Explore the Advantages of Renting Over Owning
For decades, owning a home has been a central part of the American Dream. About two thirds of Americans own a home, and many more renters view their time renting as temporary arrangement or stepping stone on their way to home ownership. However, it is impossible to deny that owning a home is more difficult for many people than it used to be, and the changing demographics of American cities make renting a more promising prospect for a lot of families. If you aren’t so sure about taking the plunge and buying a home, consider these advantages of renting your space.
In the vast majority of cases, renting will have lower monthly costs than owning. When you buy a house, you can expect to pay a mortgage, property taxes, and insurance every month. These are almost always much higher than the flat rate you would pay for rent of an apartment or condo. Even in areas where rent is notoriously expensive, it is still usually cheaper than paying a mortgage.
Fewer Surprise Bills
Renters generally don’t pay for their own maintenance and repairs, as that is the job of the landlord. If your roof springs a leak or your oven stops working, you don’t have to worry about scrabbling for cash to fix it. Simply put in a call to the property owner, and let him or her handle it. Long-term renters may even be able to come to an arrangement with their landlord to split the cost of non-essential renovations and improvements.
Apartment complexes and townhouses often come with amenities that renters could not afford if they were buying them for a property they own. Pools, fitness centers, and game rooms are standard in many mid-sized and mid-market apartment complexes. These amenities are free for all residents to use. If a home owner wanted he equivalent on his or her property, it would cost thousands of dollars to install and maintain.
Imagine settling in to your new home, only to get offered your dream job on the other side of the country. While picking up and moving to pursue a romantic or career opportunity is possible if you own your home, it is much easier if you are a renter. Home owners need to worry about selling their home or making arrangements to rent it. Renters, on the other hand, can leave as soon as their lease is up, or even in the middle of it if they are willing to pay a modest fee.
More Location Choices
Renters often find they are able to afford to live in more diverse locations than owners. The vast majority of real estate in large cities is reserved for renters, so those who want to be close to work, nightlife, and other amenities often find they are happier than renting.
Some people may find buying a home more beneficial in the long term, but for an increasing number of singles and families, renting is the clear choice. Find out more about premium rentals in Madison, WI at madrent.com.