Perhaps you hope to buy a home at some point in the future, but if that is not what’s right for you at this time, then you’ll be glad to know that there are many benefits to renting! Whether you view renting as a stepping stone to buying a house, or you aren’t sure where your job may take you, renting can be very beneficial. Continue reading today’s post to learn the benefits that a house rental can offer you.
At Minnix Property management in West Texas, we are proud to offer quality housing and superior service through our house rental program. From multi-family rentals and single-family rentals to apartments and more, you are sure to find the rental home you need. Contact us today to view our available listings, and come home to West Texas.
1. Predictable Budget
While owning a home can be great, there are a number of expenses that can occur unexpectedly, including roof repairs, water heater replacements, and more. If you’re in a position financially to handle these types of situations, then you may not need to worry. For many people, however, knowing exactly how much money you’ll need to spend on housing each month is a great security. Renting a home offers two specific benefits that create a predictable budget:
- Lower monthly cost
- Lower ownership expenses
Lower Monthly Cost
Renting is usually a much lower monthly expenditure than homeownership, which can include your mortgage, property taxes, insurance, and even private mortgage insurance (PMI) if you opted for a lower down payment.
Lower Ownership Expenses
One of the benefits of renting is not having to worry about fixing a multitude of issues, including leaky roofs, faulty appliances, and more. As houses age, there are many repairs and fixes that need to be completed to keep it in great working order. If you want to keep your monthly expenses low, then renting a home is a much better option than purchasing one.
2. Greater Flexibility
Renting a home allows you to be flexible in a number of areas, which can relieve some of the stress that comes with owning a home. For example, owning a home in the city might be out of reach for you as a homeowner, but as a renter, you can enjoy all of the amenities that come with city living at a lower monthly cost. If you get a new job that requires you to relocate, then renting allows you to easily pack up and move. A change in your financial situation can be quickly aided by downsizing to a smaller rental home.
3. Less Responsibility
One of the great benefits of renting a home is that you will not have to worry about maintenance costs or repair bills. When you rent, the landlord is responsible for all maintenance, repairs, and improvements. When an appliance needs to be repaired or completely replaced, the responsibility will fall on the landlord — not on your wallet. Additionally, there are a number of utilities that are typically included in the rental cost, which means fewer bills for you to keep track of.
4. No Real Estate Taxes
Nobody enjoys paying taxes, and that is especially true when it comes to real estate taxes. Real estate taxes can pose a large burden for homeowners, as the costs can be thousands of dollars annually. With the expense of real estate taxes comes the risk of foreclosure. If you purchase a home and are no longer able to keep up with the payments, then you risk foreclosure, which has a long-term negative impact on your credit score.
At Minnix Property Management, we are proud to offer a wide variety of rentals throughout West Texas. Browse our website to view the cities in which we have listings, and contact us to learn more about our available units today!