There are many houses for rent that you can avail in different places, especially if you are living in Michigan. Today we will discover the 5 great things about renting a house. But before that, you must first know the basic terminology about renting.
There are 2 important terms that you need to know; landlord and tenant. A landlord is the person that owns the house that you will be renting. On the other hand, a tenant is the one that rents the house. You will have to pay a definite amount of money monthly for your rental.
Now, here are some of the advantages of houses for rent in Michigan.
- You can forget about maintenance. In renting, the obligation of maintaining the house will fall on the landlord. You just have to pay the rent and report any damages in the house to the landlord. This includes, water, electricity and even repairs to the house. If you are lucky enough to have a kind landlord, he can even maintain your garden, if your house has one.
- You can actually save on your income tax. There is a House Rent Allowance or HRA that is in your salary. This salary component is exempted from tax, so you can save money from that. It can only be claimed if you are renting a house.
- One of the best advantages of renting is that you are not tied on a definite place. If your business moved to another place, or if you are assigned in a place far, then you can rent a house that is near your place of work. This will save you tons of money for transportation.
- Houses for rent in Michigan has low down payment compared to buying a house. Usually, the initial down payment for renting a house is just worth a month of rent. Then if you should terminate the contract of rent, then you can get back the down payment that you paid.
- Insurance and Property Taxes are smaller compared to owning a house. Furthermore, you can easily afford to rent a beach house, which will be impossible to have if you want to buy it.
On a final note, renting a house definitely has its advantages, but ultimately, it is up to you to decide if you want to rent or buy a house. It is not a decision that you can make overnight.