1. Fancier Living
That’s right, when we rent instead of buy, we get to enjoy living in a better neighborhood, a more luxurious condominium, and a pad right beside your workplace which otherwise would not be financially possible or practical if you decide to buy.
2. Water and Heating Included
Aside from paying less in rent as compared to a home mortgage, you can also rack up on savings since there are some apartments who already include water and heating in the package. You can not only save money on the extra bills, but you can also save time and hassle with having to pay them off.
3. No Maintenance Issues
This is probably one of the best benefits that renting has to offer. No maintenance! It can actually come as a shock for newbie home owners when the cost of maintenance finally sets in. First of all, there’s that lawn that needs mowing, the termites that need to be eliminated, the plumbing that needs to be fixed, plus in a few years the house will need repainting, and who would forget the accidental damage your kids caused on your glass windows. When you rent, all you need to do is dial your landlord’s number and complain about the leak, and voila, you’ve got a handy man at your beck and call. Aside from saving on maintenance expenses, you can also save yourself the effort of havng to fix things yourself.
4. More Predictable Budget
There are a lot of hidden costs when it comes to owning a home. You don’t know when the large repairs will suddenly suck your budget. Renting makes budgeting easier because you already know just how much you will need to shell out per month. No matter how many repairs are needed, you still end up paying the same amount as you used to.
5. Perks and Amenities
There are a lot of apartments that come with community pools and gyms. This is especially great for those who love swimming and working out. If you own a home, there’s a very little chance you’d have an Olympic sized pool, not only is it a pain to maintain, but there’s hardly any space for it in your yard. Also, think about the money you’d save on gym memberships!
6. No Property Taxes
There are some areas where property taxes can amount to as high as $8,000-$14,000, which would equate to roughly $800-$1,000 a month! This can come as quite a shock for those new home buyers who aren’t tax savvy, and only realize the extra cost when the bills come pouring in. Renting will help you avoid surprise expenses such as this.
7. Moving is Easier
When it’s time to change location, renting makes moving so much easier. There are a lot of factors that could cause a person to move, such as a change in job assignment location. Other issues include having a bad neighbor, or a bad landlord. As soon as your contract expires, you can go ahead and pack your bags. With having a home on the other hand, this can be a more difficult process.
8. More Affordable
Because of the way the economy is doing and the lack of jobs, most people are quite frankly, struggling financially. Renting makes it a lot more affordable to live in a suitable place, and whether or not it’s “money down the drain”, renters don’t spend nearly as much as home owners. Also, renters don’t face the dreaded issue of owning a home that’s worth less than their mortgage. With the bursting of the housing bubble affecting so many home owners, renters can merely shrug the issue off.
Aside from all these advantages, renting a home can also give young professionals time to think about where they really want to settle, and how much they can afford to spend on a home mortgage when the right time comes. Renting provides an avenue to stretch your budget, while saving the rest of your money for future investments, or perhaps for a down payment on a house that you will be more likely to afford in the future.