Benefits of Renting a House
Though the current real-estate market in Houston and Dallas is favorable market for home buyers, there are several individuals that prefer renting a house to buying a home. Renting a property is often not the preferred choice but there are several factors that prove the advantages of renting a house. Some of the advantages are as follows:
1. You are free from the burden of maintenance: Maintenance of a house is a daunting task and costs a hefty amount. If you stay in a rented house, it is the landlord who takes care of the major maintenance items thus relieving you of the burden of maintenance cost and effort.
2. You can change a rented house to suit your needs: Once you own a house, it becomes difficult for you to move , and it becomes more of a discomfort when you dislike the location or your neighbors. However, it becomes much easier to move to a new location if you stay in a rented house, and if you do not wish to stay in an area for a longer period of time; then renting proves to be the most flexible option for you. All that a renter needs to do is to provide the landlord with appropriate notice (often times in the lease it is 30 days notice) before vacating the rented property when the lease expires.
3. Budget-Friendly: Renting a home can be more affordable in other ways. For example, renting house does not call for property taxes. Additionally, renters’ insurance is much cheaper than homeowner insurance policies. Thus, renting is budget-friendly and helps in lowering your expenses and easing your household stress significantly.
4. Lower deposit required: No large down payments are required for renting a house. People renting a house generally need to pay security deposit, first month’s rent and last month’s rent; while those purchasing a house will have to raise about 20% of the sales price.
5. Comfortable living: In reality, it might not be possible for an individual to own his dream house, but if they choose to rent a luxurious condo, he can have all the pleasure of a comfortable lifestyle while avoiding the large price tag associated with purchasing it.
6. No chances of losing equity: Renters are also in an advantageous position when the real estate market becomes unstable as they can relocate freely without the tension of losing equity that poses a serious trouble for home buyers.
These are few advantages of renting a house over buying. Sometimes renting proves to be a much better option than buying a house. You should properly weigh the pros and cons of renting and buying a house along with the future consequences before taking any major decision.
Ashokalion - About Author:
Jay Raman is the broker of record for The Lion Real Estate Group, a Houston and Dallas area brokerage focused on working with investors and homeowners buy, lease, or sell their property. Jay and his team have been in the investment property Houston and association management business for the past 6 years and manage over 160 residential (single family home) properties in Houston and Dallas as well as several associations. To get more great articles or ideas, you can also visit the Lion Real Estate Group’s Website, Facebook or Twitter Account.
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