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
Judy Szablak
With over 30 years in the industry, Realtor Judy Szablak has been on national television for her real estate expertise on the HGTV Network, featured on Martha Stewart Living Radio "Morning Living” , NPR radio as an expert real estate panelist, It’s Relevant News channel, and quoted in the Wall Street Journal for her in depth knowledge of Fairfield County Connecticut real estate.
She was also on the local NPR radio station (WSHU) as a Fairfield County CT real estate expert. Judy has provided multiple online respected news sources with her real estate expertise including The Daily Easton, The Daily Weston, The Daily Fairfield, The Daily Stamford and The Daily Greenwich, as well as in print in the New York Post. She is a weekly Real Estate Columnist for WestportNow.com, another real estate column "Real Estate With Judy” is syndicated through Hearst CT Media Online and seen in The Connecticut Post, The Danbury News-Times, The Stamford Advocate, The Greenwich Time, The Hour, Fairfield Citizen, Westport News, Darien News, New Canaan News and the Wilton Villager.
Judy is also the author of the book, The Art of Buying or Selling a Home, available at all major book retailers. Additionally, Judy has been nationally recognized in a number of national real estate trade magazines, some with distribution to over 1 million members. She was featured in Real Estate Today as early as 1994 for her commitment to, and implementation of technology in real estate. Judy appeared in the Certified Residential Specialist Magazine, as she provided advice on marketing strategies and ethics in the article titled "Marketing Makeovers.”
Judy was also featured in REALTOR® Magazine, regarding image enhancement for Realtors. She was again featured in REALTOR® Magazine, in an article on "Achieving Flow” and operating at optimal peak performance. In another article in the same publication, Judy offered guidance to fellow real estate professionals as she explored the topic of implementing and maintaining personal websites. She has appeared in The Council of Residential Specialists Magazine, which featured her ideas regarding technology. Additionally, Judy authored an article on marketing and technology for the Certified Residential Specialist (CRS) Online Magazine. On two occasions, in 2015 and 2017, she appeared as a featured agent in Top Agent Magazine. I have a few other websites- www.TheCtrealtyBlog.com www.CtHomesAndRealEstate.com www.BestWestportHomes.com www.ThePetitePowerhouse.com www,SzablakConsulting.com
