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Reasons Why People Rent Instead of Getting Their Own House
Based on some studies, 35% of US households, including Oklahoma are comprised of renters. 51% of those are under 30 years old. This means that a huge number of the population belongs to the younger age bracket who are still trying to build a life of their own. However, the remaining 49% who are ages 31 and above are still choosing to rent a place rather than get their own house. From financial savings to its flexibility, we’ve listed the reasons why people decided to rent a house rather than owning one.
Its distance to your workplace. It’s hard to get your own house, especially if you work in a densely populated area like Oklahoma City. Getting your own place can be really challenging. That is why most people who are just starting out always try to look for a place to rent instead. It lets you save both time and money if you’re getting a place near your workplace.
You don’t have to pay for home improvements. Although you have to ask your landlord’s permission to make any changes to the unit, home improvements is something that you don’t really have to worry about financially. That is because you’ll get repaid for any expenses that you’ll make if you decided to change the paint or the fixtures. There’s no harm in asking so it’s always better to approach your landlord.
There is more spare time. Since you don’t really own the house, there’s no need for you to personally check and clean the gutter yourself. You can always ask your landlord if they could ask someone to do it for you.
Upgrading your space as your family grows. Since you can’t really make massive changes to the house that you’re renting, getting a new place to rent wouldn’t really be a hassle. Moving to a bigger place is simpler than selling your house.
You can keep your options open. You won’t have any dilemma between selling your house and declining a great job offer when you’re just renting your own place. If your home is located in the other state, getting a new house to rent is relatively easy!
Repair costs would not be an issue. Do you need someone to fix those leaky faucets? You can always call your landlord for assistance. Not owning the house gives you the freedom of paying repair costs if anything needs fixing with your house.
There’s no mortgage to worry about. As we all know, mortgage is relatively higher than your rent. It consists of a lot fees like closing costs, agent fees, interest fees, insurance fees, and all the other fees that might leave you broke. So if you’re thinking about getting your own place, it would be best to look for other options first before signing the contract.