Pros and Cons of Renting a Home

Home ownership is almost an expected step that people consider at some point in their lives, but not everyone should necessarily make such an investment. There are times when renting a home is a better option. Understand the advantages and disadvantages of renting to help you make a more informed decision.  Less Expensive When you rent a home, you sign a lease as you would in an apartment. This means your monthly rent is typically lower than a mortgage because you do not have to pay property taxes or insurance. The con to moving into a rental home is that the deposits can be steep. You generally pay first and last month’s rent, along with any pet deposits. This can be quite a bit of money upfront. Maintenance When you rent a home, you are not responsible to fix any maintenance issues. If the roof begins leaking, it is your landlord’s responsibility to fix it as well as anything else that may break during the course of your lease. The disadvantage is that not all landlords are responsive to your request, which means you may end up putting buckets out to catch the water from the leak in the roof until your landlord fixes the issue. Under the law and the agreement of the lease, the landlord is responsible to fix maintenance issues, but it does not mean that he will fix them as fast as you would like.  Personalizing the Home A disadvantage to renting is that you cannot decide to knock down walls or start pulling up the flooring and replacing it as you could if the home belonged to you. However, you can often negotiate the price of the rent prior to moving in by offering to paint the walls with approved colors. A fresh coat of paint in a color you like can make the home feel more personalized. No Ties to the Neighborhood If the neighborhood suddenly begins to attract noisy neighbors, you can move out at the end of your lease agreement, with no obligation to the home. This is also useful if you get a job offer in another state. Moving from a rental is easier than selling your home when you need to move quickly. On the downside, if you live in the rental for a number of years and leave, you have built up no equity in the home.

 

By: Teri Schneider,  experts.merchantcircle.com

Category : Blog &Latest News

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Founded in 1988 by Bert A. less, Leco Realty has a staff of seven full time employees and a full complement of crafts and maintenance vendors. Still a family owned operation, the company manages over 1,500 units in the Memphis metropolitan area. Read More

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