You might be asking yourself if it is the right time for you to buy a house. Maybe you have been saving up money for a while and have a nice down payment. You could be asking yourself if you should buy a home or rent one. There are advantages to both.
However, there can be many benefits to renting a home instead of buying one.
- You are not tied down to a house or a specific location. When your lease is up, you are free to try to move to another area.
- You do not have to worry about the costs of repairing a home. Instead, it is usually the landlord’s responsibility. You do not have to worry about replacing appliances, the roof, or any other costly repairs.
- You do not have to pay taxes when you rent. Taxes can be quite costly. Even though they are included in the mortgage, they add up.
- You will also have to pay insurance for you house. Though renter’s insurance is available, it is much cheaper than home insurance, if you decide to get it.
- You do not have to worry about maintaining a home. You may not even be required to do any outside work.
- It is often cheaper to rent than own your own home. Maybe you can even invest that money that you saved.
- Often, when people rent, they choose a smaller home with less rooms to clean. The outside is also considerably less area to take care of also. Many time landscaping is included with a rental.
- Renting could be considered safer than owning your own home. With the economy being the way it is, many people worry about losing their income and their homes.
- Many times, some extra costs are included in the rent. You may not have to worry about electricity and water. Yes, that will make your rent higher but you won’t have to write more checks each month.
- You do not have to worry about being foreclosed on and losing your home. Yes, you can get kicked out of your apartment but the implications to your credit and ability to secure new housing usually is not as severe.
- When you rent, it is much easier to move, no matter the reason – you don’t like the place, neighborhood, neighbors, noise, etc. With a house, you are stuck there until you are able to sell it- even if you don’t like your neighbors!
Renting a home might be something to consider. You will be able to move as you need to. You will not have to worry about the extra costs of owning a home, including the repairs, maintenance, taxes, and insurance – save the money, and invest it so you will have more money when you retire.