Why Rent?

Renting has many advantages over home buying. Many would like you to believe that renting is a waste of money. Banks of course loves people to buy properties, because it generates huge profits. As we all know what has happened do to the housing bust recently, many people would have been better off renting than buying.

Here are four really good reasons why to Rent

Renting can save money

Many people state that renting means you are just throwing away money. The truth is that when you buy a home, you're paying for closing costs, mortgage interest, property taxes, private home owner's insurance (PMI - unless you put 20% down), and maintenance costs. All of these things do nothing on your investment in the home. Many would be better off saving that money in the bank, stock or commodities market. Stocks have performed better returns than homes by nearly 4.5% in the last 25 years according to a national brokerage firm.

Homeowners' tax deductions are way overstated

Half of homeowners according to National Multi Housing Council do not get a break, because even with mortgage interest and property taxes, their standard deduction greater than itemized deduction schedule.

You have more options available to renters

If you want grass to mow or have the kids play in the backyard great! Some people enjoy having a swimming pool. The number of properties in your budget increase when you rent.

Renting gives you flexibility

Buying a home is a big commitment. If you need to move for any reason you will probably lose money. Most people move within 7 years. It typically takes five years to recover all of the costs of a home purchase. There are very large costs that people forget about when it comes to purchasing a home. Most people would rather have to move to a smaller apartment due to financial difficulties, than go through the foreclosure process and have to file bankruptcy.