Deleted: When it comes to the old argument of “Should I rent or buy a house?” it’s clear that neither is right or wrong. There’s a lot of grays that comes with both homeownership and rental property. Pros and cons exist for each option, and which one is better depends upon a specific family’s (or person’s) situation. Below are five different ways renting is better for you.
1. Avoid major expenses
Home ownership comes with major expenses and headaches. For example, your HVAC breaks in the middle of a heatwave. The costs to repair your HVAC can vary based on the age of the furnace and air conditioner you have. Water heaters, sump pumps and septic tanks can pose huge costs to homeowners and smaller plumbing issues that you may or may not be able to handle on your own, so you need a plumber. When you rent – you call the landlord.
2. No down payment needed
When you rent, you don’t need a 20% down payment – you likely will have to pay an application fee and/or a security deposit before you move in. Application fees vary but are typically less than $100 and a security deposit is usually between one and three month’s rent. (When you end your lease – you should get your security deposit back, as long as you keep the property in good condition). Bottom line, the upfront costs with moving into a rental property are much less than what it costs homebuyers for a down payment, closing costs, and property taxes.
3. No long-term commitment
You can rent short term, monthly, annually or anything you and your landlord agree on. The benefit – you have no obligation to stay in your rental any longer than you want to. For people who move around a lot or have trouble settling in, this is the perfect situation.
4. Maintenance included
Not having to stress about maintenance is wonderful and can be a huge time saver. When it snows, you don’t need to shovel, and when the lawn needs to be mowed, someone else will be there to take care of it. The peace of mind that comes with renting is priceless. When the washer won’t work, you phone the landlord and go about your day.
Many apartment complexes are often built with amenities such as pools, gyms, and laundry facilities directly on the grounds. Often, apartment complexes with amenities can charge a higher rent price because of the apartment amenities they offer. Higher rent prices offset the cost of maintenance for amenities.