The Benefits Of Renting A Home
Depending on what your situation is, renting a home could be in your best interest compared to purchasing. Many of the advantages that you get from renting a home instead of buying lean towards freedom and finances. Before you make a final decision as to whether you should rent or purchase a home, you should consider the following benefits of renting.
Less Financial Investment
When you buy a home, you have to come up with a significant amount of money to put down on the purchase. When you rent a home, you only have to pay a security deposit and the first and last month’s rent in most cases. To get approved for renting a home, you only have to get approved by the landlord. When you purchase a home, you have to get approved for a huge loan. This can oftentimes prove to be a long and difficult process. When you rent a home instead of buy, you also don’t have to worry about additional costs such as paying for homeowner’s insurance, property taxes and mortgage interest.
Less Maintenance And Repairs
When you buy a home, you are responsible for fixing or replacing anything that breaks or needs repairing in your home. When you rent, your budget will be much easier to predict because you won’t be responsible for any maintenance, repairs or upkeep on the home. When you are a tenant of a rented home, you will only need to pay for the rent and some or all of the utilities. Unless you or a guest has caused damage to the house or property, your landlord will be responsible for fixing things that go wrong. From pest infestations to broken appliances, the cost of keeping up with basic repairs and maintenance are the responsibility of a homeowner, not a renter. Before you move in, you should be sure the landlord has everything checked out, including the sewer lines. If there needs to be something fixed and you live in Maryland, then your landlord could get great sewer repair services from a respected company such as Baltimoresewerservice.com.
Most lease agreements are for a 12 month period. This means that once your lease is up you are able to move if you wish. When you want to end your lease agreement, all you need to do is simply tell your landlord in writing that you plan to move out when the lease is up. Assuming there are no excessive damages to the home or property, you will be given your security deposit back. When you own a home, it is not easy to move. You will have to put your house up for sale and wait for someone to buy it. Depending on the economy at the time, you could end up selling it for much less than it is worth.
There is much less risk when renting a home instead of buying one. If you plan to stay in an area for less than a few years, it makes no financial sense to purchase a home. Renting a home will give you the freedom you need while still getting to enjoy all of the comforts of a nice home.