Pros and Cons of Renting a Home
Do you currently reside in a rental home in a metropolitan area? Are you considering buying rather than renting? Before making such a life – changing decision, it’s important to look at the pros and cons of renting a home. You may learn that renting, as opposed to buying, meets your current needs.
For many people, finances factor largely into both the pros and cons of renting a home. Renters are charged with putting down a security deposit, and, oftentimes, the first and last months’ rent are due at the time of lease signing. This can be a substantial amount of money, a burden for some. Plus, when you pay rent, that money is gone forever. One of the largest cons of renting a home is that you don’t have the option to build equity in your property based on your monthly payments. However, one pro of renting a home is that the monthly payments are often far less expensive than those of a mortgage.
While monthly rental payments are likely to be smaller than monthly mortgage payments, you’re not necessarily investing in your property. If this sounds like a negative aspect of renting a home, let’s take a look at the other side. If your roof leaks or your refrigerator breaks, as a homeowner, you’re 100 percent responsible for the repairs. If you rent, these repairs will be covered by your landlord or your property management agency.
The landlord factor is another important aspect to consider when thinking about the pros and cons of renting a home. While it’s convenient to call a landlord for repairs and general home maintenance, he or she may also impose certain restrictions. Many landlords don’t allow tenants to take creative license within the rented space. This can range from rules pertaining to wall color to noise ordinances and parking permissions.
Contemplate also rent increases and moving flexibility when listing the pros and cons of renting a home. Your landlord has the right to raise the rent at the end of a leasing period. For many, this means deciding whether paying extra rent is more cost effective than incurring the expenses of moving. Yet, one of the biggest pros of renting a home is that you can do just that – move. With a mortgage, you have to go through the process of selling your home before you can relocate, a process that can be both lengthy and costly.
Some renters enjoy benefits such as included yard maintenance, access to a community pool and / or fitness facility, as well as proximity to public transportation. This can be especially true if you rent a condo or apartment home. Dealing with less than desirable neighbors, restrictions on pets and HOA fees, however, could be considered cons of renting.
Summary: Obviously, the pros and cons of renting a home in Atlanta are many, and choosing between renting and buying is a very personal decision. If you’re unsure where you’ll be in five to ten years; the possibility of restrictions and rent increases is amenable; and you prefer leaving the responsibilities of home repairs to others, renting is probably for you.