With so many people upgrading their homes, those that are renting may feel left out. And while owning a home is a lifelong goal for many, it’s not necessarily for everyone. Homeownership is a relatively new concept in the grand scheme of things. Historically speaking, people have either needed to build their own homes or rent from somebody else. And this is why if you ever feel like you need to get on the property ladder, there are benefits to renting. There are some great advantages of renting, so let’s give you a nice reminder of them.
No Repairs or Maintenance Costs
The landlord is fully responsible for all of the repairs. If you have problems with pests or you have a leaky roof, the fact is that homeowners have to foot the bill for all of these things. Sometimes, there can be a cascade of events meaning a damaged roof causes leakage into the property. As a renter, you are not responsible for fixing this at all. And therefore, you can keep your pennies!
Choosing where to live is not a luxury for many homeowners. Homeowners tend to be restricted to the areas they can only afford, but if you want to rent in a place as cosmopolitan as New York City, it’s the perfect way for you to find an area that is within your budget. So many people need to go and experience big city life before they settle down. Rent can be high in areas where the values are high, but it’s easier to find a more realistic monthly cost as a renter, just as long as you cast your net wide enough.
You Don’t Have To Worry About the Big Things
Being a homeowner comes with a lot of worries about the value of the property, the current state of the market, and how issues in the modern world can affect inflation. Renting may result in prices going up on occasion, but it’s not going to be on the same level as somebody owning a home experiencing a major hike in their mortgage repayments. The fact is that while landlords can raise the rent, they will always provide notice and typically the amount you pay for the rent is going to be fixed for the entirety of the lease agreement.
Lower Utilities and Insurance
Owning a home means having a homeowners insurance policy which can cost over $1,000 a year. However, the average cost of insurance for a renter is far less than this. Additionally, monthly costs for the utilities tend to be lower for rentals because rental properties are smaller. And as they are smaller, rentals are more affordable to heat and power.
Many people are obsessed with getting onto the property ladder, but it is important for every single one of us to realize that renting has a lot of benefits. While renters have nothing to show for their rental payments, there is a lot less hassle in comparison to owning a home. If you are looking for a carefree lifestyle before you start taking on the responsibilities of relationships and parenthood and ultimately owning a home, renting is a great way to make sure you have more fun in life.
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