While owning a home may be the ultimate lifelong goal for many people, homeownership is not for everyone. Although current home loan rates are fairly low, home prices themselves are skyrocketing so, for many people, renting may make more financial sense than purchasing a house. Read on to discover three top benefits of renting.
1. Your Money is Not Tied Up
One of the biggest advantages of renting is that you are not required to put up a huge sum of money upfront as a down payment. The security deposits paid for the first and the last months are minimal compared to those made by homeowners.
2. More Bargaining Power at Work
Renters have the freedom to live anywhere and work from any place of their liking. Unlike homeowners, renters can easily move to a new location once their contract terms have been fulfilled and proper notice has been provided to the property owner.
3. More Flexibility during Recessions
Some of the hardest-hit families during the Great Recession were those who lost their jobs and could not move elsewhere. It is more depressing when you are forced to sell assets in your 401(k) at lowered values to pay for a mortgage on a destroyed house. Renters, on the other hand, can simply move to a least-expensive place without selling their assets. The risk of financial hardship is left to the landlords.
The Bottom Line
Homeownership has its advantages, of course. As the demand for rentals continues to grow, so do the reasons for renting. It is, however, best to find a professional to help you with this process to help navigate the ins and outs of properties. It is easier for them to match you with the perfect neighborhood that fits your budget.
Gateway Realty NP is a leading property management company in western Nebraska. Our team of experts will schedule tours for you to see the apartment beforehand, and can even help you negotiate better terms with your landlord. Contact us today and let us be part of your journey to finding your dream home.