There is a common perception that buying a home is better than the option of rent. While it may be nice to call a house “your own”, renting is a far better option.
In this economy, renting allows you to get the kind of house you want without having to empty your pockets or get a loan. It’s a flexible and convenient system that everyone can take advantage of. Right from electronic appliances to home decor items, you can get anything on rent
For instance, owning a laptop requires maintenance as well. Although one may follow all the laptop maintenance tips, renting provides a simple option to replace in case of any faulty errors.
Here is a list of five reasons that will really make you think – why buy when you can rent. Keep on reading to know them all.
Reasons Why Renting is a better option than Buying
No need to pay for upkeep
The best thing about renting is that you don’t need to worry about maintenance. People often underestimate the amount of upkeep a house requires. Pest infestations, mold, damaged pipes are only a few of the problems that homeowners have to solve. As a renter, you don’t have to worry about solving these issues. All you have to do is inform your landlord and they’ll take care of the rest.
No down payment needed
Renting doesn’t call for any down payment. That is why homes are the first amongst many things that you should rent instead of buy. Down payments are large sums of money that you must pay to secure an estate. People have to take out loans or give out a big chunk of their savings for down payments. But in the case of renting, all you have to do is give a couple of months’ advance.
No worry about price fluctuation
Another reason why renting is better than buying is that renters don’t have to deal with the stress of price fluctuation. Homeowners, on the other hand, have to constantly worry about the price of their property rising and falling. People can lose a lot of money if they sell their home when the real estate market is down. The value of their property can also decrease due to reasons beyond their control. Renters do not have to deal with problems such as these.
Renters are exempted from Property Tax
The monetary benefits of renting a house than buying are numerous. In addition to what has already been mentioned, another financial advantage of renting is that you don’t have to pay property tax. In case you didn’t know, property tax is levied on all homeowners, and in some states, it can be over 2% of the price of the home. Thankfully, renters do not have to pay Property Tax.
No long-term commitment
Unlike homeownership, renting doesn’t involve any commitment. You can leave your place of residence at any time without having to worry about selling it or taking care of it. However, when you own a home and you have to leave it, you encounter several problems. You have to ensure it’s maintenance for as long as you are gone or you have to sell it. Renting gives you a sense of freedom that homeownership cannot.
Get great features without paying for them
Another benefit of renting a house is that you can get access to a myriad of furniture and fittings without having to pay for them. Whereas, if you buy a house, you’ll have to purchase everything yourself. If the home that you have rented is fully-furnished, your furniture can become things you can rent out for profit. Thus you can not only save but also make money if you rent homes instead of buying.