8 Advantages of Renting a House Over Buying a House

One of the biggest decisions that we all face from time to time is whether to rent or buy a home. Both seem to have their pros and cons. However, renting tends to have many more advantages over buying a house in this day and age.

1- Flexibility

One of the biggest pros of renting a house over buying one is flexibility. With a rental, you can opt to sign a year-less or a month-to-month lease. This gives you the flexibility of moving within a short year if you change your mind about where you want to live or simply don’t like the place you chose. When you buy a property, you’re stuck with it until someone else agrees to buy it from you.

2- No Maintenance

Maintenance is an ongoing expense for all homeowners. From paying for HVAC service to mowing the lawn, there are many aspects to a good household maintenance routine. When you rent, you don’t have to worry about it. You don’t have to spend your time or money on maintenance as it’s typically included in your rental.

3- No Down Payment Required

One struggle that many prospective homebuyers have is coming up with a chunk of change to use as the down payment for the purchase of their new home. This can be tens of thousands of dollars which can be hard for most people to come up with on a whim. Fortunately, with a rental property, the most you’ll have to come up with is an extra month of rent to use as your security deposit.

4- No Decrease in Your Investment

When you purchase a home, it’s a very big investment. Unfortunately, you can’t control the market conditions. The value of your home could drop and you could be upside down on your mortgage loan. When you’re renting, you don’t have to worry about the value of that large investment at all.

5- Access to Amenities

Many times, rental communities will offer a plethora of amenities that their residents can utilize. This can include a swimming pool, dining hall, game room, firepit, and so much more. When you own your own home, you only get access to whatever amenities are on your property.

6- No Real Estate Taxes

Apart from the purchase price of any new home, you have to plan for paying homeowner’s insurance and real estate taxes. This can add up over an entire year. When you decide to rent, you don’t have to pay for either of these items. That means more money in your pocket each month.

7- No Repair Bills

When you own a home, you’re financially responsible for any repairs that need to be made. For example, if your furnace breaks down in the middle of winter, you’re stuck footing the bill from your HVAC company to get it back up and running. When you’re a tenant, you don’t have to worry about paying any repair bills. Your landlord will be responsible for the repairs.

8- Test Different Living Arrangements

Another hidden benefit of renting over owning a home is that you can test out new living arrangements. Whether you’re going to move in with family or getting serious with a romantic relationship, you can use a rental property to test the waters. If they turn out to be too mucky for you, you’re not committed long-term to living there.