Another Side to Renting

I've thought about buying a home a lot lately. When it really came down to it I just can't afford a house. My parents (and just about everyone else who owns a house) have told me how important it is to buy instead of rent. That renting is throwing away your money. Whereas buying was building equity, credit, a life. Not only is the cost of a house just too much for me to handle financially right now, the amount of money it takes to buy furniture, fill the house and all the repairs and upkeep that is involved is quite overwhelming. It seems when you really think about it, owning property has a lot of upkeep: the lawn care, the cleaning and whatever else. Buying a home just does not suite my lifestyle right now. And that's ok.

I've always felt a little disconcerted with this fact. I constantly had the feeling that renting was a waste of my money. But there are benefits to renting. I'm not tied down to any place for too long. I don't have to worry about foreclosure or about what I'm going to do if my water pipe starts leaking or if my heating unit doesn't work. That's what my rental company's maintenance staff is for. Most the time you don't have to pay for maintenance. They come and if they're good, they fix it.

Of course there is a downside to everything and you have to weight the positives and negatives out for yourself. I don't need a lot of space so apartment life suits me. I don't have children or a dog so having a yard (or yard work for that matter) isn't important to me.

I found this post via Brazen Careerist about the hidden costs of home ownership. It was refreshing to get another perspective. I then was speaking with my soon-to-be-roommate and we were talking about the advantages of renting. Apartment complexes can frustrating (renting prices changing, noisy neighbors, etc) but for me it's convenient and economical. I don' t need to waste space on another building. Instead I'm moving into an already existing one. While it can feel cramped, people living together is more cost effective. Lower heating and cooling costs. Sometimes lower water and other utilities because you're sharing it with other tenants. Not only that but if you share an apartment with a roommate, you can share the costs of those utilities even further, share the burden of purchasing furniture and appliances too.

I commented on the Budget Baby post that I had felt frustrated with renting, feeling like I'm throwing my money away. I felt encouraged that I don't need to feel frustrated. Owning property isn't a bad thing but I think renting has it's good sides too. Equity isn't the only thing to consider. And as Rachael pointed out, there are a lot other options to consider. But I didn't really come to this conclusion until I talked with a lender, started looking at houses and really delved into the process. I guess the lesson I learned is that accepting advice is ok but sometimes even the best advice isn't right for every lifestyle.

(Photo by Transguyjay)