Advantages of Renting over Buying
What Are the Advantages of Renting?
Yard Work and Other Chores Aren't Your Responsibility
Be sure to read your lease carefully because some renters do have to do yardwork, but, in many instances, if you're renting you aren't responsible for picking weeds, mowing the grass, and maintaining flowerbeds. These tasks are hard, so if you want to avoid doing yardwork, power washing the house, and other tasks of the like, opt to be a renter.
.jpg)
You Don't Have to Cover Major Expenses
A lot of people will tell you this: "Your mortgage is the minimum amount you'll pay each month, but as a renter, the total amount of your rent and utilities is the maximum amount you'll pay each month." That said, if you live in a house you've bought, you're going to have to pay your mortgage, but you'll have to pay your mortgage in addition to any other maintenance-related fees. And these add up!
If you live in a rented property, though, you'll have to pay utilities and rent, but likely never any fees for maintenance. Your landlord covers those! If your washing machine breaks or there is a structural issue, for example, you'll have to pay for that yourself in a home you've bought. But if you're living in a rented property, you won't have to worry about these expenses because your landlord will cover them. Some maintenance expenses can vary by property, so be sure to read your lease carefully to see what you are responsible for.
You Don't Have to Make Hard Decisions About Your Home
Homeowners have to make tough choices all the time. It's up to the homeowner to decide whether their home needs new smoke alarms or a better heating and air conditioning system. The choices you make as a homeowner could cost you, too. When you're a renter, you can call in your landlord when a decision needs to be made. This takes the stress off you because if something goes wrong in your home, you don't have to be the sole decision-maker.
There Are So Many Amenities Available to Renters
Landlords want to help make your rented home feel like home, so there are usually a lot of great amenities available at rented living communities. In many communities, you'll find fitness centers, pools, dog parks, game rooms, walking trails, and other top-notch amenities. These amenities aren't available to people living in homes they've bought, so renting is superior because of the amenities that come with that choice. If you're dreaming of a home with a pool and gym, you might want to consider renting a townhome where you can get pool and gym access included in your monthly rent while still having an attached garage and other in-home amenities.
.jpg)
Renter's Insurance is Cheaper than Homeowner's Insurance
Expenses add up when you're a homeowner, and another expense that can get costly is homeowner's insurance. Depending on how big your home is and where it's located, you might have to pay over a hundred dollars or even a couple hundred dollars a month to insure your property. Renters can insure their homes for a much more reasonable rate. Typically, a renter's insurance costs around one hundred dollars a year. So, while homeowners will pay a hundred dollars or more in one month, renters will pay that amount over twelve months—meaning it's much more affordable to be a renter.
You Have the Flexibility to Move More Often
It's a hassle to sell your house to move to a new city, but when you're renting, you can move from city to city with more flexibility. Of course, you're going to have to stay in your rented home for the duration of your lease, but once that lease is over, you can go to a new apartment or townhome without dealing with selling your house. How often you think you'll be in the city is an important factor if it's going to be cheaper to rent or buy. There are many online calculators that can help you figure out what makes sense for you, but a good rule of thumb is that if you're going to be in the area for less than five years, you should rent.
.jpg)
Discover the Advantages of Renting at Bloomfield Townhomes
Whether you've rented for years or you're about to rent your first home, we encourage you to join us at the Bloomfield Townhomes. Our residents love living with us because we offer all the amenities of renting—but, in addition, you can find a lot of the benefits that come with living in a house you've bought. For example, we have vaulted ceilings, an attached two-car garage, a fireplace, and amenities such as a pool, dog park, playground, and gym. With all these features, renting at Bloomfield is really the best of both worlds, with spacious homes, maintenance and landscaping provided, and fantastic amenities. For more information about living with us, contact us.