If you’re trying to determine whether it’s better to rent or own a home, it’s crucial to weigh the options regarding your personal situation. Both renting and owning have their advantages and disadvantages, which can even vary from one person to the next. Here are some reasons renting might be the best choice for you:
Shorter Contract
One advantage of renting is that it allows you to be more flexible than if you were to buy property. Depending on the terms of the lease, you might only be obligated to live in a rental for one year or less. Many rental agreements offer month-to-month for even greater flexibility. The lack of long-term commitment may make it easier to move around for personal preference, work opportunities and more.
Maintenance Handled
When you rent, you are not responsible for major upkeep and maintenance of the property. If an appliance breaks down or if you have a leaky pipe, there are designated professionals available to help you. Even if it’s only the property owner or manager rather than a fully staffed complex, you know you won’t have to deal with maintenance emergencies on your own. Other things like landscaping, exterior paint and other repairs are the responsibility of the owner or manager, not the tenants.
Relaxed Qualification
It’s much easier to qualify for a rental than for a mortgage. Specific requirements vary from one rental to the next, but you rarely need to have as high a credit score or traditional income to be approved. Many renters allow co-signers in their rental agreements to help make up for any financial metric that might be lacking. Instead of shopping around for a loan, most rentals will have much more lenient requirements for approval.
Renting is not for everyone. However, there may be an appeal for those between houses or starting out on their home buying journey. Likewise, rental homes make for excellent investment opportunities, as many tenants may want the quiet of a house with the amenities of a complex.
About the Author
Richard Powers
Born and raised in Lynn, Massachusetts, Richard has been a successful Real Estate Agent, specializing in the Greater Lynn area for 28 years. He was awarded the prestigious Centurion Award for 19 years in honor of his outstanding number of listings and sales and was the recipient of numerous Diamond Awards for exceptional sales and service.
In his spare time, Rich enjoys golfing, hiking with his dogs and practicing Karate, in which he holds a second-degree black belt. He also enjoys volunteering for various animal rescue groups with his wife of 33 years and is especially dedicated to supporting Faithful Companions, a local non-profit group that helps families in need receive life saving veterinary treatment for their cherished pets.
The next time you need an experienced Real Estate Agent, be sure to give Rich a call. His professionalism and knowledge of the Real Estate Industry are unrivaled.
