So many people talk about buying a home and while it is the American dream, everyone isn’t always ready to settle down and make that purchase. Renting is still a viable option for those who aren’t ready to buy a home and there are benefits that you can enjoy! Here are five benefits you can enjoy when you rent your home.
- No Maintenance
If you buy a home, it is up to you to maintain the home and all repairs and updates, whether that is a furnace one bad, landscaping, or a leaking roof. As a renter, these things are all the responsibility of the landlord.
- Less Expensive
When you buy a home, you need a down payment, financing, and many years of payments to become a homeowner. Oftentimes a mortgage is more expensive than the costs of rent each month.
- Less Hassles
When it is time to buy, you need to obtain bank financing, wait for weeks for approval, closing, etc. Many people simply do not have this kind of time. When you rent, you can move-in the same or next day I you so choose.
Once you buy a home, you are stuck in the same spot. I you’re not so sure that you want to live in the same place or 40, 50 years or more, perhaps renting is the best option or your needs now.
- No Insurance Needed
I you buy a home you need insurance in place to keep you protected. This coverage can cost a pretty penny each month. Renter’s insurance keeps you protected when renting a house and is are less expensive than insurance that is required and recommended as a homeowner.
Is renting a home right or you? For many people this is the best decision.