Sometime renting is better than buying, and sometimes buying is better than renting. Unfortunately, it is tough to know when is when; however, sometimes this decision is very easy. In today’s mortgage market, it looks like it is a great time to take up renting. Below is a list of 25 reasons why you should rent:

1. No financial obligations – if you lose your job, then you won’t go bankrupt.
2. You can down size easily – When renting, you do not have to worry about not getting rid of your previous residence. All you need to do is provide 60 days notice.
3. Utilities and Property tax – if the bills go up in price it is usually not your problem. No need to worry about risk.
4. Renovations – Not your problem; you don’t need to spend a dime on renovations because you do not need to do renovations.
5. Cleaning – optional; if you don’t want to clean, there is no need to do so.
6. Moving is easy to do and stress free. You do not need to worry about the intricacies of selling your property.
7. Property Value Risk – Your property value could drop in value. It could also lose a dramatic amount of value in a short time frame. There is little risk in renting.
8. Live beyond your means – Usually a renter can get a much bigger living space for the same price as buying. The standard of living for a renter is usually higher.
9. Limit your Space, Limit your consumption – if you choose to live within a smaller rental unit, then you won’t have to buy as much things to fill up the house. By doing this, then this will reduce your spending dramatically.
10. No need to pay interest – Interest doesn’t applying when you are renting a property7. Mortgage interest only applies when you have a mortgage.
11. More money to Invest – with reduced monthly debt obligations, this will allow you to purchase more investments and save for the future. Saving allows you to build a bigger nest egg.
12. No need to buy Future Housing Investments – you do not need to buy a new kitchen or bathroom when you are renting, all you need to do is move somewhere better.
13. Real Estate Agents and Mortgage Brokers – No need to deal with either of these two groups when you are trying to find a place to live.
14. Legal Action if you Break Terms – because it is so expensive for a landlord to go after a tenant, they rarely do this. Even if you give a day’s notice before moving out, they usually won’t do anything about it.
15. Household Appliances – no need to purchase household appliances because they come with the property.
16. Hot and Cold – you get to choose how hot or cold the house is without worrying about the price.
17. Home Owner’s Insurance – No need to insure the house because you do not own the house. If the house burns down, then it isn’t your problem.
18. Land Transfer Tax, Hst, Taxes, and more Taxes – No need to worry about these fees because you are not required to pay any of these fees.
19. Condo and Maintenance Fees – As a tenant, you are not required to pay these fees. You only need to worry about paying your rent.
20. Ease of Exit – Need to move in a hurry? When you own your own property, it could take months to find a buyer. If you rent, then you can leave with a days notice.
21. Refinance? No need to even worry about refinancing because you can’t do it because you do not own a house.
22. Buy New or Resale – you can choose how new or old your house is with little change in how much you pay on a monthly basis.
23. Limit your Stress – When you rent, you only need to worry about making your monthly rent payment. When you own, you need to worry about everything else. Fixed or Variable. Sell or Buy. Weekly or Bi-weekly.
24. Stop Caring about your House – Not too much to worry about when you leave home. No need to worry about theft, damages, grass maintenance, house maintenance, etc.
25. Home maintenance, Snow removal, and Cutting the Grass – you no longer need to maintain your house. Your landlord will do this for you.

Do you know any other good reasons to rent? Why are you still renting?

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