The dream of owning a home is deeply ingrained in the psyche of the American people. Everybody wants to own a little slice of paradise and be able to pass it along to their heirs. However, owning a home and getting a mortgage isn’t always the best choice for everybody.
If you are wondering how to repair your credit or are asking yourself “Can I fix my credit in a year?”, renting is probably the best option for the moment. For many people and their circumstances, renting, instead of owning, is the right choice.
Why Would You Choose to Rent Instead of Buy?
Like any other choice in life, both pros and cons exist when it comes to buying or renting. Ask yourself these questions to consider whether it makes more sense to continue renting over choosing to purchase a home.
- Are you actively trying to learn how to repair your credit?
If this is the case, you may be better off renting. Getting approved for a mortgage can be challenging if you have bad credit or a low credit score.
- Have you recently searched “Can I fix my credit in a year?” online?
There is no shame in wanting to fix your credit! Companies like CreditRentBoost.com allow you to build your credit by reporting your rent payments to credit reporting agencies.
What Are the Benefits of Renting Over Owning a Home?
Even though owning a home is highly valued in American society, many costs and headaches come with buying a house. These stress factors don’t exist when you are renting. Consider these benefits you enjoy when you live in a rental property.
- No property taxes!
Property taxes are worked into the price of rent so you don’t need to concern yourself with property taxes. If you are learning how to repair your credit, you can rest easy knowing that you won’t be surprised by a tax bill at the end of the year.
- No maintenance costs!
Large maintenance issues are the responsibility of the landlord, so substantial repairs do not affect your budget.
- No need for a down payment!
Saving for a down payment can be a lengthy process. If you were wondering, “Can I fix my credit in a year?”, you probably aren’t in the financial position to put a down payment down on a house. This can be a good thing! As you learn how to repair your credit, you can save and put away money for your future down payment.
- Renters insurance is less expensive than owner’s insurance!
Renters insurance is considerably less expensive because you are covering the cost of your belongings/ liabilities and not the entire structure. These savings can go towards your future down payment!
- Not being tied down to one area!
Renting on yearly leases gives you the choice to try out other areas to live in.
- You can increase or decrease the size of your home easily!
As your family changes, so can your living space. When you are renting, upgrading to a larger (or smaller) home is easy.
Renting May be the Best Option for You
Renting a home has many advantages that owning does not. You have freedom and flexibility that is great for the saving stage before you decide to buy a home. If you are learning how to repair your credit, great options are available to help build your credit while renting.
CreditRentBoost.com is a service that allows you to report rent to credit reporting agencies, letting you, as a tenant, build your credit simply for paying rent! This is a phenomenal way to build your credit score by reporting what you are already doing!