Many people who own real estate or want to buy soon believe that renting a place is a waste of money. When you own, you can get a return on your investment. But owning property isn’t for everyone, and renting isn’t a waste of money for everyone. Here are a few reasons why apartment rentals Point Lookout NY or elsewhere can be good for you and your finances.
Most people don’t have the money for a massive down payment. If you have a small income or a large family, you may not be able to save money to get a house. And even if you can come up with the down payment, you’ll have to pay a lot of interest on a mortgage. When you own your home, you’ll be in charge of everything from repairs to upgrades. So you could spend a lot of money on your house in the first few years you live there.
If you aren’t ready to settle down somewhere, buying could actually be a bigger waste of money. You probably won’t get much or any return within the first few years of owning a home. So unless you’re ready to commit, renting is an equally good option. Plus, when you rent, you can move when your lease is up. If you decide you don’t like the area or you get a job somewhere else, you can move without having to sell your home.
The biggest reason that renting will never be a waste of money is that it’s shelter. You need a place to sleep and store your belongings. While you shouldn’t blow all of your money on rent, paying rent means you’ll have a place to call home, and that’s not a waste at all.
If you’re not ready to buy a home, that’s fine. Renting isn’t a waste of money like some people say. And for some, renting can be better than buying.