Most people consider homeownership as their lifetime goal. But even getting a Georgia mortgage loan can be a bit daunting. That’s why people nowadays opt to rent a home instead. Although both renting and buying have their own advantages, renting for some appears more practical. Here are some of the reasons why it’s financially better to rent rather than to own a house.
Easy Access to Amenities
Some real estates have an access to amenities like pools or even a fitness center. Amenities like this can be very expensive if you’re planning to have one for your own. Tenants have complete access to such amenities if these are available in their place. Maintenance of these amenities can be expensive, but only the homeowners are the ones who are responsible for any maintenance cost or any installation that are needed.
No Repair Bills to Worry About
Getting a mortgage to acquire a house can be very expensive, not to mention the cost of maintenance and repairs. But when you rent a house or a room, your landlord is the one who should be responsible for all the repair and maintenance cost. So if your roof starts to leak or if you have problems with your pipes, your landlord has the financial responsibility to have it fixed. These costs can be expensive, depending on what needs to be repaired. Since you’re a tenant and not the homeowners, you are not responsible for any repair, maintenance or renovation that needs to be done with the house.
No Hassles with Big Down Payments
Most mortgage companies in all states, even Georgia, would require at least a down payment of 20% to process their loan application. This can be quite a hefty amount if compared to the one month deposit that your landlord may require. Renting can help you avoid the initial down payment costs of applying for a mortgage.
Depreciating Property Value
According to real estate agents in Savannah, A real estate’s market value fluctuates, depending on the economy. Renters are not affected if the value’s property go up or down. This is great especially if you’re not sure about the real estate market’s movement.
Options to Move- out
When you are a homeowner, moving out from your own house can be very difficult. It involves fees and a whole lot of paperwork just to sell your house. Tenants or renters are free from all that. They can either downgrade their space at the end of their lease without anything to worry about. This is very important, especially to those who are only trying to make ends meet. An option to move to a different place that offers a much more affordable one can be a great way to save extra.<< Back to the list.
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