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 monetary obligations by renting your home instead of owning it.
Your rental home will likely have periodic pest control treatments inside your residence and 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. 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 ensuring your heating, and air conditioning units are working correctly, which may require an annual inspection.
If you’re renting your home, you need insurance on your possessions and coverage to include losses to the home you’ve caused. However, renter’s insurance typically costs significantly less than a homeowner’s policy.
Unlike most traditional mortgage payments, your monthly payment often contains a few perks when you rent your home. 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 an excellent 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. Homeowners typically fork out the cash for their monthly subscribed services and utilities.
You don’t need to worry about most home-related repairs if you’re a renter. These repair bills are typically the owner’s responsibility. Regularfork 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 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. Renting the home where you reside instead of owning it can also be viewed as a thrifty way to stretch your monthly income.
Victoria is a Content Writer at American REIA, covering the latest industry news and various insurance topics, including auto, home, health, and life insurance.