Finance Globe

U.S. financial and economic topics from several finance writers.
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Benefits of Renting out of College

As a new college graduate, the world is at your fingertips. It will not be long before you are taking your first step into the working world, realizing that your future is bright.

One of the biggest questions you have to answer is where you are going to live. While some college graduates stay at home for a few years, saving money and searching for the perfect job, others are ready to get a place of their own.

While there are definite benefits of buying a home, especially later in life, as a new college graduate you may want to consider the following benefits of renting:

1. Less responsibility. Do you really want to take on the task of maintaining a house? From the lawn to interior repairs, you never know what will come your way. When you rent, you don’t have to concern yourself with nearly as much.

2. More options. This may not be the case in every part of the country, but most people find that there are more affordable rental options than homes for sale. When you decide to rent, the ability to stay within your budget is much more realistic.

3. Save money for a down payment. Why jump into a starter home that you may not be ready for? Instead of doing this, you can rent for a few years, saving money for a down payment that will allow you to purchase the perfect property down the road.

These are just three of the many benefits of renting after graduating college. You may want to consider buying a home, but don’t jump the gun until you compare the pros and cons of both options.

Final tip: be careful about the length of your lease term, as you don’t want to get locked into something that will keep you in a rental longer than you want to be.
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Thursday, 22 August 2019

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