In parts one and two of this three part series we discussed personal factors to consider when choosing to own or rent a home. Today in part three we will discuss the pros to renting…
Benefits of Renting
Limited Commitment – Perhaps one of the greatest benefits of renting is the limited commitment that is required of tenants allowing, them more flexibility to relocate as circumstances change. Leases often only require an initial six-month or one-year term, allowing a lot of flexibility for tenants. At worse case, if something unexpected comes up and you need to move before the initial lease is up you are frequently out a deposit for breaking the contract, but you don’t need to sell a house before you can move or to free up your cash.
Repairs and Maintenance – In many circumstances, a tenant needs only to contact the property owner or manager to have repairs taken care of. And for those who don’t have the time or inclination to keep up a yard, renting a property where the upkeep is taken care of can be a real plus.
Roommates – Many people choose to have roommates to help defray housing costs by splitting the cost of rent as well as utilities. Although this tends to appeal more to young adults, it is not limited exclusively to the younger crowd. As the economy has created new challenges, some homeowners have begun seeking roommates to ease financial burdens by filling empty rooms in their homes.
Have questions or comments? Comments are heavily encouraged and are a good way to gain feedback on thoughts you may be having about the topic. Also, if you have a specific question or thought, please email me and it will be my pleasure to be of resource.