There’s no doubt that owning a home has its perks. But if you’re not ready for the responsibility – or the expense – renting might be the way to go.
Easier to Qualify
Did you know renters usually have an easier time qualifying for renting than they would for a mortgage? That’s because mortgage approval requirements include passing credit checks and having certain scores; in a rental situation, the financial requirements can vary and be more forgiving. Also, there are rental assistance programs, such as Section 8, available to help offset the cost of rent if you qualify.
Since no downpayment is required to rent (just a security deposit), it can be more affordable to secure a rental home than to purchase one. Plus, if you keep the property in good condition, you’re eligible for a full or partial refund of that security deposit when you move out. This can be used toward your next residence if need be.
Renting Gives the Gift of Time
As a homeowner, you’re responsible for all the upkeep and repairs on your property. That can get expensive and time-consuming. As a renter, you can simply call your landlord or property management company when something needs to be fixed. Not only will they help schedule the repairs or yard work, but you often don’t have to be around for the work to be completed. Property management companies often have in-house maintenance that will either perform the work with prior approval, or they’ll accompany a service person to your home and supervise it.
Ways You Save Money as a Renter
Renting can actually save you money in a lot of ways. Since you’re not always responsible for all the upkeep of the property, you don’t have to worry about things like painting the walls or mowing the lawn. All that adds up to more money in your pocket each month – money that you can put towards other things, like saving for a down payment on a house of your own someday.
Did you know renter’s insurance is usually less than homeowner’s insurance? So even if you do carry a policy as a renter, it’s likely more affordable than what you would acquire as a property owner.
Sometimes you can even rent a fully-furnished home, and you save yourself the expense of purchasing furniture, kitchenware, and even linens. This can be ideal for renters who move often for work, or who can work from anywhere and love to travel.
Another financial factor to consider as a renter is that you won’t be faced with depreciated property value if you choose to move. The value of the property won’t affect you when your lease ends and you relocate elsewhere.
Here are some other specific expenses that renters don’t typically have to cover:
- Trash removal
- Yard work/landscaping
- Pest control
- Major repairs/renovations
- Snow removal/salting sidewalks in the winter
Variety is the Spice of Life
As a renter, you’re usually only locked into one place for a year. Then, you can give appropriate notice and move on to the next adventure. If you own your home, you run the risk of having to continue paying your mortgage as well as the expenses to live somewhere else if you have to move before you can sell. If your property’s value has decreased since you initially moved in, as a renter you’re not limited by the potential equity; you’re able to move and experience a new place with greater ease.
Whether it’s the other side of the city or the other side of the world, renting a home offers more flexibility than owning a home.
Access to Amenities
Many rental properties include access to a variety of amenities, such as a community swimming pool, BBQ areas, parks, and a community center. These areas provide space to gather with friends and family for special occasions, as well as a convenient place to hang out on the weekends. You get the benefits of outdoor recreation and an onsite fitness center without the hassle of upkeep, or finding the space to make it fit in your own home.
If you’re looking for a place to rent in Utah, take a look at the current rental properties available with Rhino Property Management. From single-family homes to apartments, we manage it all along the Wasatch Front.