Why Renting Is Better Than Purchasing A Home?

Every citizens life goal is to own their own home. Although many people today, own their own homes, some don’t. These people usually stay on rent. Generally people build their own dream houses while some rent a home from someone else. Buying your own home as well as renting your home have their own set of advantages and disadvantages. However looking at both renting has many benefits too than owning a home. Renting has more of an advantage when the economy is poor. Some people find that renting a home is better than buying a house of your own.
Below are few advantages as to why renting is more preferred and a better financial deal than owning your own home.
• No repair bills and no maintenance costs – one of the major advantages for people who are looking houses for rent is that they have no costs on maintenance or to pay off any repair bills. Renting a property gives you this benefit because the landlord of the property is responsible and has to pay for all maintenance and repair costs. People do not have the financial responsibility worry in fixing anything that happened within the property such as roof leaks, if any appliances stop working and so on. Also landlords are responsible for renovation costs too.
• No real estate taxes – people who live in houses for rent, do not have to pay any real estate taxes or any other type of property taxes unlike home owners. This is another major advantage because people can save more money. Usually real estate taxes or property taxes can vary from country to country as well as from the size of the house. This can be a huge financial burden for homeowners.
• Access to amenities – when people rent their homes they have access to amenities than a person buying a house. A financial benefit in renting an apartment usually mid-scale to upscale or a luxury house sometimes can give you the luxury benefits of an in-ground pool, fitness centre or tennis courts. These additional facilities do not carry an extra charge for the renters. However, if you’re a home owner and need these additional amenities then you might need to spend thousands of dollars for installation and maintenance costs.
• No big down payment – another better financial benefit for renters are that they do not have to have a huge down payment amount when they are trying to rent a property. Although, the down payment may vary from property to property renter do not need a big down payment amount.