I previously wrote this post about owning a house you might want to look first (or maybe later). This is the second part of my Owning X Renting blog post, with more informative tips for those who are more renters than buyers.

No Real Estate Costs

Renting means that you’re free from any cost related to property owners, like real estate taxes. There is also the insurance cost, which can range from $25 to $80 per month, and even if you choose an insurance policy, it is usually below the average from these values. Also, you don’t have the risk to be affected by drops and devaluation of the home value.

There is also the convenience of not to worry about mortgage and anything correlated. You more financial security, you won’t have to deal with the possibility of having his house taken by the bank.

[Easy Let Rental Agents] [You Pulse] [Home Loan Leaning Center]

More Money

This one seems pretty obvious. Spending less money as renting means more money in your pocket, which makes your budget more predictable and easier to control. And the best part is that you will prevent more headaches when dealing with financial accountability and management.

You can use this extra cash to spend on other activities, like traveling and professional growth and development, or even put it on your own investments or savings account. This seems counter-intuitive for an investment as a homeowner, but since you never intended to settle down in the first place, such conditions don’t come into consideration.

[Cash Money Life] [Positive Sharing] [TIME]

No Maintenance Costs

One of the best advantages for renters comes as maintenance and repair costs, as this is your landlord responsibility. You don’t have to worry about spending on fixing housing problems like water leaks, collapsing walls, electricity downtime and weird noises. The owner is responsible for solving those annoyances and request plumbing or any other repair professional or staff that seems appropriate.

The landlord is also accountable to maintain construction and renovation costs in order to keep the property in good shape, to preserve or improve its value in the market. Your responsibility is to keep the place safe, ensure the insurance for anything inside and report the owner about any disturbances you may encounter.

[Investopedia] [Money Crashers] [Tomcon Industries]

Living Conveniences

Renting a house also comes in different forms of convenience, like more affordable and suitable space for your preferences and needs, better choices for location and neighborhood, and even general extra expenses cut for simple houses and apartments.

Tiny apartments are much easier to clean and maintain, and it is usually sufficient for someone who is out of work for a whole day and just want a place with a roof to spend the night and take a good rest on weekends. You can also choose better places that you could never afford on buying.

[Trulia] [Life And My Finances] [InCharge]

Flexibility

If you are going to move around a lot, this one seems like a no-brainer. The flexibility to move anywhere you want is probably the best advantage of renting. Whether it is because of your career, or if you simply want to travel frequently, renting a place is possibly the best call.

It is much easier to move and relocate, usually in a month lease or short term rent way, and a far more viable option. You also have the freedom to leave your job and find new opportunities somewhere else.

[Yahoo] [Equifax Blog] [Michigan State University]


Again, if you think you can add something for discussion on this topic, leave in the comments below, and thank you for your attention and consideration.

photo credit: tippetts_jeremy via Compfight cc

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