Are you debating whether to buy or rent a house? It’s time to talk about the renting side of the debate. In this article, let’s get into the (somewhat) clear advantages of renting.
So, you’re trying to decide whether you should rent your next home or buy it?
While buying a home is definitely the dream of many people, there are a lot of advantages that come with renting instead of buying.
If you’re on the fence about which one to do, check out this guide to discover the top advantages of renting instead of buying.
The Cost of Buying a House vs. Renting an Apartment
One of the most obvious benefits of renting instead of buying is the cost.
While renting has its own set of financial hurdles, such as utilities, security deposits, and application fees, these costs combined still don’t compare to the astronomical cost of a down payment.
Not to mention, monthly rent is typically much cheaper than the cost of a mortgage (you can check out Sproutnomics to learn more about mortgages). And, let’s not forget about the closing costs, plus the cost of repairs, property taxes, and Homeowner’s Association fees.
Plus, let’s not forget that as a homeowner, you have to buy all of your own appliances, whereas almost all rental properties come with the appliances already built-in.
If you’re looking to save some money, renting (especially during COVID-19) is perhaps the way to go.
Another reason to rent instead of buy is because of flexibility.
If you want to pack up and move across the country, it’s a lot easier to break or wait out a lease than it is to sell a home.
Plus, while the majority of leases are for a year, it’s not hard to find leases that are 6 months, 3 months, or month-to-month these days, making your living situation all the more flexible.
As a renter, you’re basically responsible for paying your rent and utilities on time and not trashing the place.
As a homeowner, you’re responsible for a lot more. On top of mortgage payments, you’re also responsible for paying property taxes, maintaining your home, and staying on top of repairs.
While this may not seem like a huge deal at first, here are just a few of the maintenance and repair issues you may deal with as a homeowner:
- Mowing and watering the lawn, raking leaves, shoveling snow, pruning trees
- Cleaning furnace filters, showerheads, and faucet aerators
- Testing smoke alarms, carbon monoxide detectors, and fire extinguishers
- Tuning up major home appliances
- Winterizing exterior plumbing
- Deep cleaning carpets, door screens, and windows
- Checking for frayed cords and wires
- Checking your water heater for leaks
- Cleaning tubs, drains, sinks, showers, and dishwashers
- Inspecting gutters, roofs, and downspouts for storm damage
This list barely scratches the surface of your responsibilities as a homeowner. If you want to spend less time worrying about these responsibilities and more time doing things you love, then renting is the answer.
Are You Ready to Rent? Let’s Wrap it Up
There is no doubt that buying a home is a HUGE life decision. But you need to know whether or not it’s right for you. Of course, there isn’t a singular correct answer for everyone in the world, but there are a few tips, like those listed above, that you can read to educate yourself about this really enjoyable and important decision. There will always be pros and cons to renting and owning, but you need to get a handle on what is best for you and your family.
That said, if you’ve come to the conclusion of renting rather than owning, now that you know about the advantages of renting, it’s time to find a place to rent.
Pretty soon, you’ll be enjoying your new place!
Be sure to check back in with our blog for more real estate tips and tricks.