Are you in the process of looking for a home? If so, maybe you're intent on living the American Dream and wish to buy your own. What you may not realize, however, is that there are many advantages of finding a home for rent instead of buying one. In fact, because of all the benefits renting has over buying, the number of rentals for single family-homes has increased by 30% in the last 3 years.
Here are three great reasons to rent instead of buy.
1. You Don't Have to Pay Property Taxes
When you rent a home, you don't own any of the property. This means you won't have to pay any property taxes. This particular tax varies, as the amount depends on the value of your home. For some, this expense can be quite hefty and burdensome to pay. This is especially true if you live in any of these states that have some of the highest property taxes in the country:
- New Jersey
- North Dakota
On average, Americans pay $2,127 in property taxes every year.
2. You Don't Have to Pay for Repairs
Repairs can be expensive, and one more reason you should rent instead of buy, is so you don't have to pay for a majority of the repairs. If you own the appliance, you will of course need to pay for your own repairs, but many rental managers supply certain appliances, such as refrigerators and stoves for the renter.
When the appliance that is owned by the property manager breaks down, they will be required to either repair or replace these appliances. Also, if something goes wrong with the plumbing or heating and cooling system, they will need to pay for these repairs as well. This is the case as long as the appliance doesn't get damaged or misused by the renter.
3. You Don't Have to Do Any Yard Work
In most cases, the yard work on a rental property is something that the property manager will take care of. This means you won't have to worry about shoveling snow, mowing the lawn, or trimming the trees. Not having to do the yardwork is especially good news for those who are elderly, have limited mobility, or simply do not have a lot of extra time to spend pulling weeds and doing other landscaping chores.
If you don't want to pay property taxes, you don't want to pay for repairs on appliances that you use but don't own, or you don't want to do any yard work, finding a home for rent is the best thing for you. Contact a company, like ABA Rental Properties Inc, for more help.