4 reasons renting may be a better option - New York News

4 reasons renting may be a better option

Updated:

By: Amberlee Lovell, Deseret News

Buying a home is considered a landmark in accomplishing the “American Dream,” but it's not right for everyone, according to an article by MoneyNing.

Continuing to rent may be right for those who fit in these four points taught by financial writer Emily Burken in her article.

Location

Buying a home that's affordable may require living in suburbs or a lot of renovation. If living in the city, being able to walk to shops and not commuting far distances for work is a top priority, renting is often the better option for inner city living.

Cash flow

For those who need to keep cash available for upcoming costs like a potential business, continuing education or career change, renting doesn't require such an investment.

Buying a home requires a large sum saved up, closing costs and maintenance issues that don't stop. Additionally, renting more area is generally cheaper than buying more area in a home.

Simplicity

For those who prefer a simple life, rent a smaller place. Stuff grows to fit the space that is allotted. Less square footage will help from gathering too much stuff. Additionally, renting a place cheaper than the maximum amount simplifies financial aspects as well.

Mobility

Don’t buy a home that you are planning on living in for less than five years. Since the housing crash, that has become increasingly true. Renting offers the ability to move around. It doesn’t root the renter down to stay in one location.

Original post

Copyright 2013 Deseret Digital Media, Inc.

  • Local NewsLocal NewsMore>>

  • Revel Casino Hotel starts closing in Atlantic City

    Revel Casino Hotel starts closing in Atlantic City

    Monday, September 1 2014 5:16 PM EDT2014-09-01 21:16:28 GMT
    Photo by Arun Kristian DasPhoto by Arun Kristian Das
    The most spectacular and costly failure in Atlantic City's 36-year history of casino gambling begins to play out Monday when the $2.4 billion Revel Casino Hotel empties its hotel.
    Atlantic City's newest casino and its costliest failure has begun its two-day shutdown.
  • West Indian Day Parade steps off amid shootings

    West Indian Day Parade steps off amid shootings

    Monday, September 1 2014 3:36 PM EDT2014-09-01 19:36:22 GMT
    The West Indian Day Parade is supposed to be a time of fun and excitement in celebration of Caribbean culture. However, several shootings near the parade has turned it into a day of tragedy for some.
    The West Indian Day Parade is supposed to be a time of fun and excitement in celebration of Caribbean culture. However, several shootings near the parade has turned it into a day of tragedy for some.
  • Man to face murder charges in mother's slaying

    Man to face murder charges in mother's slaying

    Monday, September 1 2014 3:08 PM EDT2014-09-01 19:08:57 GMT
    Murder charges are pending against a northern New Jersey man who allegedly stabbed and beat his mother to death.
    Murder charges are pending against a northern New Jersey man who allegedly stabbed and beat his mother to death.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices