The rent vs. buy debate can seem never-ending, especially for people trying to decide which option is best for them.  Though there are many benefits of homeownership, there are also multiple benefits of renting as well.

Buying a home can sometimes be cheaper than renting a similar space, and it can provide options for equity growth and tax breaks.  Renting, however, is typically the favored housing choice for people who want flexibility and the affordability related to delaying ownership and maintenance responsibilities that come with buying a home.

BENEFITS OF RENTING

Renting is usually a low maintenance endeavor.  If the furnace breaks in the middle of winter or the roof suddenly has a leak, the only thing a tenant needs to worry about is calling their property manager and letting them know.  Property managers like Martin Feinberg have the primary responsibility of maintaining the property and taking care of repairs, which helps to keep life simple for their tenants.  Some property managers even handle tasks such as shoveling snow or cleaning gutters. Though these things sound simple they can add up to a lot of time and expense for homeowners.

Renting can also be much less stressful than homeownership.  Homeownership requires dealing with everyday responsibilities such as landscaping, appliances, and regular upkeep along with the more difficult problems like rotten structures or cracked foundations.  A renter’s main responsibility, on the other hand, is to pay the rent on time and maintain the property in the same condition they leased it.

Another benefit of renting is the flexibility that it provides.  If relocation becomes necessary, moving from a rental property is a lot easier than moving from a home.  Most renters enjoy the ease at which they can move for a new job, decide to live in a new city, move to be closer to family, or upgrade and downgrade to a different type of property.

Also, for those people who want to live in more urban areas and enjoy the economic energy that typically exists in city centers, renting is almost always the more affordable option. Renting in such locations allows tenants to enjoy the convenience of living close to stores, restaurants, and offices.  Home-buyers would usually need to look in the suburbs for similarly priced properties.

Professional property managers can help potential tenants understand the many advantages of renting, and help them decide if renting a specific property or unit makes sense for them.  Professional realtors understand that owning a home comes with its own perks as well and can also help potential homebuyers with that important decision.  In the end, the choice ultimately comes down to a person’s financial situation, personal preferences, and which benefits they believe to be most important for themselves and their families.