Residential properties Lease/Rent

Reasons Renting Is Better Than Buying

The advantage that renters have over homeowners is that they have no maintenance costs or repair bills to pay off. For example, Property tax bill can be very expensive. When you rent a property, your landlord is responsible for all the maintenance and repair costs.

Homeowners, on the other hand, are responsible to pay Property tax, all repairs, maintenance and renovation costs. These costs can be quite extensive.

Having access to amenities that would otherwise be a huge expense is a great benefit for renters. Luxuries such as an in-ground pool or a fitness center come standard at many midscale to upscale apartment complexes with no additional charge to tenants while homeowner can expect to pay thousands of dollars in installation and maintenance to have the same amenities. Many rental properties offer resident social activity programs to enable neighbors to get to know one another while enjoying a planned activity. These programs can help foster a sense of community that many tenants find desirable. A sense of community provides opportunities for developing friendships, as well as a certain amount of security in knowing that neighbors will watch out for one another. Many people hate commitment and don’t want to be tied down for 20 or 30 years’ mortgage payments. It is a lot easier to get away from a not-so-good neighbor or neighborhood if you are renting.

Bottom Line

For many people renting is the better option. There are plenty of examples that show how renting can save people a considerable amount of money while living in a great neighborhood enjoying great amenities without a mortgage commitment.