It is not a secret that the main goal of many people is to buy a home and live there. But is it so great to own a home? Isn’t it better to rent one? This question often interests young people. Many of them do not want to take loans or mortgages for many years. Moreover, modern youth does not want to be tied to one place or city, so they often choose an alternative to renting a flat to owning one. What are the benefits of living in a rented home?
Here are some to consider:
Less money is required at the very beginning
When you leave the home of your parents or move to another city, it is not always possible to afford to buy a new home. You should not only pay a certain amount of the home value but also all the commissions, taxes, and fees. When you rent property, your upfront expenses are much lower. In fact, you should most often pay for the first and last month of living and it is much cheaper.
Not that risky
When you invest money in your future home, it is always a bit risky. The situation with rent is much simpler. The only risk you might face is some discomfort of the new home. There is no need to think about repairs, floods or fires that can damage or wipe away your home as well as possible market crashes.
If you live in a rented home, you can leave it anytime and move across the country if you need. You will not lose lots of your income because of the urgent home sale and will get a new dwelling quickly without much effort.
You are not responsible for repairs
No matter how perfect your home is, there is always something to break down or get damaged. Naturally, repairs and adjustments are not only additional responsibility but also extra expenses. If you are a tenant, these are not your problems since either a homeowner or a management co pansy should care about them.
Property tax is one of the most significant burdens for a family budget since, in some states, its rates are very high. However, being a tenant has its benefits since you have nothing to do with any taxes connected with a property.
Your payment does not depend on unexpected situations
It goes without saying that a homeowner can change the rent cost but only according to the contract signed. It means that you will pay the same amount for a certain period of time and you can be confident that your monthly budget will not be changed. When you take a mortgage, its interest rates can change with time. Moreover, there is a property tax that can fluctuate and other unpredictable expenses such as repairs, services, and others.
Some utilities may be included in the rent price
It is possible to save on some utilities if your landlord or management company agrees on this point. Some tenants do not need to pay for the Internet, cable television, or even water or electricity.
Minimum of minor responsibilities
When you own a home, you have a number of tasks to complete on a regular basis. Think only of some paint, tools and a necessity to climb a ladder every weekend! Tenants can forget about such responsibilities and spend their free time with pleasure.
There is no pressure to make upgrades
Living in the rented home you do not pay much attention to the condition of your kitchen furniture or bathroom — you simply get used to that and do not think where to find money or how much to save to upgrade it. When you enter your own home and do not like anything inside or outside it, there is some pressure to change that.
You can see that rented property has a number of benefits over homeownership and sometimes it is better to prefer comfort and flexibility to stability.