Valentine’s Day. Crafts and other do-it-yourself tactics... more →

Ultimate Guide to Bitcoin — FREE Ebook!

Have we got something for you: a free ebook about bitcoin! more →
Get a flu vaccine.

Why You Need To Get a Flu Vaccine Right Now

Flu vaccines aren’t just for the elderly  anymore. Here are 25 reasons you should go get vaccinated. more →
Financially successful

Acquire the Trait All Financially Successful People Have

Financially successful people tend to all have a lot of self-discipline. Improving your discipline in one area of your life often spills... more →

What’s the Best Free Recipe App?

The Apple Store and Google Play together offer more digital cookbooks than you probably have room for on your mobile device. So which... more →
New tax law might slow down housing market.

What Will the New Tax Law Do to the Housing Market?

The new tax law will have a profound impact on the housing market, although in ways that go beyond the deductibility of mortgage interest... more →

4 in 5 Households Will Get a Tax Cut in 2018

Four out of five U.S. households will get a tax cut as a result of the legislation that President Donald Trump signed into law today. more →
Will bitcoin reach $100,000?

When Will Bitcoin Reach $100,000?

Bitcoin has accelerated its pace of appreciation in recent months, and if the current levels between $15,000 and $19,000 make you itch... more →
The Dow Jones topped 24,000 -- now what?

The Dow Jones Crossed the 24,000 Threshold. Now What?

Stocks appear to be increasing in volatility, yet the markets closed on Monday, December 4 with the Dow Jones Industrial Average is... more →
Peer mortgage

Should You Get a Peer-to-Peer Mortgage?

If you can’t get approved for a home loan from a bank, you might want to look into applying for a peer-to-peer mortgage. more →
Investment gifting is awesome.

4 Things To Know Before You Donate an Investment

While donations of any kind are appreciated, gifting investments benefits both the giver and the receiver. Here are four key things... more →
Are you wondering: What's the Relationship Between the Stock Market and Federal Debt?

What’s the Relationship Between the Stock Market and Federal Debt?

Wouldn’t it be wonderful if gains in the stock market could actually reduce U.S. government indebtedness? If that were true,... more →
proper lifestyle inflation, lifestyle inflation after college, lifestyle improvement after college

How to Properly Inflate Your Lifestyle After College

Freedom! Now that you’ve finally graduated college – it’s time to actually get a real paycheck! No more $300 paychecks... more →