The decision between renting or buying a house is a common dilemma for Millennials. Generally, renting bypasses the advantages of buying. The realty market is unstable, the interest rates, tax, and return of investment always fluctuate. You should know your lifestyle. If you are someone who moves a lot, due to work or family-related stuff, then renting is the best option for you. Renting is not always about paying your landlord; there are also a handful of benefits.
Houses, after years under different circumstances, can get damaged like roof leaks or cracked tiles. Renters have to inform the landlords regarding this maintenance to get the job done. Homeowners have to shell out from their pocket all the expenses that the repair can incur. Depending on the repair, it can be either costly or cheap. Regardless of the cost, renters don’t have to worry about these matters.
Make down payments
Five to twenty percent of the total mortgage price is the usual down payment that you have to settle if you want to own a house. Renters, on the other hand, need to pay a deposit or a three-month advance, which is way cheaper than a down payment. You do not have to save for years to be able to move into your own space.
More freedom to transfer
Renters can move multiple times whenever and wherever they want. They have this freedom that homeowners don’t have. Renters can jump from one state to another or the next country without worrying about any investment. If you’re a travel worker, renting is the best option for you. You might want to consider selling your house and moving to an apartment. Click here to find out where you can sell your home fast for a good price.
Renters save on property insurance. This kind of expense is usually included already in rent payments. The landlord is the one required to sign up for insurance for their respective business establishments to secure it from any form of fire, weather, or theft damage.
Reduced utility bills
An entire house, of course, is way bigger than an apartment or a room. Therefore a home is more expensive when it comes to the monthly utility bills. Renters commonly have simple appliances like fans, television, washing machine, and a stove.
Real estate tax-free
Taxes are computed based on your property size. The larger your property, the higher your annual fee. If your house has additional specialized repairs or areas, this could also potentially increase the tax. For renters, they are solely thinking about the monthly rental fee. Not high property taxes. They can sleep at night without worrying that they might lose their property if they fail to pay the tax.
Owning a house or renting, both have their unique benefits. Assess your family size and monthly expenses. If you are just yourself and you work most of the time, renting is advisable. You can save a lot easier while renting a single room for yourself.