Not sure if you should buy a home or start renting? Wondering if it makes more sense to get a monthly rental?
While there are clear benefits to owning a home, it has its drawbacks as well. In some ways, renting actually makes a lot more sense and can be preferable to having a mortgage to pay every month.
Below we'll look at the top benefits of moving into a monthly rental.
1. Gain More Flexibility
One of the best things about renting a home instead of owning one is that it will give you a lot more flexibility. By renting instead of owning, you'll have the flexibility to move where you want, when you want.
For example, if you need to move to a new place because of an addition to your family or you need to move to a different city because of a career change, it can be much easier to do if you're renting. You'll also be able to easily move to a new area if it has changed over time or become too expensive for you.
You'll also have plenty of flexibility for how you live. If you own pets, for example, there are plenty of pet friendly rentals that you can choose from.
2. Make Maintenance Easy
Another great thing about renting instead of owning is that maintenance is usually much easier to handle.
When renting, your landlord will take on much of the burden of dealing with maintenance and repairs. If you own a home and experience a problem, on the other hand, you'll have to deal with it on your own.
When you rent, you'll simply need to get in touch with your landlord to get a problem resolved.
3. Pay Fewer Fees
In addition to the reduced cost and effort of maintenance, other types of fees will also be lower when you rent a home.
When you rent, you won't have to pay property taxes. Property tax can be difficult to deal with and can be costly, so this can help reduce your headaches.
Additionally, you'll also have lower Insurance costs when renting since you'll only need to get a renter's insurance policy, rather than a homeowner's policy.
4. Lower Barrier of Entry
When you rent a home, you also won't have to deal with saving up money for a down payment. While the cost is significant all on its own, you'll typically need to have a large down payment of 20% in order to get a mortgage in the first place.
Compared to paying a standard one-month deposit for an apartment rental, coming up with this amount of money can be difficult. If you simply want to get your foot in the door and find a great place to live, renting offers a much lower barrier of entry.
5. Better Amenities
One more benefit that's worth noting is that, when renting a property, you'll usually get access to some pretty great amenities and community services.
Many apartment complexes offering features such as in-ground pools and fitness centers that are completely taken care of and managed for you. While it would be difficult and costly to have these features available at a home you own, it becomes easier when you're renting instead.
Considering the Benefits of Moving Into a Monthly Rental
If any of the benefits above appeal to you, you may want to consider opting for a monthly rental instead of owning a home. Renting comes with a lot of advantages that you may not have considered, so it's well worth weighing out your options carefully before you make a decision.
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