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12/10/15

Rent checked: Is renting really that bad money wise?

Flip through the channels on your television and you see plenty of television shows about houses, flipping them, renovating them or property in general. Rarely do you see much in the way of apartments, as homes tend to be the selling point.
That said, one of the more popular shows centers on couples finding tiny houses, as small as a one room apartment, and flourishing in them for a number of reasons: they want to save money, first and foremost and they really don't need all that space and subsequent utilities and more things to, quite frankly, go wrong.
That movement toward mini houses sparks discussion and centers back around to apartments, and the age old discussion if renting is smarter than buying or vice versa. Some argue that renting is simply throwing money down the drain, since you're not spending money to actually own anything.
But do some of the same points about tiny houses now seem pertinent and relevant when you're talking about renting versus buying, apartments versus housing. 
The first element of renting that is a sigh of relief is the cost typically is less overall than owning a home. A lot of that centers on two elements: utilities and if something breaks.
The smaller the square footage the less you pay, plain and simple. A lot of times, too, some utilities are included in the cost of rent.

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You can't underestimate, too, that you might not have the money to fix a furnace, repair a roof or do any other major repair on your home. That might be a motivating factor for staying away from buying a house and in turn having money leftover in your budget at the ned of the month, so you can actually start saving. 
Saying that money is being "thrown away" on rent doesn't take into consideration that you don't have the money to own a home or simply want to save. And isn't saving money and living within your means one of the smarter financial decisions you can make?
In the end, the prerogative is yours, but the decision is rooted in being smart with your money. And being smart doesn't always mean investing hundreds of thousands of dollars when you'll eventually be "house poor" and living beyond your means.

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