Saturday, August 8, 2015

Reap the Benefits of Renting


Renting a home is almost always the default alternative to people who can't afford a house. But that doesn't mean that renting a home is inferior to owning one. In fact, the opposite is true in a great number of situations. Many renters prefer their living arrangement thanks to its conveniences.


Renting costs less.

- Buying a home is leagues more expensive than renting one, for obvious reasons. And buyers will have to pay for the mortgage for up to ten or twenty years down the road, but with a rented home, you only have to pay for the monthly rent during the term of lease. 

- The downpayment is also significantly less than that of a home purchase.

- You also don't have to pay for home inspection, closing costs, legal fees for the land title and deed, and other extraneous fees involved in the purchase of a home.

- The renter, likewise, doesn't have to pay for real estate taxes.

- The renter doesn't have to pay for maintenance costs or repairs, which are often the landlord's responsibility.

- The only insurance you'll need is a rental insurance, which should cover all your possessions within the home. You won't need to pay for homeowners' insurance, for instance.

- Mortgages and property tax fluctuate. Homeowners can suddenly find themselves saddled with higher rates. But renters are given a fixed rent to pay each month. While the rent can be raised, landlords will typically give the notice in advance, allowing you some time to adjust your finances.


Renting has less responsibility.

- Home ownership is a lifetime commitment. Renters are free from the crucial responsibilities that come with this. For instance, renters need not do as much due diligence as a homebuyer.

- It doesn't entail as much paperwork as a home purchase. The only paperwork you'll likely need is the rental contract between you and your landlord.

- When homeowners move out, they have to sell the home or find someone to rent it to. Renters, however, are spared from these responsibilities.

- You won't lose any money over depreciating property values.


Renting affords flexibility. 

- Renting is ideal for individuals who may eventually need to relocate. You can up and leave at the end of your lease should you need or want to. 


Renting can be your ticket to good credit.

- Make your rent and bill payments on time to earn good credit. You can use this good credit, in time, to buy the home you’ve always wanted.


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