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.