Renting a home or living in an apartment instead of buying a place to live comes with many benefits for people who want a flexible, low commitment lifestyle. While it may not be right for everyone, renting can be ideal in certain circumstances. There are many other benefits to being a renter, including:
No Maintenance Costs to Pay
Renters who have never owned a home may not realize how many maintenance costs can crop up on the average house. In addition to regular checks of the heating and cooling system, maintaining the flowers and grass and upkeeping other features of the home, there can also be repairs needed. Floods, roof issues and issues with the appliances can crop up at any time, and those are also the homeowner’s responsibility. If not handled properly, maintenance issues can cause larger problems that cost even more to fix.
Assistance in the Case of an Emergency Situation
Homeowners have to handle every emergency issue that pops up to prevent damage to the property. If this emergency occurs after hours and requires the help of a professional, like an electrician or plumber, the cost for this service can be in the hundreds or even thousands of dollars. Renters can simply call the property owner or maintenance company and have them handle the issue without having to put out any extra money or effort. If the issue cant be properly repaired, renters can be moved to another apartment or sent to a hotel at the property owner’s expense.
No Risk of Deterioration in Value
The value of a property is a big concern for property owners, because it causes their potential resale value to drop. Unfortunately, a drop in property values can be due to circumstances beyond one person’s control, like a spike in crime in the area or a downward trend in the market overall. It can also happen if the homeowner fails to maintain the property or address problems in the home. This stress is not something that renters have to worry about at all. If the area where a renter lives is changing in a way that they do not like or the property is looking worn and dirty, they can simply give notice to the property owner and move to another place.
Ability to Make Changes Due to Low Commitment
Renters enjoy the flexibility of low commitment, only having to agree to live in the home for a year or possibly less. If a renter wants to move across the country or even internationally in a few months, there is little to stop them. By contrast, homeowners have to list their home for sale and wait until it sells before they can relocate. This can take months or years depending on the market conditions.
Renting comes with many different advantages, including a maintenance free lifestyle and more money saved than the average homeowner who has to pay for many maintenance costs.