Annapolis Property Services, as residential property management specialists, is often asked the questions – Is it better to rent a house or buy? In theory this should be an easy question to answer but in reality it is not. The choice between renting a house and buying one is a big financial decision and depends on many individual variables. To help you decide which is better for you we have listed the some of the top benefits of renting a house.
5 Benefits of Renting a House vs. Buying a House
- The monthly cost of renting can be lower, even for a home of similar size and quality in the same community.
- Renters don’t pay property taxes and homeowner’s insurance
- Although renters don’t end up with a valuable asset, as buyers do when they pay off a mortgage, renters might be able to make more money by investing the monthly savings.
- Renters often have greater flexibility to move to a different part of the country, which can be important in a weak job market. They may feel freer to look for work in another city, and they don’t have to wait to sell their home if the right opportunity opens up.
- Even people who want to own a home at some point can benefit from renting for a while to save up for a larger down payment. If the available inventory is thin, they can rent while they wait for a wider variety of homes to be listed for sale.