3 Advantages of Renting Over Buying

With the population continuing to bloom, there has been a rising need for urban development by companies like the one run by CEO Aubrey Ferrao. Land development services like those provided by Aubrey Ferrao are in demand. However, many of the residential areas coming into being have as many rental properties as home owners.

This is because a large portion of both millennials and older generations prefer to rent. Why is this, you may ask? Well, as great as home ownership is, renting does come with some distinct benefits.

1. Lower Financial Investment

Renting a home does not require a large down payment. While a security deposit may be required, this money may be recovered upon leaving if you take care not to cause undue damage. It is also generally considerably less than a down payment, which is often equal to a large percentage of the building’s full purchase cost. Another advantage of renting is the lack of property taxes, which can also represent a sizeable expense. Furthermore, as renters are not responsible for maintenance and repairs, they are also free of costs for upkeep. Renter’s insurance is also cheaper than homeowner’s insurance.

2. Less Responsibility

Overall, there is less stress associated with renting because responsibility for things like maintenance and keeping property value up fall on the owner rather than yourself. There is no homeowner’s association to deal with and no mortgage to worry about. Amenities like a gym or pool are also often provided without the associated cost and worries of installation and care.

3. More Flexibility

There is also vastly more flexibility. It is easier to relocate as you wish and downsize if you need to or want to once your lease is up. You do not have to wait until you can find a buyer for your home or go through the hassle of putting it up for sale.

Both renting and home ownership possess many positives. These are not the only good points of renting, but fewer responsibilities, a decrease in the funds required for living and greater flexibility are appealing to many.