Renting vs buying a house as a minimalist can be a tough decision. Living as minimalists for the past few years, we find ourselves explaining our decision to rent our home after we sold our home and all of our stuff to live the life we wanted.
Can’t decide between buying and not buying a house? We don’t blame you — the decision is a tricky one to make! We’re tackling the pros and cons of both in hopes that it helps you make the decision that is best for you.
Renting vs Buying a House as a Minimalist
While owning a home is a lifelong goal for many people, it’s not necessarily for everyone. For some people, the advantages of buying outweigh those of renting. For others, it may be vice versa.
The final decision depends on a variety of factors, but one integral thing to consider is your lifestyle. As a minimalist, you prefer a simple, uncluttered lifestyle, and intentionally live with fewer (but meaningful) possessions. Whether you want to have fewer distractions around you or cut down on spending, the minimalist lifestyle suits you best.
But as a minimalist, should you buy or rent a house? Buying versus renting can be a hot topic- one that most people like to offer their unsolicited opinion on. At the end of the day, you have to make the best decision for yourself, your partner, or your family. Keep reading through this blog post as we share vetted advice on what to consider during the decision-making process.
What are the advantages and disadvantages of renting vs buying a house as a minimalist? Let’s delve deeper!
Buying A House As A Minimalist
Buying a house is a huge life milestone, which means you can’t make the decision on a whim. You need proper forethought, considering the pros and cons of each. Below, we will list the pros and cons of buying a house as a minimalist.
The Pros
- A sense of empowerment. Buying a house means you will have a space of your own, and will not need any interference from landlords, whether it’s for minor repairs or a complete home overhaul. This allows you to exercise creativity — something most minimalists love to do.
- Security and stability. Buying a home comes with the obvious benefit of feeling more stable. You don’t have to worry about increments in rent or the sudden need to move out. It’s also a great investment if you wish to grow a family in the near future.
- A home that resonates with the minimalist style. Owning a home means creating a space that suits your minimalist taste (neutral colors, minimal accessories, plenty of “white spaces”). On the other hand, renting different properties may mean you come across varying interior styles, including cluttered spaces.
- Greater privacy. Unlike renting, buying a home provides a greater degree of privacy. You also get more control over your living space. Whether you want to knock down the walls or apply a fresh coat of paint, you can do any remodeling that suits your taste and style, thus satiating your desire for creativity.
- Building your own asset. Paying rent is an expenditure. On the other hand, owning a house is investing in an asset.
The Cons
- Less flexibility. Buying a home limits your opportunities to move around and explore different areas. And as a minimalist, the experiences you live for will be restricted by this aspect of buying a home.
- Requires considerable investment. Even if you plan to pay a mortgage or buy a home in installments, you first need a considerable portion of the total amount as a down payment. You will also be spending money on the interest of your loan.
- A lot of paperwork is involved. From change of ownership and sales deed to property insurance and mortgage documentation, there’s a lot of paperwork involved in buying a house.
- Taxes must be paid. As a homeowner, you have to pay taxes depending on the rates of your county and your home’s value.
- Cost of maintenance and repairs. Whether you’re purchasing an old home or a new one, odds are you will need to invest time and money in certain repairs. As a minimalist, this may be for improved functionality (such as fixing leaking pipes) or aligning the interior with your taste (like toning down from bold-hued paint to neutrals). Being a homeowner, you will need to bear all these expenses on your own.
Renting A House As A Minimalist
For many minimalists, buying a home isn’t a possibility. Whether this is because it limits their chance to live new experiences or their limited budget, renting may actually be an optimal option for many. Keep reading to learn more on the pros and cons of renting vs buying a house as a minimalist.
The Pros
- Plenty of flexibility. Renting a home is a short-term commitment, so you can pack your bags and explore new places with short notice. This allows your dreams for new experiences (instead of hoarding material possessions) to translate to life. Plus, moving is easy when you have minimal things to carry along.
- Less paperwork. Renting a home involves little paperwork — mainly a tenancy agreement to protect your and your landlord’s rights. This is highly compatible with your need for a simple lifestyle, free of unnecessary worries.
- No maintenance headaches. As a tenant, your landlord is mainly responsible for maintenance work and costs. *You may have to pay a certain amount if specified in the tenancy agreement.
