We tend to base financial success on homeownership. Some of us are pressured into buying a home, even though renting might be the best option. For example, many of my colleagues remind me how I am throwing money away by being a renter. However, owning a home at my age isn’t the main priority. Many perks come from renting. Below are those benefits.
Zero Maintenance Cost
When we rent a home, we avoid incurring maintenance costs and repair bills. Homes wear down over time and will sometimes need a touch of home improvement or renovation touches. You could cut down on the material cost by using something like these Home Depot coupons (https://www.raise.com/coupons/home-depot) but if you’re not adept at DIY there’s still the matter of hiring a professional to consider.
Meanwhile in a rented property, the landlord is wholly responsible for fixing defects like roof leaks, plumbing hitches, ageing shingles, and insulation problems. We only need to notify the landlord of these issues, and they are contractually bound to replace or seek services from an electrician in Newark, for example, to fix the glitch.
A roof not only provides for us the necessary shelter for our homes, but it makes up the overall beauty of the house as well. A well-maintained roof does not only make for the aesthetic of the house, but also brings efficiency in its job of protecting the house and of course, us! As is natural for homeowners, the duty of home improvement and care rests solely on their shoulders. Natural disasters, weather damages, etc. may land you in a situation where it becomes necessary to replace your roof. You could consult Beemer KangaRoof, one of the best roofers in Piedmont, for consultations and inspection of your roofing as they are known to provide excellent services at a reasonable price. Some of my neighbors are homeowners, and many a time, I hear them lamenting about the expenses they incur on repairs such as plumbing maintenance, and more often than not on roof repair. You know, I often see them on rooftops, endangering their lives in a bid to cut costs.
Renting ensures we face no such predicaments. Of course, many landlords don’t like maintenance either, make sure you have your request for repairs in writing to keep them to their word.
No Property Tax
Ask any homeowner, and they will say they pay mammoth amounts in terms of real estate taxes. Most of the said taxes are based on the property’s value and land size that holds it. The larger our homes are, the more property taxes we pay. The financial burden becomes even worse for states that charge above-average property taxes.
When renting, we don’t need to worry about such taxes. I have met many home lessees who have no idea what real estate tax is and how it works. And who can blame them!
Zero Down Payment
Since buying a house is relatively expensive, homeowners turn to mortgage plans. Yet, such options are accompanied by terms, interest rates, and more financial demands. One mortgage component that we can’t evade is a down payment. All house owners are required to pay a down payment of up to 20% before their mortgage is approved. A 20% rate applied to a house valued at millions will yield a significant amount of money.
Unlike homeowners, we are required to pay a rent deposit when moving into a new home. The deposit amount is equal to a month’s rent and acts as security. We also expect this money back when we move out. Some of it might be slashed to cover any damages we caused, but we still get the rest.
Renting a home comes with great flexibility. Some of our jobs require mobility. In one month, we’re in one state, while we’re in various states in the other months. At other times, we spent weeks in foreign countries as expatriates. As renters, we can probably live anywhere in this world.
Contrary, homeowners don’t have such flexibility. Having a home condemns us to one location. Whenever we get the perfect job in a different state, we have to sell then buy another home. The other remaining option is to commute daily between states. The latter option can be very costly and leads to logistical nightmares.
Some of us prefer living a luxurious life. Luckily, as renters, we can enjoy all the amenities that come with renting at a small or no cost. We can enjoy things like a fitness center, a backyard pool, a tennis court, bike paths, or party rooms.
For house owners, they have to dig deeper in their pockets for them to enjoy these amenities. If they need a pool, they have to install it at their cost and incur regular maintenance and repair bills.
The final choice of renting or buying comes down to a personal decision. As highlighted above, renting can be the best alternative in some instances.