Advantages of Renting over Owning a House
Many people took advantage of the lower interest rates to buy a home during the pandemic. On the other hand, some opted to sell their homes after home prices rose due to the limited supply and high demand. People who sold their homes opted to relocate to the suburbs to escape the stress of living in the city.
If you share the sentiment of people who want to escape the city, you should use a house selling app that connects you with qualified buyers. The app allows you to find active buyers in their area and arrange house tours for them. With this, you can sell your property faster and at a price you want. You can also take advantage of the low housing supply to profit from the sale of your home.
After selling the house, you have the option of buying a new house or renting one at your new location. Here are some advantages you should consider if you plan to rent a home rather than own one.
Flexibility to Live Anywhere
Even though the online marketplace has made it easier to sell real estate, it’s a hassle to go through the entire process if you plan to sell a house if you plan to move again. On the other hand, you will not have the same problem if you rent a home. Renting gives you the flexibility of moving from one place to another.
If you plan to relocate, you only need to fulfil your contractual obligations under landlord-tenant law. Once you fulfil it, you can get back the deposit and move to another place. In comparison, you need to pay off your home mortgage if you took out a loan to buy it. The most common mortgage duration is 30 years. Due to this, you’ll end up staying in the same house for three decades. While you can sell a mortgaged home, you’ll have to work with the lender. The process is also long and complicated. So, renting a house is a good idea for people who plan to move from one place to another.
No Maintenance Expenses
Renting a house also allows you to avoid setting aside a budget for maintenance expenses. When you rent a home, the landlord is responsible for the maintenance costs. They have to fix or replace appliances that are not working in a rental property. The landlord also takes care of repair and renovation expenses.
When you rent a house, you only have to pay for rent and utility expenses. Even though there are rare instances when you need to handle repairs, more often, the landlord takes care of everything. So, you’ll end up saving a lot of money when you rent a house instead of buying one.
Predictable Monthly Costs
You can also predict your monthly expenses when you rent a home. The amount you’ll pay for rent is shown on the lease. You’ll also have an idea about your monthly utility expenses after a few months of living in the rental property.
On the other hand, your expenses will vary if you own a house. Monthly maintenance expenses will change depending on what you need to fix or repair. If you have an adjustable-rate mortgage, the amount you’ll pay each month will also change. Property taxes can also vary depending on the governing body in the state.
Access to Amenities
If you live in an upscale apartment, your lease will include access to the amenities of the property. This means you can use a fitness centre or swimming pool in the facility. You will not have to worry about additional expenses since charges for using these amenities are already included in your monthly rent.
On the other hand, property owners have to pay homeowners’ association fees to use these amenities. People who own detached homes have to spend to have these amenities installed in their properties.
Better Access to Good Schools
Renting a home also gives you better access to good schools. Since you’re renting, you do not have to spend a lot to live in an area that has a good school district. You also have the option of looking for schools with a good reputation. Once you find these schools, you can look for rental properties so that you can move to that location.
A good school is one of the factors that parents consider when they look for a place to live. When they rent a house, they can decide to live close to the school and commit to a lease that allows the children to finish their education before moving to another place.
When you plan on living in a new location, you should consider the advantages offered by renting a house rather than owning one.
