Many people strive toward homeownership. However, living in a rental home has its advantages. This is especially true if you are not sure you will be remaining in an area for at least five years. There are also numerous financial benefits to renting that tend to go overlooked.
Financial Benefits to Living in a Rental Home
If the refrigerator goes or the roof starts to leak when you live in a rental home, you are not financially obligated to fix it the same way you would if you were a homeowner. The cost to maintain a home can be substantial. Not only do you not have to pay to have things fixed, you also do not have to pay property taxes or come up with a huge down payment. Many lenders ask for upwards of 20 percent which is way more than the first, last, and security you are asked to provide before you move into a rental home. While you can negotiate when it comes time for a rent increase, you cannot negotiate with the government when it comes to property taxes.
Not only that, but you also have the option of moving when your lease is up. It is up to the landlord to find a new renter. If you own a home, you usually have to find a buyer before you can move on. Additionally, when you own a home, you have to watch the housing market in order to ensure that when you do sell, you will not lose money. Moreover, rental home insurance is much less expensive than homeowner’s insurance.
Other Benefits to Living in a Rental Home
Depending on where your rental home is located, you may have access to amenities you would not have if you were a homeowner. This includes swimming facilities and gyms at little to no additional cost to the renter. Neither of which is cheap if you choose to have them included as a homeowner. Additionally, it is far easier to be able to move into a rental home with bad credit than it is to secure a mortgage for a new home. Landlords are more apt to work with you in a variety of different ways than a bank or other lender.
If you are looking for a rental home in the El Paso area, contact Vision Realty Property Management. We have been serving the area for over 25 years and can help you find the perfect rental home for you and your family.