Renting is the Right Solution for Consumers Reluctant to Buy Homes

A lifetime goal that many U.S. citizens try to achieve is home ownership. While both renting and buying have their own unique benefits, for many people renting does have an upper edge when the economy is poor. There are many benefits to renting for consumers who are reluctant of buying homes.

While buying a home may be beneficial for consumers over a long period, for new consumers who aren't unsure, renting is the best option. There are many examples that show how renting can save real estate investors a considerable amount of money. Whether to rent or buy your own house is a choice that is entirely personal. Before making a swift decision, make sure to review the details and make the financial decision that best fits you and your family.

Here is a look at the top benefits that attracts people to the renting realm.

No Repair Bills or Maintenance Costs

A clear-cut advantage that renters have is that they do not have repair bills or maintenance costs to pay off. When you own a rental property, it is your landlord's responsibility to pay off all the maintenance and repair costs. If the roof starts leaking, or an appliance stops working, you are not financially responsible to have these things repaired.

Easy Access to Amenities

Another financial advantage to renting is having access to amenities that would otherwise be very costly. Luxuries such as a fitness center or a swimming pool come standard at many apartment complexes with no additional costs to tenants.

Rocky Market Creating More Renters

While many experts say the U.S. Housing market is making a recovery, others aren't very sure. According to an article written by International Business Times, the market is just now stabilizing, but the word 'recovery' has no warranty. As foreclosures continue, many consumers are scared off of buying altogether. By renting, consumers are avoiding potentially owing a mortgage that is often higher than the house's worth.

Decreasing Property Value

Property values increase and decrease, and while this may impact homeowners in a huge way, it does not impact renters. Home value decides the amount of your mortgage, property taxes and more. In a shaky housing market, renters are not as negatively affected.

Flexibility to Downsize

By renting, consumers have an option to downsize into a more affordable living space at the end of their lease. For a homeowner, it often gets much more difficult to break free of a costly house because of the fees associated with buying and selling a home.

Lower Insurance Costs

While homeowners are required to maintain a home owner's insurance policy, renters would be smart to invest in a renter's insurance policy. Fortunately for renters, renter's insurance is quite cheaper and offers good coverage.

Lower Utility Costs

With homes getting bigger and bigger, it is often much more cost-effective to heat and power a small rental home or an apartment as compared to a larger home. Since rental homes typically have a smaller floor plan, renters can expect lower utility costs.

Landlord Lenders is one of the leading rental mortgage lenders in U.S. We understand the challenges that real estate investors face, and therefore, are here to offer blanket loans for rental properties. We specialize in rental properties having 1-4 family home and also 5+ unit condos. Contact us at 888-375-7977 to schedule a consultation Today.