Some people lack the resources to own a home. Renting therefore becomes the only option to such people. However, not everyone who rents an apartment or a home is unable to acquire their own home. The inability to buy a home is not the only reason why some people choose to rent a home instead of buying one. The fear of real estate crashing is one of these reasons. Another reason is the availability of other places where one can invest their money. Several more other reasons are there. There are benefits associated with this move.
Many people fancy owning a home. There are instances when renting a home is advantageous to owning one. The most common advantage of home renting is that there are no maintenance costs and repair bills. This is because the landlords are responsible for any maintenance and repairs that will be necessary during your course of stay. Similarly, the homeowners bear that burden. Some of these repairs and also maintenance is usually very expensive.
Home renting also comes with the advantage of access to amenities. Most homes do not have these facilities. Swimming pool is one such facility. The costs of installation and maintaining these facilities makes it impossible for most homeowners to have them installed in their homes. However, these facilities can be accessed by the tenants of luxurious apartments. The installation and maintenance of such facilities are usually the responsibilities of the landlords. Renters are exceptions to the real estate taxes. The money that could have been paid as taxes can, therefore, be put to other uses.
The renters also have the privilege of enjoying the lower insurance cost. Homeowners have the need to maintain a homeowner’s insurance policy. It is the responsibility of the renters to pay the renter’s insurance policy. Homeowners end up paying more in terms of the policy requirement than the renters. Also, renters enjoy lower utility costs. 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. The renters will, therefore, end up spending less in the expenses of the utilities.
The economies are responsible for the struggle to survival for many people. Such people cannot afford a home hence rely on renting one. Renting is also convenient during the time of shifting. And finally, property has the tendency to decrease in their value. The shaky housing markets in most places has aided in creating more renters. There are still more reasons why people rent instead of buying homes. However, these discussed advantages of renting homes should help a person to make a decision of whether to buy or rent a home.