There will always be folks in need of a place to rent. Even as the housing market becomes more and more attractive to potential first-time home buyers, new tenants are graduating college, looking for their first place to rent. Of course, in a good economy, buying a home does become more appealing, which is why Scott Safadi of Cal Bay Property Management recommends brushing up on some of the most compelling reasons to rent over buying.
The most obvious reason to rent? It saves you serious cash. When folks are hard up for a down payment, buying a house just isn't an option. Not only do you not need a huge amount of cash up front, you also don't need to pay things like property taxes when renting. While it's easy to think only of your monthly mortgage payment when buying a home, the reality is that there are dozens of unexpected costs to add to that price tag. Renting, on the other hand, is upfront. What you see is what you get.
The lack of maintenance associated with renting can also be appealing. Homeowners must rely on themselves to rake leaves, mow the grass, and make any repairs necessary to their home. Tenants, on the other hand, rely on their landlords for these services. Lean on these benefits hard when convincing folks to move in; the benefits simply can't be understated.
Renting is also a great option for people with no long-term plans. For those who have just begun new jobs and are unsure of whether or not they will stick around town for decades, renting is the best choice. Even for those whole plan to stay local, having the option to move quickly and easily to another area nearby can be beneficial.
No matter which tact you take, there are plenty of good reasons to rent over buying a home. Keep these talking points in mind the next time you have a tenant wavering between renting or buying!
- Scott Safadi, Cal Bay Property Management
