House For Rent 101: The Great Financial Benefits of Renting
These days, more and more people are looking for houses for rent. Although most people think that owning a house is a lot better than renting one, there are some people who like the flexibility and convenience that renting a house offers. However, what most renters fail to realize is the fact that renting comes with various financial benefits too. Don’t believe this statement? Well, here are some advantages that will open your eyes to the wonderful world of living in a house for rent:
Amenities. These days various apartments and houses for rent come with various amenities that you would not get to enjoy when you have your very own home. Such amenities include the use of swimming pool, gym and of course, security. Having these amenities in your own home can certainly be expensive. Along with that, the existence of these amenities in a house for rent or apartment will also let you save money on your gym and workout monthly expenses. In addition to that, you can also take advantage of the nice materials and interiors that a house for rent has. When you have this set up in your own home, this will surely cost you a lot.
Consistency. It is true that the price of rent may go down or go up from time to time. This can’t be helped. After all, the economy fluctuates from time to time. However, the financial outlay of rent is quite predictable and consistent. Aside from the increase in living costs which is understandable, the price of rent will not double or triple up. When you own a home, you can never foresee when an expense is needed. In the event that the water heater gets bogged down, you will have to shell out huge amounts of money to replace it or to have it repaired.
Less financial risk. If you own a home, you will have high stakes in the event that you encounter some problems on your finances. In the event that you cannot pay your mortgage, the lender will have the right to take the house. This means that your investment and equity will just go down the drain. It is true that you will also have to suffer some consequences when you cannot pay your rent. However, it is not as worse as the financial devastation that you will experience when you lose your home.
Of course, your decision between owning or renting a home will involve more than just comparing finances– tax breaks, mortgage payments as well as rental rates. You will have to take a lot of things into consideration too.
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Honestly, I always talk people out of renting when I can. I think it’s a waste of money – I would rather have the investment in something of my own.
We lived in an apartment in Michigan for a couple years after getting married. We actually found a nice homey one for not too high of a price.
I think renting is a person personal choice . if you are not going to be in location for a year or more then renting is better but if you decided this is the town I want to live and raised my children you may need to buy a better choice.
Isn’t renting like throwing your money away? In my area, you can buy a small house and pay much less than it would be to rent.
These may be good points, but I still think owning a home is the best. We used to rent, too, but bought our home as soon as we had the chance. It makes us feel better that we now own our home.
Renting can sometimes be the only way for some people to get a house of their dreams. I guess it would be okay for a few months or years, but in the long run, paying of your own home is better than renting.
We rented for a few years before buying. But these reasons makes me wonder if I made the wrong choice!
We actually have a property that we rent out. I rented out years ago but honestly prefer having my own place so I can change things whenever I want to. 😛
Someone else doing your yard work and maintenance is a huge perk in my book. That’s the biggest reason I’d rent.
I realize renting can be a huge money sucker. With that said, not everyone has the credit that can put them into their own home.
Renting is the way to go if you haven’t found the perfect house at the location you want yet. It’s also more convenient since you can just pack up and look for another apartment if you’re not happy with your current one.
I rented for a long time until buying my house a couple of years ago. My condo had a lot of great amenities, like a huge pool, that I do miss…
I do not like renting. I feel like I’m living in someone else’s home. I bought my first home when I was 21 years old, and I’ve owned a home for most of my adult life. I love being able to do what I want with my house, and I love being able to take my mortgage interest on my taxes.
Interesting points, but I think in most cases, owning a home is the better deal. I can see why for some situations, renting might be a better choice, but for the long-term, I don’t think so.
Renting works great for some people. Not for us. My sister hates working in the house so renting is the perfect option for her.
We rent a house here in the UK and will probably never be able to afford to buy. I hate it. We have lived in 4 houses in 4 years, and it is really unsettling for the kids. Everyone around me who owns their own home pays half what we do in rent. I really struggle to see any benefits of renting over owning a home if I am honest!
Great information to know when renting. While it’s great for some, sometimes it’s just not a good time.