Renting your home as opposed to owning it outright has its advantages. Keep reading this article to uncover seven money-saving reasons in favor of renting. You can escape many of the monetary obligations by renting your home instead of owning it.
Your rental home is likely to have periodic pest control treatments — both inside your residence as well as the exterior perimeter. The good news for renters is that it’s typical for the owner to foot the bill. This also includes particularly destructive pests such as termites, which may require pricey specialized treatments.
Renting an apartment, townhome, condo, or free-standing house usually does not include any home-related seasonal expenses. Some of these seasonal expenses might include hiring companies to trim your bushes and trees, fertilize the yard, clean out your gutters, shovel snow, and rake leaves. The landlord is also responsible for making sure your heating and air conditioning units are working properly, which may require an annual inspection.
If you’re renting your home you need insurance on your personal possessions, as well as coverage to include losses to the home that you’ve caused. However, renter’s insurance typically costs significantly less than a homeowner’s policy.
Unlike most traditional mortgage payments, your monthly payment when you rent your home often contains a few perks. For example, your monthly rent might include unlimited access to specialty items in your neighborhood or apartment complex. These items could include a workout facility, community pool, children’s playground, tennis courts, or other amenities.
If you’re renting your home, you probably aren’t concerned with real estate taxes because that’s the owner’s responsibility, and that’s a particularly good thing for you because property taxes can take a big bite out of your monthly income and tend to increase over time.
Sometimes landlords don’t charge you for one or more utilities or services when you’re renting a home from them. The monthly savings on a water, electric, trash, gas, internet, or cable bill is an extra financial perk to your budget. A homeowner typically forks out the cash for all their monthly subscribed services and utilities.
If you’re a renter, you don’t need to worry about most home-related repairs. These repair bills are typically the owner’s responsibility. Normal wear-and-tear repairs or replacements for major appliances, flooring, windows, doors, and heating and air-conditioning systems are typically the financial responsibilities of the owner. However, if you caused the damage to the house, appliances, etc., you may have to pay for repairs.
As you just discovered, renting your home instead of owning it offers many financial perks that you may not have previously realized. If you calculate the monetary savings on home insurance, utilities, house repairs, and other mentioned items, it can add up to a significant amount of money. Renting the home where you reside as opposed to owning it can also be viewed as a thrifty way to stretch your monthly income.
Author: Mary Cockrill