Approximately, there are at least two third of the people choose to buy a home. This is because home ownership is the biggest dream of all people today. However, most people view that renting can be the first step to owning a home in the near future. This is due to the fact that renting carries lots of advantages when compared to owning a home. The following are the advantages of renting a home.
- Low monthly rentals
When renting a home, the monthly costs that you are paying is much lower compared to owning a home. You can weigh this by making a computation regarding your property taxes, mortgage, and insurance. Once you weigh things, you will see that renting a home is cheaper especially when compared to a mortgage which has a lower down payment. In the previous years, the amount of rentals climbed up a bit. However, this is still inexpensive compared to paying for the monthly payment of the home.
Renting lowers your mortgage cost and can save you money in some other ways. If you are a homeowner,you have to prepare yourself like;
- paying for the repairs and house renovation
- tending the lawn
- payment of the heating and cooling
However, if you are a renter, you do not need to worry all of these things since these are all handled by the landlord. The landlords will do the maintenance of the house for you and you will not pay even a single cent since you are paying your monthly rentals.
- Save money
The down payment when renting a home is lesser as compared to buying a home. The extra cash you have from the inexpensive down payment can be used to buy things needed for the rented home or perhaps can buy food. However, for some people owning a home is not a good investment. The money for the home down payment can be used to invest in a business and can grow more.
- Renting is flexible
Renting in the first place, is truly flexible. If you are assigned to faraway places, you can easily leave the place without worrying who will take care of the property. It is very easy to transfer to another place when you are renting. However, you need to wait for the expiry of your lease contract. In case your decision is urgent, you can also talk immediately to the landlord that you are leaving the area for several reasons. By negotiating your landlord, you don't need to wait for the expiration of your contract before you leave.
- Fancier living
Although you cannot afford to buy a condo, but through renting, you can fully enjoy living in a luxury condo that overlooks to the ocean.
Making a decision whether you want to rent or buy a home can be very tricky. There are lots of advantages of renting a home compared to owning. However, before making a conclusion, you should consider your lifestyle and your work. If you are always traveling in far places or going to different states every year, then renting is a good option for you.