3 Benefits Of Renting A Home Vs. Owning It

When it comes to having a place to live, you may want to consider renting a house. This will enable you to have ample living space and may allow for more privacy than choosing an apartment. Of course, it will take some research and effort to find the ideal home to rent. One of the major factors most people consider is the cost of rent. However, there are many benefits of renting a home rather than buying it and knowing what these are can be extremely helpful to you.

Lower monthly payments

Considering the average cost for a house in the United States is $188,900, this can make for some steep mortgage payments regularly. It's likely that you will pay much less to rent property than buying it.

Being able to have a lower monthly payment means more money in your pocket to do many of the things you enjoy doing in life regularly. 

No home insurance or property taxes

When you consider all of the other costs that accompany home ownership, you may seriously be a bit concerned. Owning a home will require you to have home insurance in place, and this is based on the amount of coverage you need. The higher the value of the home, the more your insurance costs will be.

Additionally, you will be required to pay property taxes if you own a home and these are based on the amount that is charged by the county in which you live and the value of your house. By renting a house, you won't be required to pay for home insurance, but only rental insurance and the property taxes are the landlord's responsibility. 

Not making repairs

One of the largest benefits for many renters is that having to make huge repairs is simply not part of the agreement. The landlord is required to fix any items in the home that break down and need to be repaired.

This can be huge savings over time and especially if an item in the home, such as the heating and cooling system goes out and needs replacing.

If you're looking to lower your monthly cost, you should strongly consider renting a home rather than making a purchase. Over time, you can significantly reduce your living expenses. Be sure to consult with a real estate agent in your location to enable you to make the best decision possible in this situation.