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Did you know?
On average, renters insurance costs about 50 cents a day?
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The Benefits of Renting Versus Buying a Home:
Renting can have many advantages over buying a home. When you rent you get to enjoy living in a better neighborhood, maybe in a more luxurious condo or right next to your workplace. This may not otherwise be possible financially if you bought a home. Paying rent can be a lot more affordable than a home mortgage especially if utilities are included with your monthly rent.
One of the biggest benefits to renting is no maintenance. Owning a home can become quite costly with lawn care, plumbing, painting, interior and exterior damages and any other unexpected maintenance that comes up. When you rent and an issue arises, you simply call the landlord or property manager and it is taken care of. You save yourself both time and money by renting. When owning a home, there are many hidden costs associated with that. Large repairs will come up and can drain your budget. Renting makes it easier because you know the amount you need to pay each month regardless of any repairs that are needed.
Another benefit to renting is all the amenities that may be included with your rental. A lot of places have community pools, gyms, basketball and tennis courts, playgrounds and laundry facilities. Having access to these amenities can save you a lot of money.
When renting you do not have to worry about property taxes. The taxes that need to be paid can come as a surprise to new home owners and they may not realize how costly this extra expense can be.
If you need to move, renting is so much easier. You may have to move due to job re-location, bad neighbors, bad landlord etc. When your lease expires you can pack up and go. If you own a home, the process becomes more difficult.
Renting a place makes it a lot more reasonable to live in a nice place and you will not spend as much as a home owner. It can also give those starting out time to decide where they want to settle down. Renting a home can give you a way to extend your budget and allow you to save money for the future.
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