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I was a proud homeowner for seven years.I sold my home in 2018 and started renting and was surprised by how much I liked it.Renting has given me my time and money back and a freedom I never had before.
It seems that the American dream has always included the ownership of a home and many financial experts have even referred to renting as wasting money. But for me, after owning a home for seven years and being a very engaged homeowner, I prefer to rent for right now.
When I bought my home, it was a proud moment for me. I had saved money for a down payment, I had good credit and I worked with a realtor for nearly a year to find the right property, so when I finally got to the closing table I was overjoyed. Once I moved in, I got to work on making the house a home and putting my personal touch on the place. I renovated that house from roof to basement with my fair share of mishaps and emergencies (basement flood, tree stump removal, and a leak in the half-bath that brought its own fruit flies). In spite of this, I pushed through because I thought: I am a homeowner, and this is what homeowners do.
When I sold that home in 2018 and eventually moved to New York, I decided I wanted to take my time and get to know my new zip code before even thinking of buying. I learned more than I imagined. I learned that I prefer to rent — and not only that, but renting right now is beneficial for me.
Here are the four reasons I prefer to rent:
1. I don’t miss the upkeep and maintenance
I really think this is a part of homeownership that is not discussed enough. When I owned my home, I was constantly a homeowner, meaning that there were always projects, renovations or issues that came up. For example, I once learned that a tree in my yard had fallen on my neighbor’s car while I was out with friends and I had to rush home to take care of it, to the tune of $700.
There are hidden costs to homeownership outside of the mortgage payment that can add up quickly. Now, I don’t have any of those costs or responsibilities and it has really been a significant change that has impacted my life in a positive way.
2. Renting frees up my time and money
I cannot stress this enough. As soon as I sold my home and moved into a luxury apartment building, the money in my savings account increased. Not only was I no longer paying for lawn maintenance, higher utility bills, or replacing a dishwasher, but I also didn’t pay for a gym membership, a swimming pool, or office space because these amenities are included in my rent.
Renting has freed up so much of my time and money and allows me to focus on other areas of my life that I enjoy, like taking cooking classes or Spanish lessons and being able to hang out with friends without being interrupted by an emergency at home.
3. I like my money in the bank instead of tied up in a house
Yes, when you own a home you are building equity and, depending on the market, the home will grow in value. But that money is not easy to access. If you need or want that money, it is a very involved process: You either have to sell the home or get a home equity loan, neither of which is quick.
Renting provides financial flexibility for me because my money is not tied up in a property. There is a very real difference between cash and equity when you need money. When the pandemic hit and everything was uncertain, I was grateful that I had sold my home and had ready access to cash if I needed it.
4. I feel free
Just this past year, I started Krav Maga and Spanish classes with the time I used to spend maintaining my home. I don’t feel as guilty spending on my health and wellness, and I get to come home from vacations without many chores or surprises. I’m not ruling out homeownership for me in the future. But for now, I’m happy to feel rich with time, and not just money.