We are all familiar with the American dream of owning a home with a white picket fence and a swing set in the backyard. But what if this dream doesn’t pertain to all of us? This is when renting an apartment or house is a good idea.
Buying a home for financial and personal reasons makes sense for some, but for others, it is simply not a feasible option. They may not have the saved funds to put down on a house, or they may be single and prefer to live in a smaller dwelling. Whatever the case, there are many reasons why renting definitely works better for some people. Here a few of the prominent reasons:
Flexibility- If you are the type of person who doesn’t like to be tied down, renting is a sensible way to go. Those who aren’t sure where there job or relationship is taking them need the flexibility of being able to pick up and leave without the headache of selling a property. Renting gives carefree individuals and families the option to live wherever they want. This freedom is one of the greatest benefits of renting.
Lower cost/save money- If you are planning on buying a home in the next few years, renting is sensible because you can save money for the many costs of buying a home, including a down payment, loan fees, commission for the real estate agent, etc. Or perhaps you want more money for vacations and other things. Renting a house or apartment is cheaper in areas where home prices have skyrocketed a lot higher than the rental rates.
Maintenance is taken care of- Do you have plumbing problems or appliance issues while renting? The landlord will take care of them! Property maintenance is the responsibility of your landlord, so you won’t have to worry about replacing that hot water heater or HVAC system. This is a great perk of renting.
No yard work- You can enjoy a beautiful landscape without lifting a finger. Of course, some renters are required to take care of the landscaping and yard maintenance on their own, but this is usually rare.
Simplicity- Renting a home is much easier and less time-consuming than buying a home. Searching for a rental that meets your needs involves a smaller checklist and won’t take weeks or months. Plus, you won’t have to sign endless piles of paperwork since a rental agreement or lease is probably the only document you’ll need to take care of.
No property taxes/homeowners insurance- You don’t pay property taxes when renting, and if you get renters insurance, it is a lot less expensive than homeowners insurance.
Utilities may be included- If they are included in your rent, not only will you avoid the monthly cost, you won’t have to get any utilities hooked up with the exception of internet and cable.
When you rent a house or apartment, you don’t have to worry about obtaining the true value of your dwelling. However, your landlord/owner of the property you are renting surely does. If you are curious, you can find out how much your renting space is worth by getting a free home value report from Neighborhood IQ. While it won’t change your rent, you can compare the value of other homes in your area and surrounding areas.