These top ten reasons may help you decide if renting is the best option for you.
1) You can build credit while renting
Previously if you wanted to build your credit, you would need to be paying a mortgage. Renting couldn’t help improve your score because no one was letting the credit bureaus know that you were paying your rent on time. With RentPlus, you can now build your credit while renting. Building credit while renting is just smart!
2) It’s less expensive up front than buying
When purchasing a home, closing costs can be a huge expense compared to a more affordable deposit for renting. Also a down payment on a house is a big expense for many people looking for flexibility in their finances.
3) Repairs and maintenance are not your financial burden
Broken faucet? Not your problem. Dishwasher not working? Not your cost. This can save you a lot of money on unexpected maintenance costs. Having less unexpected maintenance expenses can help you plan your finances and stay within your personal budget.
4) No property taxes
Property taxes are a major expense of home ownership, and can put an otherwise affordable home outside of a buyer’s price range. When renting you are not responsible for property taxes.
5) Reduced insurance expense
Renter’s insurance is significantly less expensive than the equivalent home owners insurance. Renter’s insurance is more affordable and covers nearly everything you own, including furniture, and personal items.
6) You have more flexibility
Getting out of a lease is much easier than selling a house. Waiting time for a lease to be up is often only a year. This gives you the option to move if you want to find a new job or experience a new area.
7) Less risk than buying
Buying a home can be an investment, and investments carry risks. When you rent, you don’t have to worry about the market crashing, or a costly and unexpected home repair emptying your savings account.
8) Less commitment
If you find out you don’t like living in that area of town or you would like to live closer to school or work, you can easily move. If you are not sure you want to be in an area long term, then renting is your best option.
Many rental properties have a great community. They often have nice amenities such as pools, gyms, dog parks, and laundry facilities directly at the community. Having these on site can save time and money.
10) No yard work
This one is huge! Renters get to enjoy a nicely cared for outdoor area without the work of mowing the lawn and pulling weeds. Feel free to take that vacation or spend your weekend doing what you want to do and let someone else handle the yard work.
If you are renting, sign up for RentPlus and build credit while paying your rent on time. One of the top ten reasons to rent.