Renting a Home and its Advantages.
Not everyone can afford to own house. This leaves renting as the only option to most people. Some people can afford to buy a home but choose to rent instead. Some people are renters due to several reasons advantageous to them. Some people fear that the real estate might crash. The other reason is the availability of other investment opportunities. There are various other reasons why some individuals would not buy a home. Renting has its own benefits.
Most people find it necessary to own a house. There are instances when renting a home is advantageous to owning one. One of these advantages is the absence of maintenance costs and repair bills. When renting a home, repairs and maintenance are the responsibility of the landlord. Like the landlords the homeowners are responsible for the repairs and maintenance of the home. Some of these costs are usually very extensive therefore very costly.
The access of certain amenities is another benefit of renting. Most homes do not have these facilities. The access to a swimming pool is one of these amenities. Most homeowners cannot afford to buy a house with a swimming pool and other luxurious facilities. Some renters have the opportunity if staying in homes with these amenities. The renters do not play a part in the installation and maintenance of these amenities. Also, renting a home is financially friendly since there are no real estate taxes. There are other things that the money that could have been used to pay the real estate taxes can be used on.
The renters also have the privilege of enjoying the lower insurance cost. Homeowner’s insurance policy is an insurance policy paid by the homeowners. While the renters are supposed to pay the renter’s insurance policy. Luckily for the renters their policy is quite cheaper compared to that of the homeowners. In addition, the utility costs are also lower for the renters. The bigger the house, the more heat and power will be needed. Unlike the small rental home where there is no need of much heat and power. Homeowners end up spending more on utilities than the renters.
The economies are responsible for the struggle to survival for many people. Renting a home is the only way such people can corporate with the economy. Renting is also convenient during the time of shifting. Finally, the value of a property depreciate over time. The shaky housing markets in most places has aided in creating more renters. There are still more reasons why people rent instead of buying homes. However, these discussed advantages of renting homes should help a person to make a decision of whether to buy or rent a home.