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The Advantages of Renting

By Karen Godfrey

Today's housing market is still recovering, and many people are looking into renting instead of buying their place of residence. Renting can have plenty of advantages, and may be the best choice right now if you are unable or undecided on whether you should buy a home. Here are some great advantages renting:

Extras

Apartment complexes have pools, courts and workout gyms. If you are renting a condo, you may also find these amenities in the neighborhood. All of this is included in your rent, and can save you some money. You will not have to join a gym, or community recreation center.

No Maintenance

One of the biggest advantages to renting is you do not have to worry about fixing, or hiring someone to fix something that breaks. You just call the maintenance department, and it is done for you. You also do not have to hire someone to or maintain your own lawn. This is another big money saver, and may be the deal maker if you are single or on a tight budget.

Saves You Money

Rent payments are often times cheaper than a mortgage. With a mortgage you will have interest added on to your monthly payment. If you own a home you will also have to pay property taxes, and possible home owner's association fees. Renter's Insurance is also cheaper than home owner's insurance. Some apartment communities include water, garbage and electricity costs.

You will also pay a much smaller amount of up-front cash when renting. Typically, you at the very least will need put a security deposit down on the house/apartment. This is much more manageable than thousands of dollars for a down payment, and other expenses when buying a home.

Flexibility

If you are moving to a new city or have job that may relocate you, renting can be less of a hassle because you can just pick up and move. If you have just moved to a new city and discover you do not like it, you can leave when your lease expires.

Weigh all of your options if you are having trouble deciding whether or not to rent. Renting can buy you some more time and money to save for the purchase of a home. With the money you save, you can invest it in other ways, and build a nest in which you can use for a larger down payment later on.

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