4 Benefits of Renting a Home
When some people look for a home, they’re looking for a place they can see themselves living in 20 years later. But not everybody is looking for that kind of a long-term commitment. Perhaps you have a job that requires you to move around a lot, or maybe you’re new to an area and want to see if you like the area before committing to purchasing a home there. Renting a home is an ideal solution in situations like these because they are short-term housing solutions. Instead of being tied to a property for years to come, you’re only committed to the length of time specified in your lease, usually one year.
Less Responsibility for Repairs
No homeowner looks forward to suddenly being hit with a large repair bill, but it’s an inevitable part of being a homeowner. But the good news is that when you rent your home, those sudden repair expenses are not your problem! Your landlord is the one who gets to deal with all those sudden repairs and the costs associated with them. If you’re on a tight budget or trying to save as much money as possible, wouldn’t it be nice to not have to worry about a large part of your savings potentially being wiped out by a surprise furnace repair?
Lower Upfront Investment
When you rent a home, you don’t have to worry about coming up with a large down payment. Rental properties still require a deposit, but how much of a deposit varies from property to property. In any case, the deposit you’d need to rent a home is likely to be significantly less than the amount you’d need to make a down payment on a house.
No Real Estate Taxes
Although it is generally a good thing for a property to increase in value, the downside to that is the property’s real estate taxes go up along with it. Depending on the taxable value of your home, paying those taxes can mean a big financial setback. But since you don’t actually own the property, it’s up to your landlord to handle the taxes associated with the property.