Did you know that roughly 36.6 percent of household heads in the US rent a home?

You might be looking to move into a new place, but you might not know whether you should rent or if you should buy. It might be hard for you to come to a decision, as you may be getting lots of different opinions on the matter.  

Below you’ll learn about some of the advantages of renting a house vs. buying a house. If you’re not sure which option is right for you, this post will help you gain some clarity. 

Let’s begin!

1. Avoid Large Deposits

If you want to buy a home, you usually have to put down a deposit before you can get a mortgage. This deposit is normally a percentage of the total value of the house, so it can be quite a large, even for a relatively small house. 

With renting, you don’t have to put down a large deposit, since you aren’t borrowing any money to rent the home.

That said, some landlords may ask for a ‘security deposit’ before they let you move in.

Yet, even if you have to provide three month’s worth of rent upfront, this figure is often less than the deposit associated with buying a home. 

2. Avoid Maintenance Fees

Another great thing about renting is that you can avoid the maintenance fees that come with owning a home. 

That’s because the landlord is the person that’s responsible for fixing all the things that go wrong in the home. Thus, when renting, you can just ring the landlord if something goes wrong, and they’ll fix the issue. 

On the other hand, if you own a home, you will be the one that has to fork out the money for any maintenance fees. 

3. Enjoy Greater Flexibility

If you rent a property, you also have greater flexibility when choosing where you want to live. 

That’s because renting can allow you to live in a property that you wouldn’t be able to otherwise afford. This is especially the case for people that want to move into a city that has high property prices.  

Renting can also provide you with a lot of flexibility when it comes to going on holiday.

That’s because there are holiday properties that you can rent for a short amount of time. For instance, these great rental properties can often be a good alternative to staying in a hotel. 

Do You Understand the Advantages of Renting a House? 

The advantages of renting a property should now be a lot clearer, and you should now be able to make an informed decision when selecting your next home. 

Of course, this decision is very personal, and so you need to take a look at your own preferences. For instance, if you’ve always wanted to own your own home, you might be willing to forgo some of the benefits of renting. 

Selecting your next home is a big decision, and so it’s vital that you don’t rush into things. As long as you understand all the benefits and downsides associated with each option, you should be able to make a decision that you won’t regret.

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