Benefits of Renting
Although home ownership gives you the opportunity to build collateral, renting is best decision you can make in your life. Moreover, renting helps you reduce your workload in regards to home maintenance. After renting a property for several months, I totally agree that there are many perks in renting rather than buying.
1. No backyard work
I am sure you would dread having to clear the yard on a Saturday morning as it is not only time consuming, but tedious as well. Renting gives you the freedom to do as you please provided you don’t break any rules set by landlord.
2. No taxes or home insurance
Even though taxes and home insurance are often a requirement when renting out a property, some landlords may choose to rent out the house so that they can get extra income for their upkeep. They may just want someone responsible who is willing to take care of the property.
3. Flexibility
Many home owners now feel as if they are trapped especially during these hard financial times. Since their homes have depreciated in value, they might not have collateral in the home, which make it impossible for them to move. Renting on the other hand can help you find a better job if you are planning to relocation to another location.
4. Fewer expenses
Since you are just the renter, you never have to worry about common expenses like broken shower or blown air conditioner. These problems will be corrected by the owner, at no charges to you whatsoever, thus renting out an apartment is more flexible that buying the home since it gives you financial freedom to some extent. Moreover, renting a property means less junk since you always have the option of relocating.
While renting gives you financial freedom to some extent since your landlord meets all maintenance costs, you cannot make any structural modifications without consulting the owner.
