Rent To Save Money
There is sometimes a negative stigma associated with renting a space, rather than purchasing. While there are reasons to support that stigma, there are also many benefits to renting over buying. For example, renting gives one the ability to save money in order to purchase a home in the future, and gives the tenant access to amenities they may not be able to affordable to own.
Renting a property is a great way to start saving for long-term goal, such as putting a down payment on a dream home. Renting can be viewed as a waste of time because over each payment, no equity is accrued, but being able to put a substantial down payment on a permanent home is worth the period of time in which equity is not gained.
Over time, a renter may be able to save thousands of dollars toward a new home, which could help reduce the mortgage for the home that the buyer always wanted. This shows the unparalleled value of renting, when it comes to saving money.
No Large-scale Maintenance Required
Low maintenance is a big perk to renting a property. Time consuming yard work such as mowing the lawn in the summer, raking leaves in the fall, and shoveling snow in the winter are all usually taken care of by the owner of the rented space. Plumbing and structural repairs can be costly, but in most rental agreements the owner will absorb these costs and organize the repair. This saves time, money and stress for the renter.
Expensive Amenities Included
Often times, the rental agreement will include a list of amenities that the renter can use while renting an apartment or home. These amenities are often too expensive to own, but become available through renting. Utilities such as washing machines and dryers can be included in the amenities. A pool and fitness center might be out of the price range of a home owner making mortgage payments, but these items can be included in an apartment complex for a much lower price, often included in the rent. Being able to access these luxurious amenities makes renting a property very valuable and more cost effective.