3 Important Benefits That Come From Renting
In today’s housing market, many people who’ve dreamed of owning their own home simply can’t make it work financially. Especially for those who would have been first-time home buyers, the idea of buying a home in this market is simply an impossibility. But luckily, there are some great benefits to renting as opposed to owning your own home.
To help you see just why renting could continue to be a great option for you, here are three important benefits that come from renting.
Moving Is Easier
For those who are currently living in a city or neighborhood that they don’t absolutely love, the idea of moving somewhere else becomes much easier to handle logistically if you’re renting rather than owning.
For renters, all you have to do is wait until your lease is up or you’re otherwise able to get out of your rental agreement before you can move. But if you own your home, you have to go through the process of selling your home to someone else before you can move. And because doing this in the timeframe that you want it done isn’t always possible, it can be much more convenient to move as a renter than to move as a homeowner.
Lower Costs In General
When you’re renting, you’ll find that your living costs are, in general, lower than they would be if you were to own the home in which you’re living.
Aside from having to come up with a downpayment to put toward the house that you’d be buying in the first place, you also have to take care of all repair or maintenance on your own, you’ll have to pay real estate taxes, and you’ll have to worry about how your property value might be affected by things like the market or the area in which you live. But when you’re renting, you don’t have to worry about any of these additional costs. Aside from paying your utility bills and having less expensive renter’s insurance, there are far fewer revolving costs for renters than there are for homeowners.
Maintenance Isn’t Your Responsibility
As was mentioned above, when you’re a homeowner, you have to pay for and take care of all repairs or maintenance completely on your own. But when you’re a renter, the responsibility for this falls to your landlord or property manager.
Not only does this account for things that might break or need to be replaced in your home, but many renters don’t have to take care of things like landscaping or outdoor maintenance at all either. This can save you both time and money as a renter that homeowners have to be spending on a regular basis.
If you’ve been trying to decide if you should continue to rent or buy a home, consider the benefits mentioned above that you could be giving up if you go away from being a renter.
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