Buying a home is the American dream. There are a few things that you need to know about buying a home before you take the leap. After all, it’s the biggest purchase that you’re going to make.
Before you make the leap, you should take a look at the benefits of renting a home. You’d be surprised to learn that the benefits can give you a big advantage as opposed to owning a home.
There’s a reason why more people are gravitating toward renting vs. buying. Read on to learn five benefits to renting a home.
1. Lower Costs
Renting a home makes financial sense. If you wanted to buy a home, you’d have to save up for a big down payment. After the financial crisis of 2008, banks are trying to stick with 20 percent down.
You’re also responsible for homeowner’s insurance and property taxes. When you rent, you need renter’s insurance, which is anywhere between $10 – $20 a month.
2. More Amenities
The amenities are often better when you rent. Whether you rent a condo or a home, there’s a good chance that you’ll have access to amenities like a fitness center or a pool. Take a look at these luxury rentals to see what kind of amenities you can get.
3. You Don’t Always Have Control Over Your Own Home
A lot of people will buy a home thinking that they can do whatever they want with it. If they wanted to paint the house purple, they can do that.
There are exceptions to that benefit, though. If you live in a condo or homeowner’s association, you usually can’t do anything to the exterior of the property without permission. So, if you wanted to give your home a fresh look, you have to get approval from your HOA board.
4. Repairs and Maintenance
The drawback to owning a home is that you’re responsible for the maintenance and repairs. That can get very expensive. Need a new roof? That can cost thousands of dollars. Same with a new HVAC unit, water heater, and plumbing system.
You also have to keep your lawn neat and tidy, which means that you mow the lawn or hire someone to do it.
When you rent a home, all you have to do is tell your landlord and they’ll take care of it. In some cases, your landlord is responsible for landscaping, too.
You have a lot more flexibility than owning a home. When you purchase a home, you’re kind of stuck where you’re at. Renting lets you explore different areas before you buy a home. You also have flexibility if you get a great job out of the area and need to relocate.
Benefits of Renting a Home
Buying a home is something that you’re supposed to do when you grow-up. However, it may not always be the smartest move.
Owning a home is expensive because you’re responsible for repairs and maintenance. There are a lot of benefits of renting a home. You have more flexibility, lower costs, and less responsibility.
Do you want more tips for your home? Come back to this site often for more home and style tips.