Most of us have been taught since childhood that ultimately, buying a home is smarter than renting and should be an end goal, but things have changed and for some of us buying isn’t exactly an option at the moment. While investing in a home might be the best route for some, there are also some great perks to renting a home.
Not Quite Ready to Buy? Here are Some Benefits to Renting a Home
If buying a home is not ideal for you and your lifestyle, or you simply aren’t ready to make such a big investment, here are some of the benefits of renting a home.
1. Your property manager takes care of repairs and maintenance
A great thing about renting, whether you’re in an apartment or a house, is that you don’t have to worry about things like maintenance and repairs. If you have an issue with the plumbing or your gutters need to be replaced, the responsibility doesn’t fall on you. Your property manager takes care of all maintenance and repairs, so you don’t have to take on the extra cost or the stress. Some homes will even include lawn and landscape upkeep, which is definitely an added bonus.
2. Flexibility to move when you want
Life is unpredictable and even the hardest working people still struggle to make a living in today’s economy. If the future of your career or your job is uncertain or you are just a free spirit who can’t stay in one place for very long, there may be more benefits to renting a home than buying one. House renters are not locked into a long term mortgage loan, which gives them the flexibility to move or downsize when they want or need to.
3. Avoid putting down a large amount of money to move
When purchasing a home, you generally need to spend a good amount of time saving for a down payment. This can help lower your interest rate and can even result in lower monthly mortgage payments. Since real estate investments generally carry higher dollar amounts, down payments can be pricey. When you rent a home, you avoid paying this large sum of money all at once. This can allow you to use those funds for other things, or give you time to save for a down payment when you’re ready to buy.
4. Renter’s insurance is cheaper than homeowners insurance
As a homeowner, you would be required to pay for the added expense of a homeowners insurance policy. These policies are somewhat expensive, typically costing between $25 to $80 per month.
As a renter, your landlord won’t always be required to invest in renter’s insurance, but it’s always a smart choice. If something were to happen to the home while you’re renting it, you don’t want to end up with nothing because you weren’t prepared. Renter’s insurance can usually be added to your auto plan for next to nothing, costing as little as $12 per month.
5. Consistent monthly rent
While mortgage rates and property taxes vary, when you sign a lease, you’re guaranteed that monthly rate for the length of its term. As a renter, you also won’t have to worry about getting approved for a mortgage. Sometimes you may not get approved for a home that suits your family size. With a fixed monthly rent, you’ll always know what to expect and won’t have a ton of unexpected costs like HOA fees pop up after you move in.
At Dream Homes by Jen, we have helped a ton of renters find a place that fits their needs, we actually manage quite a few properties ourselves. Contact us today and let’s start looking for the home or apartment of your dreams!