Reason #2: Freedom<\/h3>\n
Renting<\/a> frees us up in a lot of ways. Owning a house really does tie you down in some regards. Who\u2019s going to mow the lawn or check on the house while you\u2019re on vacation? What if there\u2019s a leak while you\u2019re gone?<\/p>\n It frees up our time immensely because we\u2019re not focused on all the maintenance. And it frees up a lot of money (which I\u2019ll cover later). It also gives us freedom to explore our new city, which leads me to my next consideration.<\/p>\n Have you ever made the mistake where you moved into a certain market or neighborhood and then you learn that they\u2019re putting a new toxic waste dump behind your house or the neighbor breeds aggressive attack kangaroos?<\/p>\n Renting helps you learn the ropes of a new market. Especially since we were moving from a town of 20,000 to a city of 250,000, we wanted to give ourselves some time to learn the market, the neighborhoods, schools, shopping… everything.<\/p>\n If we would have bought, we might have been kicking ourselves a year later.<\/p>\n We wanted to be in the heart of the city, within walking distance to as much as possible. There is no way we could have afforded a house in this spot. Renting gave us the location we wanted at a much<\/i> reduced cost.<\/p>\n This won\u2019t always be the case if you\u2019re renting, but we decided to live in a 70-unit building that was newer construction (only 10 years old). Awesome location, underground heated parking (hard to find around here), a general store literally steps away, gym, entertainment, shopping, dining.<\/p>\n You name it, we got it.<\/p>\n Related: <\/em><\/strong>Grant Cardone Is Right: Owning a Primary Residence Usually ISN\u2019T Smart<\/a><\/em><\/p>\n Our taxes were out of control. Usually you think of your mortgage, taxes, and insurance as a fixed cost. While your mortgage is, the other two can change\u2014for the worse.<\/p>\n At the lowest point, we were paying $1,800\/month for all three. At the highest, we were at a staggering $2,400.<\/p>\n While rents can go up, too, typically they don\u2019t go up as much as taxes have the potential for. Our rent will go up this year if we renew, but it\u2019s only going up $10\/month. I think we\u2019ll be ok.<\/p>\n We\u2019ve talked about this a little already but let\u2019s dive into the numbers and see just how much we\u2019re saving.<\/p>\n Old place<\/strong><\/p>\n Here\u2019s a breakdown of the numbers at our old place:<\/p>\n New place<\/strong><\/p>\n And here\u2019s a breakdown of the numbers at our new place:<\/p>\n THAT\u2019S IT!<\/p>\n We\u2019re saving $940\/month currently. One caveat here: we are living in a smaller place, but we actually love how it simplified our lives.<\/p>\n The only downside I can think of right now is potential opportunity cost. We are probably missing out on appreciation (the Madison market is hot) and debt paydown. But we\u2019re just not quite ready to jump back into homeownership yet.<\/p>\n Now, this is not a knock on homeownership. I think it\u2019s incredibly important and gratifying for the right person. Right now, it\u2019s just not us. We may house hack in a year or two, but until then we are renters.<\/p>\n Even though I\u2019m a landlord<\/a> to dozens of other people, I\u2019m fine with having a landlord, too.<\/p>\n![\"Man](\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/11\/walkdowntown.jpg\" "\\"\\"")
<\/p>\nReason #3: Learn a new market or neighborhood<\/h3>\n
Reason #4: Location<\/h3>\n
Reason #5: Newer construction and more amenities<\/h3>\n
Reason #6: Real estate taxes<\/h3>\n
![\"apartment-complex\"](\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2017\/06\/apartment-complex.jpg\" "\\"\\"")
<\/p>\nReason #7: Our overall expenses decreased substantially<\/h3>\n
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The Downsides<\/h2>\n
What Would You Do?<\/h2>\n
![\"\"](\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2019\/10\/Signup_3.jpg\" "\\"\\"")
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