As we grow as adults, we’ve lived in rentals for either a limited or extended period. We gain independence and freedom whenever we first move into our first rental. However, we don’t own the property so there are guidelines that we must follow to live there. Renting a home isn’t always picture perfect because people would rather own the property rather than rent it. But recently, the rental market has been uprising due to people not being able to afford a mortgage. No matter what your situation might be, you could always count on rentals to help you get through these troubling times. There are benefits of renting a home, but there are some disadvantages as well. Here are some of the few pros and cons of renting a home.
1) No Maintenance Costs or Repair Bills
This is a huge benefit of renting a home because you don’t have to pay for maintenance or repairs. Your landlord takes the responsibility for any types of maintenance/repairs needed. For example, if your toilet is leaking, you call your landlord and explain the situation. Then, the landlord will get a maintenance person to the property to fix the problem for you.
2) Access to Amenities and Utilities
The amount of amenities and utilities you get for renting a property is a wonderful asset. They are considered a luxury because they are included in the rent payment and there is no additional charge for using them. This includes a pool, washer/dryer, refrigerator, dishwasher, gym, walk-in closets, playground, etc. This just depends on the size and location of the rental because not all rentals have the same amenities and utilities. Most of the time, apartments have more amenities than homes because of their convenient size and structure. However, many rentals are required to have the main utilities like an oven and refrigerator to consider the space livable. Other utilities like dishwashers are not always included just long as there is a sink. You don’t always have control of what’s inside the rental but remember you will have everything you need to keep yourself alive.
3) Flexibility to Move
As a renter, you have move from place to place with ease. You don’t have to settle with selling a home or dealing with large amounts of paperwork. While living in a rental for about a year, you can browse through the internet and see what your requirements are for your next rental. You can either upsize or downsize. You can try living in an apartment or condo. The possibilities are endless.
4) Less Expensive
House mortgages and property taxes can be difficult for homeowners. When you are renting a property, you don’t have to worry about them. The fixed rent amount posted online is the payment for each month. Also keep in mind that other bills like electricity, water, and internet are separate from the monthly rent payments. Renting a property is cheaper than a mortgage payment and you can easily afford them because the payments are straightforward and mostly don’t change.
1) No Pets Policy
Owning a pet has the benefits of growing your family or needing more affection. However, most renters struggle to get a pet welcomed into their home. Many of the rental agreements showcase a no-pet policy. You cannot have an animal living in the rental or there will be consequences. Some rentals do allow pets, but only if they are a specific breed. If you are thinking about owning a pet, you should wait until you buy a home. You won’t have to worry about pet restrictions and you can own any kind of breed you’d like.
2) Possible Evictions
Even though you follow the rules and lease agreement, the owner can decide to evict you before your one-year lease is finished. Since renters don’t own the home, the owner can force a tenant to move out. A house is different from an apartment and condo because the owner can decide to sell the property to another owner who wishes to do other things with it. If you are going to rent a home, just make sure you are preparing yourself for the unexpected and read your lease agreement before signing it.
3) No Renovations
In most rentals, there are rules and restrictions you must follow in the lease agreement. We love decorating our home to make it feel comfortable and welcoming. However, renters cannot always decorate the way they wanted to. In the lease agreement, you cannot paint the walls or put many holes to hang pictures. There are easy little ideas to help make the rental look presentable, but it cannot be a drastic change. Here are some new year resolutions to help you get started.
The Pros and Cons of Renting a Home aren’t always an ideal picture. It has its shared positive and negative opinions. People say it’s better to buying a home rather than renting because you can own the home and make it your own. However, not everyone can afford to buy their own house. Maybe some people like to rent better than buying because the prices and move out process are better. If you are unsure about buying or renting, here is a map of the US that shows which is better in certain areas.
Written by: Marie Carlisle
Marie recently joined our team as an Office Manager to assist our realtors with administration, customer service, marketing, time management, and keeping up our social media. She graduated at Lander University with a bachelor’s degree in English in Professional Writing. In the past, she previously worked in various customer service roles for five years at different businesses. Currently, she wants to expand her knowledge in the Real Estate business with various marketing tactics and ideas to help our business evolve. In her spare time, she enjoys traveling, creative writing, and spending time with her friends/family as well as her husband, Terry.