Many people dream of getting the keys to their very first home, but not everyone is clear on the details. Do you want a huge home or a cozy abode? Do you want modern fixtures or that vintage feel? And most importantly: Do you want to rent vs. buy? While buying used to be the more coveted option, renting has surged in popularity due to rising housing costs and a greater need for flexibility. In fact, renting a house can be a much better option for many Americans. If you're not sure whether renting vs. buying a house is for you, then check out our guide. We've laid out some of the top benefits of renting, and how to tell whether this modern option is the best for you.
Flexibility
When you rent a home, you have a lot more flexibility than a buyer. Your contract typically lasts for one year. If you decide to leave after the contract is over, there's no problem. Feel free to find a new residence with better amenities, or downsize to a more affordable living space if you'd like. Unlike a buyer, you have no obligation to to invest a lot of money in a house that you might outgrow. And if your financial situation changes, you're not trapped in a long-term mortgage.
Cost
One of the biggest perks to renting is the lower cost overall. There's no need to squirrel away thousands of dollars for a huge down payment. There's no need to deal with massive real estate taxes. And there's no need to budget for seasonal maintenance and unexpected home repairs. Renting is a much simpler process for those who aren't committed to the sometimes arduous homeowning lifestyle. Additionally, homeowners must deal with the stress of fluctuating property values. When you rent a home, you can focus your attention on other things.
Amenities
Not only is the renting process typically much less expensive than the buying process, but you could also enjoy a number of perks that you might not expect. Are you an avid swimmer? You'll love the convenience of a rental home with a pool - and you won't have to fuss with installation and maintenance costs. Love to hit the gym? Look for an apartment complex with a built-in fitness center, and you won't have to waste time in traffic after work. Many condos also offer services like landscaping to ensure that your home maintains its curb appeal with no effort on your part.
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We've only scratched the surface on all the benefits of renting, but as you can see, there's a good reason that so many people are skipping the hefty mortgages in favor of a good rental. If you're still weighing your choices, we recommend taking a second look at rent-to-own homes. You might find that this modern option gives you the benefits of both renting and buying without the drawbacks.