Renting allows you to live a nomadic lifestyle by moving frequently. If you travel often, move for work, or just want a change, this gives you flexibility. However, when you it has a drawback—the landlord controls your stay. If you keep renewing your lease in one place, the landlord can refuse, accept, or raise the rent. If the landlord sells the house, you must leave immediately.
Moreover, renting monthly has pros and cons financially. It does, however, give you a monthly housing budget. The costs, when renting, are usually flat, unlike homeowners’ expenses, which vary monthly depending on property taxes, maintenance, and repairs. Renter’s insurance usually covers property maintenance, such as fixing a leak.
Your monthly rent is negotiable after your lease expires, even though you know it. Depending on the location and desirability of your rental home, the landlord may drastically raise prices, forcing you out. Unlike mortgage payments, your monthly payments now go toward living in the home. The landlord controls maintenance because they pay for it. Thus, home repairs may be substandard or delayed.