1. You can avoid agent fees 

The first thing to consider when deciding whether or not to become a homeowner is agent fees. This commission cost can occasionally be as much as 6%.

Renting a home is frequently less complicated. A simple web search may bring up all the homes available for rent in a specific area, and most of the time you can speak with the owner also.

2. Renting avoids debt 

Another reason why renting is better than buying is that it helps you to avoid becoming hundreds of thousands of dollars in debt. 

In reality, the amount of mortgage debts owing each year is in the trillions of dollars globally. However, if you prefer to rent instead, you may avoid adding to this figure.

3. Less financial responsibilities

One of the reasons people are unable to purchase a home is a lack of financial resources. Buying a home can cost you a lot of money, and financial responsibilities

One of the most popular misunderstandings regarding renting vs owning is that buying is always cheaper in the long term. This is not always the case, buying might be more expensive in the long term

4. More flexibility

Renting rather than owning provides you with greater freedom. You are not tied to a certain location and may quickly relocate if your life circumstances change.

Homeowners, do not have the same kind of freedom. Once you’ve settled into your house, you’ve already incurred plenty of one-time expenses and would have to invest far more if you wanted to sell.

5. The opportunity cost of a down payment

For example, if you buy a $400,000 home with a 20% down payment, you will have handed the seller $80,000 of your hard-earned money.

This money will be held as equity in your home, and if the value of the property improves, so will the initial $80,000 investment. To know detailed explanation of this topic please check our website.