4 Ways Renting Could Save You Money This Year

Image source: Getty Images

The dream of homeownership can often clash with reality.


Key points

  • All homeowners run into unexpected expenses.
  • Renting a home may be your best financial bet — at least for now.  

Put aside the idea that you must own a home. I’m convinced that a group of real estate agents or builders’ organizations played a role in planting the idea that homeownership is a key ingredient in achieving the American Dream. Last month, my husband and I closed on our 10th house. Some homes turned out to be a fair investment, while others have been giant financial belly flops.  

If high prices and rising interest rates have you sitting out of the house hunt in 2022, that’s okay. There are plenty of ways renting could be better for your bank account this year. Here are some of them.

1. Loss of amenities

One of the primary reasons we decided not to purchase a home when we lived in Northern California was that we’d have to give up so much to become homeowners. Not only would Northern California home prices leave us house poor, but the loft we were renting was in a really sweet spot. Just outside our building were a gorgeous pool and hot tub. A block away was a great sushi restaurant, and we were easily able to walk to live entertainment venues. 

If real estate is all about location, location, location, our loft was in a location that would be difficult to duplicate. 

If your current rental situation offers a gym, pool, sand volleyball court, or any other amenity you would normally have to pay for, you might want to save your money. 

2….

Read complete post here:
Source link