Renting Properties: The Pros
Renting properties is a very popular option for those who are not sure about their plans. Renting gives people the chance to live in desirable neighbourhoods, as in the case of the houses for rent Wilmington NC, without committing to a mortgage or other long-term financial contracts. Renters also have more flexibility with their moving date. They can change jobs and find it easier to relocate for work.
We shall consider below many of the advantages of renting to confirm to you whether this kind of arrangement is for you or for you and your family.
Renters have an easier time finding a property
Renters find it easier to find a property when compared to those who are looking for a home to purchase. This is mainly because there are more rental properties available in the market as opposed to homes that are for sale. Renters also have the advantage of being able to see a variety of properties more easily before they make a decision.
You can avoid the renting pitfalls by having some knowledge of the process.
Renting is generally cheaper
Renting a property can often be cheaper than buying, especially in the short term. This is because there will be fewer legal processes, no surveys to pay for, and no maintenance costs because the landlord will take care of that.
The idea that renting is cheaper is especially true in markets where the cost of living is high. Renting a property can be up to 50% cheaper than buying, especially when you take into account all of the associated costs of owning a home. These costs include mortgage payments, taxes, and insurance, apart from the repairs already mentioned. They should be one of your biggest considerations as their cost can be a significant burden on finances.
Ideal arrangement for changing circumstances
Renting offers more flexibility than buying because you can move on relatively easily and quickly in comparison. This is should your financial or other circumstances alter without perhaps much warning.
The option of renting is a short-term housing solution when we are either looking to experience a different environment to see how the grass can be greener elsewhere, so to speak, or following the ambition of a new job in another area. If you are moving with your same company, then they will often help with relocation and its associated costs.
Testing out a new area
Testing out a new area to decide if you like living there is, as alluded to above, possible when you rent because you can more easily move than when you have settled into a mortgage. Renting is a great way to discover more about the kinds of people that you are living next door to before it becomes more of a permanent arrangement.
We can look into crime rates in the area we plan to move to but it is not the same as experiencing living there and meeting the real people that make up a place. They can either be inviting or quite the opposite.
Locals can be highly protective of their territory and not be willing to share more than an inch of what they consider to be theirs or their right to oversee. Moving on if you are not happy is far easier when you rent month by month or only have an arrangement for a few months.
When you rent, you are not making a long-term commitment to buy the property, just agreeing to a renting term for a certain period, which you can have a hand in agreeing. You do not have to accept the agreement you are signing if it is not desirable or what you want.
Renting can therefore be a great option for those who are unsure about what they want exactly or who are not ready to commit to a longer-term mortgage. Renting allows you to easily move when changes happen, whether they are within your control or not. Nobody can predict the future and it is good to have that flexibility and comfort zone.
You are not responsible for repairs
The landlord is usually responsible for the repairs and maintenance of the property. This means that renters do not have to worry about anything going wrong with the property in terms of its structure and facilities. It is the responsibility of the landlord to ensure that the property is safe and up to standard. There are laws to protect the tenant just as there are to protect landlords.
Renting a property generally means that you do not have to worry about any repairs that the building needs, just the contents that you have brought in. This can be a great relief for those who are not interested in or do not have the time for such tasks.
Not everyone is into DIY, whether they have the skills or not. Renters also do not have to worry about landscaping because a property should have been made nice for a tenant outdoors as well as in, where applicable because the property has a garden space. Always go for an enclosed open space for your children, and a garage for your car, if possible.
Tax benefits of renting
There are also several tax benefits to renting. Renters can deduct their rent from their taxable income, which can save them a lot of money each year. Renters also don’t have to worry about property taxes or repairs on the property.
No chain of buyers to delay you moving in
When renting a property, there is no chain of buyers. This means that the renter does not have to worry about selling the property before they can move on.
Renters get to avoid the hassle of:
- Delays with sellers still trying to sell their homes
- Legal delays
- Mortgage approvals
- Property viewings
Renting a property can be a great option for those who are looking for a place to live without the commitment of buying. Renters have the flexibility to move around as needed and don’t have to worry about repairs or updates to the property. Additionally, renters aren’t responsible for property taxes. While there are some drawbacks to renting, there are many more advantages.