Did you know that “houses for rent”, “rental properties,” and “apartments” are some of the most searched keywords? Check the classifieds of any local newspaper, and you’re sure to see vast numbers of listing of rental properties.
Millions of people worldwide are choosing to lease a rental property, either temporarily or even for several years. As a former student and struggling writer, I had my fair share of rental properties – and I’m telling you, I’ve got some good experiences (more than bad ones) with it. Here are five perks of just renting a home:
Perk of Renting # 1: You’re not responsible for the homeowner’s insurance, PMI insurance, and property taxes.
As a renter, you’re are not liable for any additional cost of owning a property including the homeowner’s insurance. These expenses can add up quickly and it could mean that is more affordable to rent a home than to buy. This is also true if you’re not planning to live in the area for an extended period of time.
Perk of Rending # 2: You’re not responsible for the home repair bills.
Call it Murphy’s Law or whatever, but homes will need repairs occasionally. I once rented an apartment with three of my college friends, plus my cousin (Kristian, you still owe me money!) A few months after moving into the apartment the sink pipe started to leak all over the kitchen. The repair bill was shouldered by the landlord – all $400 dollars of it! Had I own the house, I’ll have to shell out that amount of money. Therefore, renting a home means you won’t have to pay for natural property damages that may occur.
Perk of Renting # 3: You don’t need to worry about the property losing value
Because it’s obviously not yours! While the value of some homes can increase, most of them can decrease as well. If you’re a homeowner, chances are you’d probably lose some of the equity and down payment. As a renter, you needn’t worry about trivial things such as this. Good for you!
Perk of Renting # 4: You don’t need to pay a Realtor’s commission fee when you move in.
Owning and selling a house entails multiple fees from a realtor who will work on the entire process. Say your home is $175,000 and his fee is 6%, this is translate to $10,500. That’s a heck of a lot of money! Something you don’t need to worry about when you’re a renter.
Perk of Renting # 5: Renting gives you all the flexibility in the world
Talk about freedom! Sometimes, the life and environment in an apartment complex might be better suitable for you than a fixed lifestyle when you have your own house. The structure of the apartment can also be better than a house you could afford to buy. You just need to look for a perfect property for rent that’s just right for your current needs.
And who knows, you might even find the love of your life – he/she might even be your neighbor. It’s true in my case. And yeah, we are still happily renting together.