Friday, November 14th, 2008
There is general great pressure from friends and relatives to buy your own home, but for many renting their homes works very well. One of the nicest things about renting your house is that if there is a problem you call the owner or the property manager tell them the problem, and they send someone to fix it. And you do not receive the bill!
However there is a downside, and that is that if the owner changes their mind about renting the house or decides to sell it, then you are out of a house. If you have a young family that can be very upsetting, or if you have an office in the home, it disrupts your whole life while you set up house again somewhere else.
Another advantage that has reared it’s head just lately, is that if the economy changes, or interest rates change, it really doesn’t affect you too much. Sure you may get a rent increase, but in lots of areas there is a maximum amount the owners can raise the rent by each year. And renting may give you a little more wriggle room with your expenses rather than being burdened with a large mortgage and no spare income. A change in your income can cause a great deal of added stress that all our family can do without!