With ever-shifting real estate prices and interest rates, many people are turning to rental real estate for their living. While getting a mortgage is often viewed as an essential part of life, renting may be a reasonable alternative. Here are a few reasons why rental real estate may be an excellent option for you and your family.
- Maintenance: If you are renting a property then usually it is not your responsibility to keep it running. Large bills like a plumbing leak or an air conditioning unit would fall onto the lap of the landlord. Not having to think about maintenance costs of a home is a great luxury.
- Taxes: Usually the property taxes will also fall onto the landlord. They will be factored into the cost of rent more than likely, but since the cost of rent is already fairly low then it should not be a problem.
- Flexibility: When you own a home, it can be very difficult to move. You have to think about buying and selling a home all while doing many calculations about finances and equity. With rental real estate you are not tied to a mortgage for 30 years and can move fairly easily without facing huge financial repercussions.
- Insurance Costs: The bottom line is that home insurance is far more expensive than renter’s insurance. Renters insurance is both important and inexpensive, so you would be saving money on insurance costs with rental real estate.
While there are many pros and cons to both renting and buying, renting should not be pushed to the wayside. There are many advantages to rental real estate that should be considered when looking for a home.
