This year has been filled with unexpected occurrences, and perhaps you feel like a change is required when making major financial decisions regarding your living situation. With the market changing, you may wonder whether to buy or rent a house this year. Follow along as we outline the advantages of renting a home compared to purchasing one in 2020.

Not as costly

Renting has its fair share of financial hurdles, like security deposits and non-refundable application fees. Your rent might be higher than a monthly mortgage cost, but at least you don’t have to worry about property taxes and home repairs. Now, renting is still a much more affordable option than purchasing a home. Opting to buy a house comes with hefty down payments and closing costs.

Less Risk

Buying a home is a costly investment that comes with risks. On the other hand, renting means you don’t have to worry about the market crashing or unexpected home repairs that could potentially wipe out your savings. The biggest risk of renting is whether or not you’ll be happy with the place you’ve rented.

Flexibility

The freedom that comes with renting can’t be trumped. The possibilities are endless. Do you feel like packing up and moving to a different country? Breaking a lease is much easier than selling a house, and the worst case scenario is you only have to put up with it for a year or so, which is STILL faster and less hassle than selling a house.

Don’t Worry About Repairs

Living in a home, you can expect issues to arise anytime. Plumbing and maintenance costs will be covered by your landlord, however depending on your lease, you could be required to contribute to the repairs that are a result of your actions. It’s way less stressful to call your landlord to have something fixed than to call and pay off repairs on your own.

Forget About Property Taxes

Property taxes are a huge expense of home ownership. When renting, you don’t have to worry about paying the property taxes for your unit. These taxes vary from state to state, but either way, it’s a huge burden that would put an affordable home outside a buyer’s price range.

No Unexpected Costs

Homeownership is a variable-cost endeavor. This is because of your mortgage terms, as interest rates change over time. This would result in a fluctuation of property taxes as well. Another advantage of renting is that you have a set monthly amount for the lease term.

Extra Included Benefits

Depending on your landlord or management, some companies will cover utility costs for their tenants. This can include free internet, water, heat, etc. So, pay attention to any houses for rent to see if they require you to pay for utilities.

Fewer Things To Worry About

You cannot worry about the small stuff living in a rental property. For example, small issues like chipping paint or damaged window frames aren’t the biggest problem but require time and effort. When renting, you don’t have to worry about all the little things that make homeownership a big responsibility.

No Need To Worry About Upgrading

When renting your home, it’s easier to be satisfied with an outdated kitchen or mediocre-looking bathroom. On the other hand, homeowners who have been in it for a long time must spend large amounts on upgrading and renovating their houses. This is also because it will have more value when they choose to sell the property.

Ultimately, whether you choose to rent or buy comes down to what you can afford and how much responsibility you want to have. Homeownership is a great experience and comes with its perks. Renting, however, does have the upper hand when it comes to costs and flexibility. Make the most suitable for you and your finances.

Buckeye Northwest Realty provides houses for rent in Toledo, Ohio, and the surrounding areas. To learn more about houses for rent, contact us today!