Listen to this article now |
Renting allows you to lead a more flexible life. There are places in Seattle with higher property rates than others. For instance, houses are more expensive in King County than in any other place in Seattle. Renting in such instances is more viable than buying.
In addition, renting allows you to move more easily. All you have to do is terminate your lease and move. This cannot be said of owning a home as it may take longer to sell your house if you intend to move.
Additionally, renting allows you to adjust your life according to your existing financial status. If you lose your job or retire, you can move to a more affordable rental space. On the flip side, you may find it difficult to sell your house or even buy a cheaper house.
Stress-Free Life
Renting in Seattle frees you from a ton of responsibilities that homeowners have to deal with. You won’t need to worry about maintenance and repair of your apartment when you are a tenant. All these are handled by your landlord or apartment manager.
Calculating your taxes can be a headache. Imagine handling your income tax as well as worrying about your property tax. It is stressful, right? As a tenant, you won’t need to worry about this inconvenience as it’s up to the landlord to do it.
No Losses Due to Property Depreciation
Homes gain and lose value. Sometimes the cause of this may not be tied to the home. It could be a recession or just the neighborhood.
As a tenant, you won’t have to worry about these fluctuations. Any effect on your rent from fluctuating home prices will have little effect on your rent price.
On the other hand, changes in property value can affect property taxes and mortgage payments.
So, Are You For Renting or Buying?
Many of us desire to own a home at a certain point in life. The benefits that come with it are huge in the long run. Your own will earn you equity over time, something you won’t get with a tenancy.
But if you want a hassle-free life, devoid of property taxes, repairs, and maintenance, then tenancy provides an escape. The tenancy is a path to owning a home, or it could be an end to itself.
In the end, this will depend on your personal preference and financial situation.
