What’s the one thing 20 somethings are most allergic to? Commitment. Although this sentiment is commonly used to reflect our feelings in regard to relationships with friends and couples, it often pertains to how we feel about our jobs, our cafes, and our living situations. For this reason, upon graduating from school, launching your own business out of high school, or after leaving ma and pops, renting is your best option.
FlexibilityWhen you rent, you normally sign an annual lease, enabling you to leave whenever you deem necessary. When you buy a home, you’re stuck. That’s you. If you get bored or want to move to another location, good luck getting out of that contract with the bank. It’s all about being comfortable. This is reflective of the argument people resort to when describing the benefits of a timeshare as opposed to buying a beach home. Who wants to go to Florida every year, when this year you could hit Florida, next year relax in Hawaii, and follow it up by exploring Dubai. Less responsibility Aside from moving on a whim yearly, you’re also afforded a ton less responsibility. Need an exterminator? Call the landlord. Neighbor making too much noise? Call the landlord. Need some repairs done? Call the landlord…by now, you get it. As a young adult trying to make their way through the world, who wants to deal with all the minor issues that come with owning your own home? You should be worried about getting that next promotion, making that first sale, finding the right way to ask that girl in the gym out on a date. Leave the arduous stuff to the people overpaid to do so. The best part about the lack of responsibility on your shoulders is that when you’re finally ready to jet set to your next living situation, it’s not your responsibility to find your predecessor. The landlord, property management company, or leasing agent is responsible for that. You simply must pack your bags, find your next home on whoseyourlandlord.com, and then get on your way. Less risk When you own your own home, you also own your own ass. I’m referring to liability. If you have a pool and some knucklehead neighbor decides to jump into the deep end without any swimming experience, you’re on the hook if little Timmy passes out. Avoid extra risk when it’s not necessary. As a renter, you also don’t have to go through such a tumultuous process with the bank. You’re not looking to pay a 30-year mortgage. You’re looking to have a chill, cozy spot for the next 1-2 years. The pipes bursting in the winter also shouldn’t affect you because instead of having to scrape together your last pennies, especially living in a big city like NY, to pay for it to be fixed, you push that expense right over to Landlord John. More active social life While this final section may seem like a bit of a stretch…trust me, it’s not. When you’re a renter, you’re usually living amongst roommates, living in apartment-style housing, or you at the very least have to interact with your landlord every now and then. This is crucial in developing social skills and expanding your network. I know a lot of us can point to friends who have gotten married and had that first kid. Honestly, more power to them! But, one thing I’ve noticed is as soon as they put that down payment on that first home and move away from all their friends and family, all the issues arise. Why is that you ask? Well, it’s because there is no buffer zone to take the pressure off. Outside of work or forcing yourself to attend town events, the only person you have to bounce your midday ideas and daydreams off of is your partner. Of course, you can talk to Baby Sarah but all you’ll get is the classic confused baby face. Renting, by default, puts us in fun situations, awkward situations, even stressful situations; but, the best part about it all is that you experience them on someone else’s partial tab and usually around the comfort of friends and similar people just trying to make it through life like yourself.
So, next time you’re waffling back and forth in your mind as to whether you should look to rent or buy in your early twenties, I implore you to take the rental option. Live free, live new, live life.