There are many benefits to leasing a home and many reasons you may choose to rent a home rather than buy a home. The obvious reasons include less exposure to a poor housing market and more flexibility on where you want to live. As we have seen in the recent past, owning a home is not necessarily the financial windfall that it's marketed to be.
Here are a few other reasons to rent a home:
- Tenants do not pay expenses for normal maintenance and repairs. If something breaks down it the landlord tracks down contractors, and fixes it.
- Renting gives you time try out to a new area determine if you like it. This is especially valuable for those who are moving to a new area.
- Renting is a great way to establish or improve your credit.
- You can normally rent a house for the same price as an apartment, but you get more space and privacy. Sometimes even a garage and yard.
- Often you can rent a home that is nicer and bigger than what you could afford to buy
- Renting typically requires less cash out of pocket than buying. Buying is normally 20% down.
- The approval process is much easier for the rental process than the loan process, and you can rent a very nice home with less than perfect credit.
- Leasing can be a better lifestyle for some because it’s easy to just pick up and move without the hassle of selling a home.