Reasons Renting Is Better Than Buying

In North America many people own their own homes. Many citizens have dreamt of home ownership. They work hard and strive for getting their own home. Owning own home can be difficult and expensive. Everyone cannot afford it. So, for the people building a home or buying a home is not an easy thing. Renting a home from someone else is a best option for the people who cannot buy homes.

While both renting and buying homes have their own sets of financial benefits. Renting homes do appear to have an edge when the economy is poor. Renting a home is also beneficial just like buying a home. Some of the tremendous financial benefits to renting a home are here in this article. To know all the benefits, you can get from renting a home, read out the full article.

Have a look on financial benefits:

No Maintenance Costs or Repair Bills You Have to Pay

Most common advantage renters have over homeowners is that they have to pay no maintenance costs or repair bills. When you rent a property, your homeowner is responsible for all maintenance costs and repair bills. If any problem occurred in your home like roof leakage, electricity issue or any drainage issue, you do not have to pay. Because this is the landlord’s responsibility as per contract. You are free from any financial responsibility.

Access to all Facilities

The facilities you need in your home can demand a huge amount, if you buy your own home. But in case of renting a home, you have access to all the facilities a person wants in his home. You will already have all luxuries in your home like pool, ground, exquisite landscape. You can cut down your huge amount of expense because every luxury or facility you need is already available. You can save your dollars because the facilities are already there.

You are not Liable to Pay Real Estate Taxes

When you buy your home, you will have to pay real estate tax. But if you rent a home, you will not have to pay real estate tax. This is a better benefit you will have as renter over a buyer of a home. Real estate taxes are hefty burden a home buyer will have to face. But, you are free from any tax if you rent a home.

Not to Pay a Huge Amount as Down Payment

Another point where renters have a plus over buyers is to pay less amount of down payment. When you buy a home, you will have to pay a huge amount as a down payment which is ideally 22%.  However, you do not have to pay a sizeable amount when you rent out a home. The down payment for renting a home is minimum as compared to buying a home. You will have to pay 3-5% as a down payment if you rent out a home.

Decreasing Value of Your Property

The other benefit, you will have if your rent a home is the value of property will not bother you. The market fluctuates and price of the home goes up or down. Home owners will have to face each and every situation. They will have to bear loss also. But you are free from this tension. You have no concern with the down prices, if you are a renter. This depression zone is for homeowners.

Fixed Amount of Rent

If you rent out a home, the rent is fixed. When you sign the lease agreement, the rent amount will be fixed and mentioned in it. If landlords want to increase the rent amount, they will have to send legal notice and also it has mentioned in the first agreement you have signed.