Life is but an accumulation of a series of experiences. It is up to you to make the most of this wonderful journey. Speaking of life, it rapidly changes when you reach adulthood. One of the major decisions you must take as an adult is to move out and live independently. Moving out of the comfort and luxury of your parent’s house can be scary. But it is a move you must make in order to make it in the real world. In this article, you will learn why renting a property is better for you in your early twenties compared to owning a house.
Minimum Cost: When you are in your twenties, you tend to save every penny. You are always on a tight budget because you are trying to prove something to the world. You are running after your passion, building a career, or starting a new business. Most of your earnings are spent on food and rent. You cannot even imagine paying a mortgage at this point. Yes! Rent is cheap if you think about it.
- The cost of owning and maintaining a property is high. You must pay a down payment, regular maintenance, insurance, property taxes, and more.
- When you purchase a house, you also need to fill it with new furniture. Considering most homes are bigger than rented places, you need more furniture to decorate the space.
- Monthly rent covers the repair expenses in a rented place, but when you own a house, you have to spend more on regular upkeep.
Flexibility: Renting allows you to move freely from one place to another without worrying about your property maintenance. But when you have a house, you cannot relocate easily. Therefore, when you are in your early twenties, still hustling to make it big, it is better not to get too attached to a particular place or a house. Give yourself the opportunity to move around and go where the road leads you. You might get a job in some distant town and have to leave the rental house. All you have to do is sign some paperwork, and you are good to go.
Fewer Responsibilities: It is not easier to maintain a house all by yourself in your early twenties. Most people do not get married so soon, and they live alone. Even if you remove the monetary issues, maintaining a house is a big responsibility. You have to fix the roof, the wall, the leaky faucets, and so much more. You need to pay the housing tax and more. All these works take time, and time you can’t afford to lose. Your time will be better spent honing your skills than getting involved in such menial work.
Location Matters: When you rent a house, you have the opportunity to choose the location. You can easily rent a small apartment in a busy town or a city. But if you were to buy a place in the same town, it would be a different story. So many people live in cities like New York, where they pay rent for a tiny space, but they can never afford to purchase the place they live in because of the insanely high pricing. For example, one looking for affordable housing may check out Wanbridge.com and learn more about the different locations the housing projects offer. Make sure you review the locality before signing the paperwork.
