For decades, buying a home was viewed as an integral part of achieving the American Dream. Yet, today’s young adults are avoiding the milestone at a higher rate than generations past. The decision to not dive into ownership isn’t a surprise once you consider all the benefits of rental homes. Below is a brief guide to why the benefits of renting can outweigh buying a house.
Level of Investment
One of the biggest shocks for new buyers is the additional costs of homeownership. Outside of the mortgage and insurance, buying a house also results in yearly maintenance fees and property taxes. There’s also plenty of opportunity for unexpected repairs — all of which are out-of-pocket expenses. With a rental home, the landlord handles these responsibilities, so you only have to worry about paying rent and utilities.
Opting to rent is also a low-commitment choice. Most leases are set for 12 months, so you don’t have to worry about being stuck in a property or area that you dislike long-term. If you love your location, it’s easy to renew the lease for another year. Such freedom stands in stark contrast to a home purchase, which is traditionally a multi-year or -decade obligation.
Access to Additional Perks
While it depends on the property, most rental homes come with supplemental perks. Many locations offer access to amenities, like pools and gyms, without additional monthly costs. Renting also opens up access to desirable neighborhoods, like downtown districts. As such, more people can afford to live in the area by bypassing the higher costs of ownership, like property taxes and a down payment.
Are you looking for a rental home in the Sacramento County or San Joaquin County, CA? Turn to Realty Roundup to find the ideal option for your circumstances. Since 1978, the full-service property management company has successfully met the needs of renters throughout the Central Valley area, including Elk Grove, Galt, and Stockton. The team has built a reputation for their level of professionalism and reliability. Begin your rental home search on their website or call (916) 685-6601 today.