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3 Ways Renting a Home Can Benefit You

by Brenda Vrooman & Gay Atkins 06/14/2022

If you’re trying to determine whether it’s better to rent or own a home, it’s crucial to weigh the options regarding your personal situation. Both renting and owning have their advantages and disadvantages, which can even vary from one person to the next. Here are some reasons renting might be the best choice for you:

Shorter Contract

One advantage of renting is that it allows you to be more flexible than if you were to buy property. Depending on the terms of the lease, you might only be obligated to live in a rental for one year or less. Many rental agreements offer month-to-month for even greater flexibility. The lack of long-term commitment may make it easier to move around for personal preference, work opportunities and more.

Maintenance Handled

When you rent, you are not responsible for major upkeep and maintenance of the property. If an appliance breaks down or if you have a leaky pipe, there are designated professionals available to help you. Even if it’s only the property owner or manager rather than a fully staffed complex, you know you won’t have to deal with maintenance emergencies on your own. Other things like landscaping, exterior paint and other repairs are the responsibility of the owner or manager, not the tenants.

Relaxed Qualification

It’s much easier to qualify for a rental than for a mortgage. Specific requirements vary from one rental to the next, but you rarely need to have as high a credit score or traditional income to be approved. Many renters allow co-signers in their rental agreements to help make up for any financial metric that might be lacking. Instead of shopping around for a loan, most rentals will have much more lenient requirements for approval.

Renting is not for everyone. However, there may be an appeal for those between houses or starting out on their home buying journey. Likewise, rental homes make for excellent investment opportunities, as many tenants may want the quiet of a house with the amenities of a complex.

About the Author
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Brenda Vrooman & Gay Atkins

Hello! We are Brenda Vrooman and Gay Atkins. We would love to assist you. Together we have over 60 years residential real estate experience. We've sold over $17.5 million in residential real estate in 2021! Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. We'd be honored to put our real estate experience to work for you. Let us help you find your beach retreat on any of the Brunswick County Islands....Holden Beach, Oak Island, Ocean Isle Beach, Sunset Beach or Bald Head Island. If golfing is your dream....we have homes and homesites in Lockwood Folly Country Club, Rivers Edge Golf & Plantation, Winding River, Ocean Ridge Plantation, Crow Creek, Meadowlands, Sea Trail, Brunswick Plantation, Carolina National and many more. How about a country estate...we have those too!!