In the last decade, many people have decided they prefer to rent a home as opposed to owning a home. Some former homeowners have also sold the homes they were struggling to pay a mortgage on in hopes of making a new start by renting instead. While owning a home does mean that one day the house will be yours, there are also many perks of renting instead. These are some of the advantages of renting a home instead of owning one.
Saving On Utility Costs
Some rental properties include the cost of electricity, water, sewage, heat or garbage in the cost of the rent. This allows the renter to have a flat rate rent cost each month that is often more affordable than paying separate utility bills that may vary from month to month. This is especially helpful to renters who are living on a fixed income.
No Repair Expenses
When home repairs need to be done in a home that you own, you pay the cost out of pocket. However, if you are renting, the landlord is responsible for all repairs. You simply need to report what needs repaired to the manager or maintenance person and the repair will be made free of charge.
When you own your own home, you may find yourself committed to living in the same location for many years. This is especially true if you have a long term mortgage payment plan and cannot sell your home for enough to pay off the mortgage and buy another home for several years.
However, many rental properties do not require you to sign a long term contract. Some landlords may ask that you sign a contract to remain living in the rental property for a year, but once that time has passed you are free to move to another area if you prefer.
Bad Credit Accepted
As long as you have enough steady income to pay your rent, many rental properties do not require that you have a high credit score to get your application approved. In fact, if you do have bad credit, paying your rent on time every month may improve your credit score over time.
Renting is also more beneficial for those who are uncertain about their job security or income. Should your job or income change, it is easier to find another rental property that is more suitable than it is to sell your home and buy a different one.
To learn more, visit a website like https://www.harlandpropertymanagement.com/.