Reasons to Rent vs. Purchasing

Many people find renting a home a better option for their lifestyle and finances than buying a home. These are the top reasons that people rent over buying.

Mobility

Renters don't have to be tied down by a long-term commitment. They can move easily for education, employment, or family opportunities elsewhere. Some people argue that it is just as stressful to move out of a rented property as it is from own home. It takes more planning, time, and attention to move from an owned home. Because the property isn't liquid, you can't just sell it like a stock. It can take months for the property to be sold. To sell it, it will cost you between 5 and 7 percent of the purchase price. Once it sells, your money will be out. Renters can typically move within 30 to 60 days after giving notice to their landlord. You'll also get your security deposit back if the property has been kept in good order.

Budget Simplification

Renters only have one housing payment: their rental rent. As owners, renters also have utility costs like cable and electricity, but landlords may pay these. In even more cases, landlords can also pay water and garbage collection bills. As a result, renters can focus on their goals, plan, and save more easily with a simplified budget. Renters can use the rent affordability calculator to figure out how much they can afford and account for other bills.

There Are No Homeowners Association (HOA), Insurance, or Property Taxes Dues

Talk about tax benefits when discussing buying a house. Property taxes and mortgage interest are two items that homeowners can deduct from their taxes. The mortgage interest and taxes homeowners have to pay monthly must be paid. The homeowners receive the tax savings and the deductions later when they file their taxes. In order to ensure their home, owners must also pay HOA fees. These are additional monthly payments that go along with insurance and mortgage. The costs for renters are minimal, but they can choose to have renters insurance. Renters can save a lot on these expenses, which can dramatically reduce their monthly budget.

No Responsibility For Maintenance Or Other Costs

A renter doesn't have to worry about the repair cost if they have a leaking bathroom or broken dishwasher. They can just notify their landlord to have it fixed. It is important to rent because it not only saves money but also saves you time and frustration.

Not Responsible For Any Damage To The Property

Apart from ongoing maintenance costs such as water and garbage collection bills, a home could also experience unexpected issues like a leak causing damage to the water supply or a tree falling onto a roof. These situations can cause inconveniences for renters, but they also benefit from being able to call their landlord and get it fixed. It is yet another example of how renting saves time, money, and stress.