Where real estate is concerned the biggest question that most individuals face is “whether they should buy a house or simply rent it out?” Sure, most adults have this lifelong dream of owning a house, they've dreamt of doing so from the moment they held in their hands their first ever paycheck.
And though both the decisions of renting or buying a home have their own set of perks, in a slumming economy the benefits of renting a home rather than purchasing one are more.
Some of the reasons that go in the favor of renting real estate rather than buying it are mentioned below.
Reason # 1: You Don’t Have to Pay Maintenance Costs
Who here likes paying hefty bills? Surely the answer is in the negative for all of you. When you rent a place you don't have to worry about things like maintenance bills or repair costs.
If your sinks starts leaking, or your shingles come lose you don't have to go scrambling for your checkbook all you need to do is contact the homeowner because the maintenance costs are his responsibility and not yours.
Reason # 2: You get Access to Amazing Features
If you've rented an upscale or midscale property you can also enjoy the benefit of having access to amenities such as a swimming pool or a home fitness center without having to pay a dime for them.
Who doesn't want a pool? When you rent a place that has one you have all the pool fun you want without actually having to pay the cost to build the pool.
Reason # 3: Evade Real Estate Taxes
Guess what? When you don't own a property you also don't have to pay any real estate taxes. So, basically you get to find, furnish and live in your dream house without having to pay real estate taxes, which are as hefty as taxes go.
All you have to pay to live in your dream house is the rent.
Reason # 4: You Don’t Have to Pay a Substantial Down Payment
You do have to put down a deposit when you're renting a place, however, this amount is nothing compared to the down payment you have to pay when you're in the market for buying real estate.
Though the down payment or deposit you have to pay depends on the landlord but this is of course very low as compared to what you would have paid if you were buying the property.
Usually property owners require renters to pay a deposit that's equal to one month's rent.
Reason # 5: Changing Property Values
Property values change all the time, some for the better while a majority of them take a turn for the worst.
The changing property values may wreak havoc for property owners but they don't really affect the renters.
Reason # 6: You Can Easily Change Your Decision
Contrary to when you buy a place, with renting you don't have to worry about being stuck with your decision, meaning if you want to downsize you can easily change the home or apartment that you've rented out.
If your income takes a hit, you don't have to panic you can simply rent out a less expensive place.
Reason # 7: Insurance Costs Are Lower
Home owner's insurance costs are much higher than renter's insurance costs, plus with renter's insurance you are given proper coverage.
On average renter's insurance doesn't cost too much monthly, almost everyone can afford it easily.
Owning your own home has its perks but when you rent a place you get around paying a lot of the costs plus you have the flexibility to change your mind.
