6 Reasons Why Renting Could Be Better Than Buying

Thursday, August 12th, 2021
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Owning a home is a lifelong dream for most people, but that doesn’t mean it’s for everyone. Renting and buying a home both have their fair share of pros and cons, but for some, renting just makes more sense. If you are having trouble deciding, here are some reasons that might convince you to rent instead of buy.

No Maintenance or Repair Costs

When renting a home, you don’t have to worry about paying for repairs or maintenance costs. If something stops working or you have a leak somewhere in your home, it’s the landlord’s job to get it fixed or replaced.

When owning a home, you are responsible for all maintenance, renovation, and repair costs. This can be expensive depending on what needs to be repaired or replaced.

No Property Taxes

A major benefit of renting versus owning is not having to pay property taxes. Depending on the property value of your home, these taxes can be expensive. Renters only have to worry about rent and utilities.

No Down Payment

Another financial benefit of renting is not having to pay a down payment. Although renters still have to pay a security deposit when they move in, it is still much cheaper than paying a down payment on a house. Security deposits are usually equal to a month’s worth of rent, and are refundable if there are no damages to the property when the tenants move out.

Flexibility To Move And Downsize

When a lease ends, renters have the option to move and downsize if they want to. When you own a house, it’s more difficult to leave because of the fees involved with buying and selling a house. If you own a house, you are tied down while you figure out the selling process. If you rent a house, you can just move when the lease is over, or break the lease and pay a fee (though this isn’t recommended). When you rent, there is nothing keeping you from moving somewhere else.

Fixed Rent Amount

Another advantage to renting is that you have a set amount of rent that you pay each month. Homeowners must deal with fluctuating mortgage rates and property taxes, which could change the monthly payment and make it harder to budget each month.

Cheaper Insurance 

Whether you are renting or buying a home, you have to have insurance. The average cost for homeowners insurance per year is around $1,300, while the average renters insurance cost per year is around $200. Renters insurance is much more affordable and covers all belongings including valuables, computers, and furniture.

Rent Houses In Amarillo, TX

If you are looking for houses for rent in Amarillo, Texas, visit Highland Park Village today at 13300 Bandera Dr. in Amarillo. You can also call us at (806) 335-1451 or Contact Us by email to learn more about our Floor Plans and Specials.