The pros and cons of renting home

Regardless of the big-picture in your current life. Whether you are moving out for the first time, moving in with a roommate, or are faced with a major life decision. The decision to rent or buy a home greatly varies from person to person. The option that is best for you in terms of quality of life, comfort, and money is certainly a personal choice, one that requires careful deliberation. You will have to weigh your options, as they both have disadvantages and advantages. We have compiled a list of the pros and cons of renting home to get you started. Read below our list of the pros and cons of renting home.

Pros:

Renting home is not a costly purchase process.
When you rent home you will know exactly how much you going to spend on housing each month.
Aside from first month’s rent and a likely security deposit, renting home has fewer upfront expenses.
Renting is typically less than the going cost of a mortgage.
You may rent in an area that you otherwise wouldn’t be able to afford to buy.
Renting allows more flexibility than owning a home.
Renting requires no long-term commitment.
No mortgage! You don’t have to worry about paying mortgage for the next 30 years.
When you rent a home, the owner (Landlord) of the property is the one that will pay property taxes, maintenance, and repairs.
When your toilet breaks down you won’t have to worry about finding and paying a trustworthy plumber to come out and fix it. You will simply call your helpful resident plumber and get it fixed for free.
Rental properties may provide many recreational facilities you would like. Such as a swimming pool, gym, and tennis court.
Rental properties may also provide laundry facilities, which would save you the initial expense of purchasing a washer and a dryer.
When you feel the need to pick up and move, you can do so with way less effort. You are not responsible for finding a buyer to purchase the property, as this is the responsibility of the Landlord. Selling is usually a much longer process, taking months or sometimes years.
You can freely move on for any reason, such as a job relocation, downsizing, upsizing, etc.

Cons:

You will most likely have to pay a security deposit and first month’s rent as soon as you move into your rental unit. A security deposit is a form of protection that your Landlord takes in the case that the property sustains damage, past due rent, or you decide to break the lease.
You cannot make changes to a rented property without the consent of your Landlord.
In most cases, you will sign a lease for a duration of one year.
You are bound by the rules of the lease agreement, which can impact the way you able to use the property.
After the one-year is up, you may make the decision to stay for another year or move out.
There is no guarantee that a lease will be renewed when it expires.
If you decide to stay, you will have to sign the lease for another full year. Unless you live in a rent-controlled building, your Landlord holds the right to raise your rent at this time.
Utilities vary by landlord and region. In some cases, all utilities may be included in the monthly rent. However, in most cases, renters are responsible for most or all utilities.
If you have a pet, you may have to pay rent on the monthly basis for them to reside with you. Pet rent is the expected cost of pet-related wear and tear over the tenant’s entire stay, usually amounting to $10 to $40 per month.
Many rental properties don’t have laundry machines on the premises. You will have to either find a nearby Laundromat or use coin or card-operated machines onsite.
Inability to build equity or return on investment since the property will never legally belong to you.
You cannot claim any deduction for property taxes on your tax return.
Ultimately, you won’t have anything to show for it, despite all those payments. Nothing to pass down to next generation or to sell for cash proceeds.