- Cut-down costs. As a minimalist, you don’t hoard things — even money. This is particularly true because minimalists do not equate happiness with a high income. By renting a home, you can skip the substantial amount of purchasing a home. Also, paying rent is cheaper than paying a mortgage, and you won’t need to pay property insurance or property tax.
The Cons
- Lack of stability. If you’re looking for a well-settled lifestyle as a minimalist, renting may not be for you. Additionally, sudden increments in rent and the expense of moving may result in a sense of instability.
- Rules and restrictions. Your landlord won’t be fond of modifications around the house, so you may not be able to tailor your space to your pared-back living style. Some owners may also not allow pets on their property, so if you have a furry friend, this may be a problem. FYI- we created a portfolio for Betty White, explaining why she is a great pup, including references.
- No equity. You may pay a lower amount in rent than in mortgage, but you have no claim over the property at the end of the day.
Renting vs Buying As A Minimalist, Which One Is For You?
Now that we’ve walked through the pros and cons of renting vs. buying, we hope you have a deeper understanding of what suits you better. Let’s further discuss which option is more suitable under what circumstances.
When Is Renting Suitable?
Minimalists are incredibly courageous; they dare to downsize and live life intentionally. So, if you’re ready to practice detachment from material possessions and travel across different places to satisfy your desire for freedom, renting is the way to go. Also, if you find minimizing a fun challenge, tailoring rented homes to your taste shouldn’t be a problem (provided you’re allowed to make amendments here and there).
If you’re fond of traveling and snagging new experiences as a minimalist and like to skip extensive paperwork, renting is for you. The same applies if, of course, you don’t have a high income or substantial savings, and prefer to cut back on costs (as most minimalists do).
When Is Buying Suitable?
If you enjoy a sense of stability and greater control over your living space — and can do without the freedom of shifting spaces — you should consider buying a home. Even if you prefer small living, you can downsize and opt for a compact-sized home that meets your needs. This, of course, will be more budget-friendly than a large home as well.
Buying is also a great option if you’re after a home completely in line with your minimalist style (and would love to practice creativity in interior design). The same applies if you prefer paying a higher cost at the benefit of building your own asset.
Why do we, as Minimalists, Opt for Renting?
For us, home ownership, well, been there, done that, checked the box. We fall into the category of being more of the traveling and experiencing type. While we love where we live, on the coast of North Carolina, we love the idea that we can leave and experience another destination anytime we want.
One of the beauties of renting is just that— not being tied down. While some see renting as a waste, we do not. Renting is paying for the luxury to leave anytime. We would rather pay for that luxury than be tied down, worrying about selling, how long would it take, etc.
We also realize that our thoughts and way of life may not be normal. What is normal anyway? We don’t want to do something because it is expected of us. Similar to having children or our decision to not have children. Just because it is not the decision others make does not make it a wrong decision. We could go on that topic for a while, but, that is for another time.
Final Thoughts on Buying vs Renting as a Minimalist
Renting vs buying is a dilemma that a minimalist will discuss a great deal. It consumes the energy and thoughts of many minimalists (yikes). You will find that everyone wants to address it with you. But with the above-mentioned analysis of pros and cons, we hope you’re closer to your final decision.
We want to make sure that we provide resources to make the best decision for you. After all, that is what matters.
If you are thinking of selling your home or making the transition toward renting, you will more than likely need to declutter. We have a declutter challenge that will help. You can find it here.
What are your thoughts on renting vs buying a house as a minimalist? Drop us a DM or comment on social. You can also contact us. We’d love to hear from you!
FAQs | Frequently Asked Questions
It depends on your situation but for us, we have saved money. Our monthly rent payment is less than our mortgage was so we are able to save money. We also live in a smaller space, hence, less stuff, saving money there, too. Minimalism is not just your home, it is a way of life. Our long-term financial outlook is better because we are able to contribute more to our retirement.
If you rent, and you want to move elsewhere, you are more than likely in a year-long lease, so you can leave in less than a year. Early departure? Oftentimes you can either talk to your landlord about getting out of your lease or offer to help find a new tenant. If you want to move while owning, it is not that simple.
We went the private route, mainly because we love the home we rent. Also, we knew that Betty White, being a rescue pittie would not be allowed in many corporate-managed rentals. With our private landlord, we are also able to have a garden and other perks in our backyard that a corporate company more than likely would not have allowed