Before you buy, consider the benefits of renting a home.
Many individuals aspire to owning their own home, but while home ownership has its merits, it isn’t suitable for everyone. Renting is an alternative option, for people who are unable or uninterested in buying a home for whatever reason. For renters, there are a number of benefits when it comes to renting a home versus buying one.
One of the positive aspects of renting is the ability to move at will. Without being tied to one location; renters have the option of moving whenever their lease ends, or sooner if they are willing to pay extra fees. The freedom of mobility is ideal for anyone who moves often due to their profession, such as military personnel, or to someone who simply enjoys a change in scenery.
Part of the expense in owning a home is the cost to maintain the property. This includes everything from yard work to roof repairs and upgrades to the property as well as making sure the home complies with safety regulations. When renting a home, these expenses are not the responsibility of the renter and are often covered by the homeowner or the rental agency.
No Down Payment
Although there is often a security deposit for rentals, it is minimal compared to the amount of money that must be put down as a down payment for a home. Additionally, if the apartment or rental property is left in good condition when the renter moves out, the renter will receive all or a good portion of the security deposit money back.
No Foreclosure Risk
Renters have the luxury of not having to worry about losing their home and damaging their credit rating, as when a person fails to make mortgage payments and the home goes into foreclosure. Although moving out is necessary if you cease to pay rent; the implications are not nearly as great as a foreclosure.
Renters have the ability to live in desirable locations that they may have been unable to afford otherwise. A renter who moves into a home that is outside his price range to buy, but within his ability to rent, can enjoy all of the benefits of living within the desired neighbourhood and living in a home with extras like a yard and a garage.