Many people want to purchase their own home eventually; however, some important things must be considered before deciding if you are ready to take that step and that it is also right for you. Buying a house is a substantial financial commitment that certainly has some things that make it very appealing; however, many people should consider the advantages of choosing to rent a property instead.
Just because you decide to rent a property doesn’t mean that later in life, you won’t buy your own home; in some cases, renting makes much more sense. We have listed some major advantages of living in a rental property to help you better understand the benefits of renting rather than buying.
One of the best things about renting is that you have much more flexibility when choosing where to live. The current housing market is costly, so you may need help finding a property that ticks all your boxes for your budget. However, you may be able to find a property that you love and rent it instead and try living in different places to find where you think you would be most comfortable settling down. It is also straightforward to find rental properties in your area; you only need to search for ‘rooms for rent near me’ to find a long list of places you can stay in. You can also filter things like the style of home and the number of rooms to find something perfect for you and whoever you decide to live with if you want roommates.
No maintenance costs or repair bills
When you rent a property, it is the responsibility of the landlord to cover all repair bills and maintenance costs. If something in the rental property breaks and needs fixing, you will not have to pay. For example, if you notice a leak in the roof of the property you are renting, you can simply contact your landlord, who will make arrangements to get it fixed, and it will not cost you anything.
If you own a house, you are responsible for paying for repairs that need fixing and upgrading, like faulty appliances or installing a new kitchen. Maintenance and repair bills can quickly stack up, saddling you with a large amount to pay over a short period. This reduces the amount of money you have left to spend on things that matter, taking away some of your freedom.
Access to amenities
Choosing to rent often provides a unique opportunity to gain access to amenities you would not usually be able to use if you owned a property. Some rentals offer amenities, including a pool and gym, shared between all the building tenants, who can use them at their leisure at no extra cost. If you are a homeowner and want to have some of these similar amenities, you would have to spend a lot of money installing these facilities and having enough space for them. It is a much more significant commitment as a property owner, and even if you live in a condo you own, you are not exempt from costs. You likely have to pay homeowner association (HOA) fees, usually charged at the end of every month.
No real estate taxes
Property tax is something that many people who are thinking of buying a home may not consider. This tax can cost a considerable amount of money and varies between counties, so it is essential to research before you jump into buying any property. In certain parts of the country, real estate taxes can add up to several thousand dollars annually. If you choose to rent a property instead, you will not have to worry about these added costs and can focus on spending your money on other, more important things
No down payment
People looking to buy a house will often have to put down a substantial amount of money initially as a down payment. In contrast, renters will only have to pay around a month’s rent as a security deposit which they will get back at the end of the lease. On average, a down payment for a property is around 20% of the total cost, so you will have to save up a considerable amount of money before purchasing your home. You only need to have enough for the first month of rent and the security deposit as a renter and can continue to make payments each month with every paycheck you get.