While there are some people who view renting a home as a negative move financially, there are definite advantages to renting versus buying in some instances. Before you rule out renting as an option, consider these benefits:
The Ability to Save Money
Although renting is often criticized as throwing money away because it does not result in equity, the ability to save money while renting is unparalleled. Rent is typically less expensive than a monthly mortgage. So depending on how long the renter stays in the rental property, they could save hundreds or even thousands of dollars during the course of the lease.
Being able to save money for the purpose of making a down payment on a future home is one of the greatest advantages of renting. In fact, many people who have been able to realize their dream of becoming a homeowner started out as renters.
No-Maintenance Property
A second advantage of renting a property is that there is typically little or no maintenance required of the renter. This is especially true in an apartment situation. In this case, the renter may be responsible for small items such as changing lightbulbs, but more extensive repairs (plumbing leaks, faulty appliances, etc.) are typically handled by the maintenance staff of the rental property.
Common areas such as lawns or gardens are also usually maintained by the maintenance staff. An exception might be home rental, where the renter might be responsible for mowing the grass.
Worthwhile Amenities
Another advantage to certain rental situations is the amenities offered to the community's residents. This would most likely occur in an apartment or condo setting. Such amenities might include usage of a pool, an exercise room, and other meeting areas. In most cases, these amenities are offered free of charge to residents and their guests. Even renters who might be able to purchase a home would not necessarily be able to afford amenities such as a pool or fully-equipped exercise room.
As you can see, there are certain advantages to renting versus buying. You just have to determine what is right for your particular situation.
Mark Moebius
CEO MILJONAIR Homes
Custom Home Builder St. Louis
3452 St. Albans Road
St. Albans MO 63073
636-300-9000
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