1. No Large down payment
When you purchase a home, you often times have large sum of closing costs and down payments. However, when you decided to rent, you typically only have your first month’s rent due as well as your security deposit.
2. More flexibility on where you can live
When you rent you can live basically anywhere! Renters have the choice of living in a townhome near the city, in a family house in the suburbs and anywhere in between.
3. Flexibility to up or down size
Renters also have the choice to up or down size their living accommodations. If a family is renting a large home and suddenly find themselves empty nesters after their current lease, they have the option to down size if they so choose.
4. Fixed rent amount
Need we say more? You have a set rent amount every month. Besides the bills, you don’t have any extra cost associated with renting.
5. Lower insurance costs
The cost of insurance for homeowners’ verses renters varies drastically. While home owners need to maintain their homeowner’s insurance policy, the equivalent for renters is their renter’s insurance which is much cheaper.
6. Minimal Maintenance Costs or Repair bills
One of the best benefits of renting verses buying is the cost of maintenance repairs. Homeowners tend to have more costly fixes than that of renters.
1. Choose the right area for your rental property
Location, Location, Location! This could be in a well-established neighborhood, a popular place in town or an up and coming city! Most people look for neighborhoods with low crime rate, good schools, and ones with access to plenty of stores, restaurants, parks, and other nearby establishments.
2. Upgrade the kitchen and bathroom
The kitchen and bathroom can be a make or break for renters. The reason for this is the kitchen and bathroom are what become outdated most quickly. By adding modern fixtures, it can bring a more modern/ new feel to the home.
3. Invest in curb appeal
The homes exterior is the first thing potential renters will see. This must make a good impression. Sometimes some power washing can help clean up the exterior walls. Depending on the size of the yard, consider investing in greenery in the flower beds or lawn, real or artificial. This can brighten up the exterior and make it look more put together.
4. Fresh paint
One of the easiest changes you can make is adding a fresh coat of paint to the walls. Not only will this brighten up the space, but the smell of paint gives off the illusion that the home is new and well kept.
Lastly, if you can, add some amenities to your investment property. This could be little things such as outdoor furniture, increased storage options, etc.