There are many positives to owning a home, but for some people, it’s far from ideal. With the rates of home ownership at their lowest in 50 years, more and more Americans seem to be finding that owning a home is more trouble than it’s worth. Instead, they’re discovering that by renting a home, they can enjoy all of the perks of having a house without the burdens.
Fewer Responsibilities
When you own a home, anything that goes wrong with it has to come out of your pocket. Whether it’s storm damage or a problem with the sewer line, these issues can cost you thousands of dollars, and they never happen at a good time. Major appliances, which cost a lot of money, may also fail unexpectedly. As a result, many homeowners are forced to go into debt just to pay for repairs or replacements. However, if you’re renting, the responsibility of fixing problems and replacing appliances falls on your landlord. According to LRG Rentals, “If you have a good landlord, you can often get some things replaced the same day. The only time you might have to pay for damages is if you caused them yourself.”
Ease of Upkeep
Houses require a lot of upkeep just to keep them habitable. Routine maintenance is a must. Siding, carpet, windows, fixtures, appliances, roofing and even plumbing have to be cared for on a regular basis to ensure their longevity and usefulness. That’s to say nothing of the lawn. Grass must be cut, watered and fertilized every so often, and trees need to be cut back when their growth presents a hazard, or cut down entirely if they die. Aside from costing you money, these necessary tasks eat up a lot of your free time. Who wants to spend all week working only to spend all weekend doing laborious chores? Fortunately, renting means that the majority of these responsibilities are carried out by your landlord, leaving you free to do the things you enjoy.
Lower Cost of Living
As you’ve seen so far, owning a home requires vast quantities of money. Unfortunately, it’s not just upkeep and repairs that you have to worry about. There are also property taxes to contend with. Generally, the nicer a house is and the more it’s worth, the higher your property taxes will be. This is yet another benefit of renting instead of owning. The property taxes for the home are figured into your monthly rent, and in some cases, they may be capped at a certain amount.
Flexibility
Say you get a better job offer that requires you to move, or perhaps you’re just tired of the same old place. Unfortunately, owning a house often creates a barrier to moving, resulting in missed opportunities and a lower quality of life. This is because most people have to sell their house before they can even think about moving. In the current economic climate, that’s no easy task, and it could take years. Furthermore, there’s a good chance that you’ll end up losing money over what you initially paid for it. When you rent, there are none of these issues to consider. Simply give your landlord the required notice, pack up your things and go.
No Loan Hassles
It’s possible to buy a house outright, but considering what most of them go for, it would take a very long time to save that much. For this reason, most people have no choice but to take out a loan. Unfortunately, loans come with many drawbacks. Unless you have superb credit, you’re not likely to be approved for a loan. Plus, if you do get approved, you’ll end up paying much more than the listed price for you home due to interest. In the event that you’re ever unable to keep paying on your loan, you run the risk of foreclosure. None of these things are ever an issue with renting a home, which is especially beneficial to young families and individuals who aren’t interested in apartment life.
