Benefits of Renting vs. Owning a Home

Are you struggling to decide between renting a home or owning one? It is an understandable internal battle, and renting and owning both have their pros and cons. These factors about renting should be considered when making a decision between renting or buying.

Flexibility

One of the biggest benefits of renting is the freedom it provides. If you suddenly need to move due to a job relocation or family emergency, it is much easier to break a lease than to sell a house. Even if you don’t need to move urgently, you only have to stay for a year or so if you end up disliking your living arrangements. 

Repairs

When renting, repairs, as well as their costs, are the landlord or management company’s responsibility to handle. If a repair is needed for something that resulted from your actions, you may be required to contribute to the cost depending on your lease. Renting makes repairs easy; just contact your landlord and they will often handle the rest.

Budgeting

When you own a home, you can never be too sure how much you will be spending from month to month. Interest rates may change over time, depending on the terms of a mortgage, and property taxes tend to fluctuate as well. When you rent, you spend a set monthly amount for the term of your lease, unless you spend more on heat or electricity. Knowing what you will be spending each month makes budgeting easier.

Less Risk

Buying a home is an investment, and investments do not come without risks. Having a rental alleviates the worry that a homeowner may carry about the market crashing or costly home repairs. Usually, the biggest risk that comes along with renting is not being happy with the place you rented. The good news is that you won’t be stuck there forever.

Utilities

Some landlords and management companies cover certain utility costs, relieving you of paying for internet, water, heat, etc. The utilities that aren’t included are often much cheaper than when you buy a home, since rentals are a bit smaller.

No Need for Upgrades

When you’re renting, you may not love the outdated kitchen, but you won’t feel pressure to upgrade it since it is not your permanent home. Homeowners, however, tend to upgrade their homes to fit their needs and desires, and upgrades are often expected if you want to make a good return when it’s time to sell. 

Wilson Property Management

Make the most of your time as a tenant with Wilson Property Management. We seek to offer a hands-on management approach to our owners by protecting their investments and enhancing the value of their property. We strive for “property management, leasing, and sales with a personal touch.” Contact us today!