by Doreen Martel

Created on: June 20, 2009   Last Updated: October 20, 2011

If you are someone who rents a home versus owning a home, you probably have friends and family members who do not understand your decision.  Many people elect to get married and purchase a home right away, or begin saving right away to allow them to buy a home. There are others who are more than happy to go their entire lives and not be homeowners.

Maintenance

The idea of having to hire someone to do everyday things like mow the lawn, trim shrubs, etc. is simply not something that is appealing. Renting means freedom from having to deal with both routine and not so routine problems, the issues are owned by someone else.

Status

Many people see owning a home as a status symbol. It is part of their identity and who they are. As a renter, I do not feel that my identity is wrapped up in where I live or how I choose to live. Status is not something that I have ever considered important. If others see my renting as meaning that I have "less" of an identity than they do, this is their issue, not mine.

Money

One of the biggest arguments put forth by many is that renting costs far more money over your lifetime and you gain nothing from it. There is a lot of truth to this, as renting builds no equity.  An advantage of renting however, means that while there is no equity, there are also no insurance bills or tax bills to pay every month.  Rent is paid once and all other peripheral expense associated with home ownership are paid. Renter's insurance is far less expensive than homeowners insurance.

Stability

Some people seem to think that renters live like nomads, traveling from apartment to apartment. This is often the case, but many renters live years in the same apartment.  Just because someone elects to rent a home versus owning a home does not mean they live a nomadic lifestyle. There is some flexibility that renters have that owners do not have.  If a neighborhood becomes inundated with children and you are not particularly fond of children, a renter has the ability to seek an alternative living arrangement while a homeowner does not have that luxury.

There are many reasons why someone would chose to rent versus buying a home.  People who have made the decision to not undertake home ownership should not be scorned because they have made this lifestyle choice.  There are reasons that renting works better than owning for some people. Making sure that you have rental insurance and take good care of the property you are renting can help make the experience much more rewarding.

Learn more about this author, Doreen Martel.
Click here to send this author comments or questions.