A home is being rented during tough economic times. Focus is on the sign.

One of the scariest things about growing up is the constant pressure to own a house. But do you really need to be feeling that pressure?

Baby boomers and the majority of society advise the younger generations to a buy a home, any home, as quickly possible just to get in the market. It doesn’t matter if it’s an over engineered cardboard box that’s a good hour away from where you work, just get in the market as fast as you can.

Most of us have been raised to avoid renting at all causes. Well, let me give you five reasons why renting can be awesome and you don’t have to rush out there and buy that over priced tin shed at the edge of the city.

Why renting is awesome!

You can choose to live wherever you’d like

For certain people owning a property and raising a family are top priorities. Relaxing in a warm suburb home for the next fifteen years is perfect for that demographic. However there are some people who don’t know where they are going to be next week, let alone next decade. Purchasing a property is not always a practical option.

When you rent, you have the ability to accept that overseas job you have been dreaming about. The stress of having to find tenants for your house and maintain a property remotely can be painful. There’s also the “added bonus” of those tenants moving out and you still having to pay a mortgage on a house that you aren’t actually living in.

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If the furnace breaks down you don’t have to pay for it

Owning a home can have many hidden costs. If you have ever known anyone who had to replace his or her furnace, you’ll know what I mean. Replacing your furnace could mean eating Kraft Dinner and baked beans for the next four months. When you rent, it’s the homeowner’s responsibility to pay for the upkeep of the property.

It’s nice to not have to empty your bank account on things like curtains, hot water systems and replacing appliances.

You can live in fancy neighbourhoods more affordably

For some people it’s important to live in a trendy community that’s walking distance from great bars and excellent cafes, usually in an inner city location. In order for these people to buy an inner city home like this their mortgage could easily be twice what their rent is per month.

They could buy a cheap house on the outskirts of the city, but there goes that lifestyle they enjoy. Renting can give people the freedom to live in areas that they can’t necessarily afford to buy in.

Never worry about interest rates

Have you ever been a part of an economical crash? Well that investment you have been sinking all your money into for retirement could lose some serious value. While interest rates really do affect everyone, it takes a while for the effects of interest rate hikes to reach renters.

Renting can be cheaper than buying

People commonly buy a house as a way to ensure saving money, but by pouring their funds into a property rather than a high interest savings account, their money is now for lack of a better word, tied up. It’s often a smart way to hold your funds, but there are high interest bank accounts that can be just as, if not more profitable than owning a home.

Experts have debated that depending on interest rates, and the real estate market, some people might be better off paying rent and putting their extra cash in a high return investment bank account rather than buying property.

Whether you rent or buy, it’s important that you do what’s right for your own circumstances and your own financial situation. Basically, don’t freak out. Rent if you need to, buy if you can, but overall don’t over commit yourself and don’t stress about it.

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