Some people lack the resources to own a home. This leaves renting as the only option to most people. There are those people who rent not because they cannot afford a home but because it is their choice. Some people are renters due to several reasons advantageous to them. An example of these reasons is the fear of the real estate collapsing. Another reason is the availability of other places where one can invest their money. There are more other reasons for this trend. There are advantages associated with renting a home.
Most people find it necessary to own a house. However, there are ways in which renting is better than buying a house. 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. These are some facilities that might be very expensive to be installed in one’s home. Swimming pool is one such facility. Most homeowners cannot afford to buy a house with a swimming pool and other luxurious facilities. There are some rental properties that have these facilities installed. The renters do not play a part in the installation and maintenance of these amenities. Renters are exceptions to the 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 other advantage the renters enjoy is lower insurance costs. The homeowners are supposed to pay the homeowner’s insurance policy. 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. Bigger homes incur a lot of expenses in terms of the heat and power used to power the house. The smaller the house like the rental ones, the lower the energy consumption. Homeowners end up spending more on utilities than the renters.
The world’s economy forces many people to struggle to make their ends meet. Renting a home is the only way such people can corporate with the economy. Shifting from one rental house to another is not so expensive. And finally, property has the tendency to decrease in their value. There are people who rent because of the unstable housing market. There are many reasons why some people will prefer renting a home to buy one. However, these discussed advantages of renting homes should help a person to make a decision of whether to buy or rent a home.