Oklahoma Logo

Back

Why Buy, When You Can Rent?

By Colleen Colkitt

There are many advantages of renting a property rather than buying a home. Buying a house comes with a lot of added stress and costs. When purchasing a real estate property, the buyer has to deal with mortgages, making their own repairs and renovations, determining if their house will decrease in value over time, and making huge financial commitments they may not be ready to make.

Help yourself by checking out the advantages of renting a property verses buying. There is so much more freedom in renting than buying, and it's up to you to find out!

Lifestyle

For most people, they don't even know what they're going to eat for dinner, let alone where they'll want to live in ten years. Who knows what will happen with your job or relationships in the future, and renting is the perfect way to avoid over-commitments. Finding a place to rent in a popular city or attractive location is much easier than buying a property. This type of living situation allows for travel and mobility, and also flexibility as you can speak with your landlord or property owner about extending your lease or even ending it early.

Lease

Down payments for buying houses can be very expensive, but with a rented property you typically only worry about the security deposit and monthly rent, which is much more reasonable in terms of cost. The lease outlines how much your rent will be each month and if utilities are included or not. The renter does not have to pay property state or federal tax.

The lease will have a policy for moving out, and if the renter decides to end the lease early or extend it due to whatever circumstances, this can be discussed with the property owner and negotiated. With ownership of a house, selling and moving is an expensive and time-consuming hassle, whereas renting is made easy with lease agreements.

Liability

Another great thing about renting is the renter claims no responsibility or burden for making repairs or renovations to the property or area. Paying for general upkeep and maintenance is the job for the landlord, and it gives the renter much more time to worry about the things that matter. Renting gives a person more time to enjoy their property and spend time doing the things they want to do.

Share this:

Comments

Leave a comment:

* Login in order to leave a comment. Don't have an account? Join for Free



About The Author

Become an Expert Contributor

Have some knowledge to share, and want easy and effective exposure to our audience? Get your articles or guides featured on Oklahoma Homes today! Learn more about being an expert contributor.

Learn More