Benefits of Renting vs. Owning

I know people who have rented their entire lives and it has been great for them. I also know people who have retired and sold everything to rent. It really is a does the shoe fit scenario.

Here are just some of the benefits of renting vs. owning:

Maintenance

With a rental property, the landlord is financially responsible for any maintenance the property requires. Need a new roof? That can run you upwards of $20,000. That's not your concern if you rent, so you can count on saving a lot of money on any required maintenance.

Financial Freedom

With renting you don't need a downpayment. That extra cash can be used any way you like as it isn't tied up in your home. This could allow you to go back to school, travel, or invest in another way like starting and growing your own business.

Flexibility

It is much easier to change your current living circumstances when you are renting. If you are thinking about taking a job somewhere else, growing your family and need a larger home or downsizing, it is a rather quick and easy process with renting. It really offers much more flexibility than owning.

Insurance and Taxes

Homeownership is a very expensive commitment. Property tax is a very costly oversight when owning a home. When renting, property tax is paid by the landlord saving you thousands per year. Home insurance is also paid by the landlord and usually costs another few thousand dollars per year. Rental insurance is much more affordable.

The bottom line is to assess your goals in life and decide based on those goals.

 

For more questions on the benefits of renting vs. owning, and for all of your real estate needs, contact me today. Let me help you put down roots in our beautiful community.