TUESDAY, JUNE 21, 2022
Becoming a homeowner may be a big part of the American Dream, but you certainly don't have to buy a home to have a good life or live the dream life. People are quick to point out that, with prime interest rates, you can get a mortgage with a monthly payment that is roughly the equivalent of a month's rent. However, some people view renting as giving your money to another person with nothing tangible in return. Actually, being a renter can be quite good for your finances for several reasons.
Less Time and Money on Maintenance
Not only do you not have to invest your own money into fixing the leaky roof, you also are free to go to work, go out with friends or just relax as your landlord takes care of the problem. As a homeowner you will find that plenty of expenses pop up throughout the year which may work out to more than what you'd pay in rent. Add to that the time you lose out on paid work or family time and may still fall behind financially and socially. 
No Locked-in Mortgage
While there's no reason you can't move when you're a homeowner, it doesn't make sense to move any more than you have to on so many levels. Especially during the years when you're more apt to move due to career and relationship changes, there's no reason to be locked into a mortgage. As a renter, you typically have just a one year contract and even then you can often negotiate to get out of it without too much trouble.
Affordable Renters Insurance
Every renter should consider a renters insurance policy. While you will have to pay a premium on a monthly or annual basis, you can easily come out ahead financially if your apartment is broken into and valuables are stolen, or if another covered incident occurs and you make a claim on your policy. Not to mention, renters insurance policies are generally considered a very affordable form of coverage. Hopefully you'll never have to use your renters insurance , but having it gives you peace of mind that you won't be in a financial bind if an unfortunate event happens.
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