Perks of Renting Vs. Buying a Home

To rent, or to purchase? Many people find themselves confronted with this decision at some point in their lives. Though owning a home undoubtedly brings with it numerous benefits, millions of people still prefer the perks of renting an apartment, house or condo over purchasing a home.

Many renters enjoy the freedom afforded by rental home living. For people seeking the ability to move with little cumbrance, renting provides the simplest means to do so. Although advance notice is usually required prior to vacating a rental property, and potentially an early termination fee, moving out of a rental home pales in comparison to the time, expense and uncertainty associated with selling a home. When looking for a new job, for instance, renters are not confined to a particular geographic area because it is close to home. Renting rather than buying also affords growing families the flexibility to upgrade to a home that is better suited to their evolving needs.

The benefits associated with rental property maintenance cannot be overemphasized. Many new homeowners are unpleasantly shocked at the expense incurred by home and appliance upkeep. When you own a home, you are responsible for maintaining every aspect of the property. If a pipe bursts, guess who will have to foot the bill for repairing it as well as any damage it may have caused? If the heater fails in the dead of winter and costs $3,000 to replace, who will be sleeping in frigid temperatures until the repair is possible? You guessed it—the homeowner. Renters, on the other hand, have all of the benefits of using the home and appliances without the financial responsibility to perform repairs. Without having to deal with unexpected home maintenance costs, a renter can enjoy more stability in monthly expenses than a homeowner who is spending time and money maintaining the rattling refrigerator, the leaky faucet and the broken toilet.

Another perk of renting rather than purchasing a home is access to amenities that may otherwise be cost prohibitive. Many apartment properties provide amenities such as fitness facilities, tennis courts and pools, luxuries that would be costly and rare to find in a home for purchase. Apartment communities are providing more amenities than ever in order to compete with one another, and renters are reaping the benefits.

Many renters choose to take advantage of the stable living expenses associated with apartment living while they save up to purchase a home. Still others are attracted to the convenience of renting and have no intention of ever buying a home. The decision of whether to rent or purchase a home is a personal one, and many people do both during the course of a lifetime. Finances and lifestyle usually play a major role in determining whether renting or buying a home is the best arrangement for an individual or family.