Not everyone can afford to own house. This leaves renting as the only option to most people. There are those people who rent not because they cannot afford a home but because it is their choice. There are various reasons why some people choose to rent a home. Some people fear that the real estate might crash. The presence of other investment opportunities is the other reason why some people prefer to be renters. There are various other reasons why some individuals would not buy a home. Renting has its own benefits.
Many people fancy owning a home. However, there are ways in which renting is better than buying a house. The most common advantage of home renting is that there are no maintenance costs and repair bills. It is the work of the landlords to maintain a home and carry out repairs if need may arise. Similarly, the homeowners bear that burden. Some of these repairs and also maintenance is usually very expensive.
Home renting also comes with the advantage of access to amenities. These are some facilities that might be very expensive to be installed in one’s home. The access to a swimming pool is one of these amenities. Most homeowners cannot afford to buy a house with a swimming pool and other luxurious facilities. There are some rental properties that have these facilities installed. The installation and maintenance of such facilities are usually the responsibilities of the landlords. Renters are exceptions to the real estate taxes. The money that could have been paid as taxes can, therefore, be put to other uses.
The other advantage the renters enjoy is lower insurance costs. The homeowners are supposed to pay the homeowner’s insurance policy. While the renters are supposed to pay the renter’s insurance policy. Homeowners end up paying more in terms of the policy requirement than the renters. Also, renters enjoy lower utility costs. The expenses on heat and power is very high in bigger homes. The energy consumed by the smaller rental homes is quite lower compared to the bigger private homes. Renters pay less than homeowners when it comes to utilities.
The world’s economy forces many people to struggle to make their ends meet. Such people cannot afford a home hence rely on renting one. Shifting from one rental house to another is not so expensive. And finally, property has the tendency to decrease in their value. There are people who rent because of the unstable housing market. These are not the only reasons why people prefer renting homes a buying them. However, the above are benefits of renting a home that can help a person to make their own decision.