Most people get to a certain point in life where they realize they would much rather live in a house instead of an apartment. Perhaps they’ve accumulated too many belongings and they need more space, or maybe they want to move in with a significant other and a house just makes more sense. Whatever the case may be, if you’ve reached that point where you want to move into a house, you may be trying to decide whether you should rent or buy. That’s why, in today’s post, we will provide you with a few reasons why you should rent a home instead of buy.
If you’re looking to rent a home, Minnix Property Management can help you find the right rental home for you. We work with numerous property owners throughout West Texas, and we know what goes into making a rental property great. In addition to managing daily maintenance and service requests, we also do our best to ensure that all of our tenants are happy. Explore our available house rentals, and explore our website to learn more about our professional property management company!
No Maintenance Costs
When you buy a home, there may not be anything you want to fix up in the beginning, but if you live there for a long time, there’s a good chance you will need to fix things up every once in a while. Due to normal wear and tear, you may have to patch up holes, repaint walls, upgrade your flooring, and perform other routine maintenance. Additionally, you’ll also be responsible for mowing your lawn and shoveling your driveway in the winter. When you rent a home, however, the property owner or the property management company will be responsible for most maintenance and upkeep. While there may be some expenses that come out of your pocket, the majority of the large fixes will not be on you.
Access to Amenities
If you’re planning to rent a townhome, as opposed to a house, you may have access to certain amenities. This may also be the case if you decide to rent a home that is part of an HOA. Some rentals have access to pools, tennis courts, gyms, and other amenities, and when you rent, you gain access to those amenities as well. When you buy a home, these amenities are not always guaranteed. While you may have access to local parks and public pools, membership may not be included, and you may have to pay a separate fee.
Less Money Upfront
One argument for buying a home is that the money you pay each month goes towards paying off a mortgage, as opposed to paying the property owner. However, in order to purchase a home, you will have to make a down payment, which can be a large fee upfront. The benefit of renting is that you won’t have to worry about a large down payment. In most cases, you may still have to make a down payment to secure your rental, but it won’t be nearly as much as it would be if you were to buy a house. In fact, most rental down payments consist of one or two months rent, which is a fraction of the down payment you will need to actually buy a home. For this reason, renting can be a much more affordable option for those who want the feeling of living in a home, but they can’t afford the down payment.
As mentioned above, when you buy a home, the money you pay each month will go towards paying off the mortgage of your home. While there are some people who buy a home and only live there for a few years, this may not be the most financially smart decision. If you know that you’re going to be moving somewhere new in a few years, or perhaps you or your spouse has a job that requires them to move quite frequently, it may be a better idea to rent a home instead of buy. When you rent, all you need to do is give the property owner or property management company a 30-day notice that you will need to leave, as opposed to having to go through the whole selling process if you bought your house.
When it comes to owning a home, two of the most important payments you will make will be your mortgage payment and your insurance payment. Insurance is vital if you own a home so that you know that you, your home, and your belongings are covered in case of an emergency. That being said, because your homeowner’s insurance covers so much, it’s often pretty pricey. When you rent, you will still need insurance, but compared to homeowners insurance, renters insurance is often much more affordable, helping you save money in the long run.
Interested In Learning More?
If you think that renting a home is the right path for you, Minnix Property Management is here to help! We offer professional property management services to property owners throughout West Texas, and we are dedicated to making our tenants’ stay with us a good one. Explore our website to view our available home rentals, and give us a call to learn more today!