If you’re renting your pad, you’ve probably heard it from your family and friends a million times if not more… “Why in the world are you renting instead of buying and building up equity in your own home?”

Of course, the question might be completely valid in many circumstances, but there are some times when renting just makes sense.

When can it possibly be considered wise to rent?

•    If you’re not sure how long you’ll be living in an area
•    When buying is just way too expensive for the budget
•    Before you have enough savings to cover the unexpected costs that pop up for homeowners
•    If you are still saving for a larger down payment that will make for a better mortgage deal
•    When you don’t have the time or desire to take care of a home
•    Renting can just be more affordable in some cases
•    For those with troubled credit, renting can help improve it so buying is a more realistic possibility in the future

Yes, there are indeed many situations when renting is probably the best thing to do.  However, most do have the ambition to purchase their own home.  And if that’s the dream, then is it worth putting off the opportunity?

Home prices fluctuate and at this moment on a national level, it’s probably a pretty good time to buy for bargain hunters.  If there’s not a really good reason for renting, then the benefits of buying will usually far outweigh the alternative.

So the answer is no – just because you’re currently renting your home instead of buying a house doesn’t mean that you’re completely crazy.  Don’t feel bad and don’t allow yourself to be intimidated into something you’re not ready for. 

And if you do decide that renting a home or apartment is still the best thing at the present time, there are still some things you should know to improve your overall renting experience.  But you could still be a little bit crazy – that’s up to you!