Rental Homes: The Benefits of Not Owning

You won’t have to read too many articles to find a list of property ownership benefits a mile long. Everyone knows it; financially speaking, owning a house is superior to renting one. The benefits of renting a home, however, are often overlooked. Put simply, not everyone is in the market to buy a house. After all, coming up with a down payment alone is sometimes impossible for an individual. But even those who are considering the purchase of a house in the future can find much to like about renting in the meantime. Here are some of the benefits of not owning property. No Down Payment To buy a house the “right way”, you are encouraged to put down 20% of the total price right up front. For a $100,000 house, that means coming up with $20,000. How many people have that kind of money in the bank? In an era when more people than ever are living paycheck to paycheck, the concept of plunking down $20,000 is as foreign as buying an island. Of course, there are ways around that down payment, but they have their own financial pitfalls. With rental homes, no down payment is required beyond perhaps the first and last month’s rent. Repairs As anyone who owns a house can tell you, ownership is much more expensive than you might think at first. With rental...

Read More