Feb 16. 2min

Student Housing - Renting vs Owning

Owning the house of your dreams is a hope that many individuals around the world share. Be that as it may, we cannot overlook the thousands of responsibilities and expenses that come along with it. On the other hand, renting is much more approachable and convenient for most people financially and well as practically, considering their lifestyle and requirements. Moreover, renting exempts you from saving for extra repairs and maintenance charges, which can add up to quite a huge amount of money. This means the ideal option (especially for students) is to rent an apartment, house, or condo that suits their needs and desires.

7 Reasons Why Renting a Home Is The Better Thing to Do

Extra flexibility yet very less responsibility:

Owning a home is not everyone’s cup of tea considering the gazillion responsibilities that come with it as a package deal. Home ownership means tons of saving, investment, and a long-term commitment, which most of us are not ready for, especially when we are in our student life. Renting a home will still provide a roof without the extra burden, as all the responsibilities are on the shoulder of the property owner. It is the ideal approach for students to maintain their budget, and even provides them with a comfortable and convenient lifestyle.

More options for an ideal location:

Buying a house, condo or even an apartment is already hefty on the pocket and most people often compromise on the location when it comes to seeking a house to buy, as most posh areas can drive you away from your limit. However, with renting, you can easily pick a place that suits you and your lifestyle, without much stress or hassle. Although rent can vary and be higher in some luxurious areas, renters have the option to negotiate and can also adjust their monthly budget. In contrast, buyers do not really have much of a choice considering the high prices. Moreover, students want easy access to public transportation, entertainment, shopping, dining, and will most likely prefer a location near our campus. Living near campus provides will an added layer of safety and security of the surrounding area

No long-term commitment:

Renting provides the flexibility to explore additional options every time their lease expires and it time to renew it. In contrast, homeowners hardly have a profitable chance in opting for a different location or even different property if expensive repairs are needed. For homeowners, changing homes is a major decision that can sometimes make them face a huge loss. Buyers are looking for profitable and viable properties and may be turned away if issues with the property or neighborhood are discovered. Renters have the opportunity to explore as much as they want without any burden. Moreover, renting gives one the freedom to try and make better future decisions based on their likes and dislikes of a certain property. Renting can provide a sense of levity in knowing that there are always better options out there! If you do not plan on living in the same city for long or are a constant traveler then renting will be more suitable for you!.

Exemption from property taxes and maintenance expenses:

Property taxes can somewhat empty your pocket as they are significantly high in most areas. The more the property’s worth, the higher the taxes are in most states. However, a renter does not have to worry about any property taxes. All the cost and charges are paid by the owner, which means more money for the renter!. Furthermore, a renter can be free from any maintenance charges that do not arise from user damage. Repairs like this can include roofing, broken heaters, broken appliances, and so on. Each of which will be an expense that will come from the owner’s pocket. Hence, renting is easier and more affordable than buying a house and baring all the costs single handedly. This is even further compounded when you are a student and you are already overburdened with living expenses and tuition loans.

Access to luxuries and amenities:

While looking for a house at an affordable rate, you cannot possibly think of having an in-house pool, fitness center, etc. The reason being more luxuries mean an enormous amount of investment. Be that as it may, renters are more likely to benefit from all these luxuries at a reasonable price. On the other hand, if a homeowner desires to have them, they would require a ton of money for their installation and maintenance, and others who own an apartment or a condo might have to pay extra charges in order to access them. All these extra luxuries and Amenities are a financial benefit for renters that most owners find nearly impossible to afford.

Predictable expenses each month:

It is difficult for most homeowners to stay on a budget because they do not know what to expect from their monthly home expenses. One month they might not have any extra expenditures to make, and the next month they might be replacing the entire roof. On the other hand, renters do not have to stress about any of that, which means they know their monthly expenses beforehand as they are fixed. No extra or additional charges are added, and they know how to stay within their budget each month. This makes it more feasible for students to live with more cash in their pockets as they are able to plan more in advance than property owners.

No concern about a decrease in property value:

The value of each property changes time after time, and no one can predict what the future will hold. A homeowner’s greatest concern is property value. They certainly do not want to face any loss and need to be constantly aware of the housing market and its trends. In contrast, renters are not concerned at all with its value because they have no vested interest in property at any point. They can simply vacate and shift locations at their own convenience.

Conclusion:

Buying and renting both have their own set of pros and cons. However, ownership is not for everyone as it is not just expensive, but it is also a full-time responsibility. On the other hand, renting remains an easier way to get a home at an affordable price and with ease. For students, renting makes the most sense. As you could have already been able to tell by know, we may be biased here at Bluejay. Both renting and buying have their ups and downs. If renting makes more sense for you at this time, please don’t hesitate to check out the rest of our website to find local listings, even find reviews attached for the property and landlord!