In today's economy there are more instances arising where it makes more sense to rent a property, rather than buying a home. Of course it all depends on your situation, and what works for you. Here are some things to consider on the side of renting.
In the not so distant past it was thought that buying a home was a wise investment. You have to pay either rent or a mortgage payment to live somewhere. So rather than renting, invest all that money into something solid that will grow in value, and be a security over the years. Like so many people, I bought into this idea, and now I'm not so sure that it was the best thing to do. I now own a house that I invested a considerable amount of money in, located in a dying town, that I no longer live in, and I can't sell in this poor economy.
People used to say that renting a property was just throwing away your money. But really, you are getting something for that money, now aren't you? A place to live!
Renting is likely much more affordable than most mortgage payments. And when you rent, you just have that one monthly bill. With a mortgage you pay all that interest, which can keep going up, and don't forget property taxes, condo fees, and of course, maintenance for your home. Every home always need something done, some kind of upkeep, and the expenses can really add up. Of course, renters don't have to worry about that.
If you're lucky, like I've been, you might find a pretty darn nice place to rent. Sometimes a rental property can even be nicer than what you could afford to buy. For example, you might rent an apartment or condo in a complex with access to a swimming pool, an exercise facility, a nice common area, or underground heated parking. Most of us can't afford to buy a place with a swimming pool, and access to some recreational amenities is quite appealing.
Renting your home is about your lifestyle and situation. Do you know where you're going to be in 5 years, 10 years, or 20 years? I thought I knew, 10 years ago, but things changed. How secure is your job? If you need to suddenly relocate for work, it's so much easier to be a renter, and just give your notice. If a great opportunity comes up, you can jump on it, and never look back. No worrying about selling your house, or being tied to it.
Because renting a property is often less of a financial strain than having a mortgage it can give you freedom to have a more comfortable life, perhaps travel more, explore more opportunities, and allow you to put your money in other types of investments.
With the state of things in North America is today, more and more people are finding that renting a property is a good decision.