Should You Rent or Buy a Home?

Compare the advantages of renting and buying a home.

Laura Adams, MBA
6-minute read
Episode #192

Renting Pro #3: Good Credit Not Necessarily Needed

Some people may have enough cash on hand to purchase real estate, but lack the credit score needed to get approved for a mortgage. I can’t say that credit is irrelevant when you submit a rental application, but some places may not run a credit check if you have impressive references and a steady income.

Renting Pro #4: Less Responsibility

Another benefit to renting is what most homeowners (including me) yearn for as soon as the air conditioner dies in the Florida heat or they hear a trickle from the ceiling after a gully washer downpour—less responsibility. Not only does fixing and maintaining all the appliances and structural parts of a home require money, but it also takes a lot of time. You have to call the professionals, get bids, decide whether to make a homeowner’s insurance claim, and take time off from work to oversee their work. The days of being able to calmly call a landlord to break the bad news about a roof leak or a broken toilet was really nice, I have to say.

Renting Pro #5: Amenities

Not only do you have fewer maintenance and repair hassles as a renter, but some apartments offer additional services to make your life easier. Some communities have on-site restaurants, a salon, or a dry cleaner, for instance, just outside your front door. It’s also not uncommon to have amenities like a clubhouse, pool, gym, theater, or a bowling alley. If you use these types of amenities regularly, think about what you’d have to pay for them if you didn’t rent.


About the Author

Laura Adams, MBA

Laura Adams received an MBA from the University of Florida. She's an award-winning personal finance author, speaker, and consumer advocate who is a frequent, trusted source for the national media. Money-Smart Solopreneur: A Personal Finance System for Freelancers, Entrepreneurs, and Side-Hustlers is her newest title. Laura's previous book, Debt-Free Blueprint: How to Get Out of Debt and Build a Financial Life You Love, was an Amazon #1 New Release. Do you have a money question? Call the Money Girl listener line at 302-364-0308. Your question could be featured on the show.