We talk quite a bit about the benefits of owning a home, however what about renting a home? Many people (and especially a lot of young people) are having a hard time with the decision of renting vs. owning a home. And that is an understandable problem to have. Both owning and renting have their own perks. You should always consider these factors when making a decision as big as renting or buying a home. Renting is a big financial commitment, but often in different ways – as well as to different degrees. So in what areas is renting better than homeownership? Continue reading this article by residential movers NJ to see what are the 5 perks of renting in NJ.
What are the 5 perks of renting in NJ?
There are lots of perks of renting a home, from the cost to its flexibility of it. Some people only usually rent homes because it’s the right choice for their living situation, and that’s fine. Owning a home is not in every person’s life plan, so if you rent and love it, it’s probably because of some of these perks of renting. Professional movers NJ has compiled the 5 perks of renting in NJ just for you so keep reading.
1. It’s less expensive upfront
Renting has its own financial problems that you need to overcome, such as security deposits, non-refundable application fees first, and last month’s rent at signing. However, even added up those don’t compare to the costly requirement of a down payment and closing costs. While your monthly rent may be a bit more expensive than a monthly mortgage cost, you don’t need to worry about fronting things such as property taxes and home repairs.
2. Homeowner’s insurance, property taxes, and PMI insurance are not your responsibilities
Renters aren’t responsible for extra costs of owning a home like a homeowner’s insurance. These other expenses add up fast. This may mean that it’s less expensive to rent a similar home than to buy. This is particularly true if you don’t plan on living in the area for a long time. Sure, the crucial benefit of owning your home is that you get equity. However, in some situations, the amount of equity you get in a home might be way less than the money you’d save by renting. If you put the money that you’d save by renting into a savings account, it might be more than the equity you’d gain in your own home. When you relocated, you’d have more money in the savings account, compared to what you would’ve had in home equity.
3. It’s not so risky
Investments carry risk and buying a home is an investment. When you rent, you don’t have any worries about the market crashing and putting you underwater on your home, or that a costly and unexpected home repair is going to wipe out your savings account. The biggest risk you take on with renting is just whether or not you will be happy with the place that you rented, and that’s a risk that most of us can afford to take. If you’re not satisfied with the place you rent, movers Guttenberg NJ can help you to relocate again.
4. You have flexibility in case you need to relocate or change homes
In case you need to relocate for a job or personal reasons, renting allows you the ease of simply providing 60 days’ notice to vacate. This is way less labor-intensive compared to selling a home and renting might allow you to take advantage of career opportunities with more ease. Also, renting allows you to have a choice in terms of the type of home you live in. If you need to upsize or downsize you can do it so much quicker compared to if you were selling or buying a new home for the same reasons.
5. Renting can possibly provide a better environment
This is very true for new college graduates and singles under the age of 30. The life and environment in an apartment complex may be better than the life of a home you can buy. You might have a pool, clubhouse, free lawn care, and the ability to meet people your age. The general structure of the property you’re renting might be nicer than any house you could afford to buy. And, who knows, maybe you will find the love of your life just a few apartments down.
Bonus perk: No sweating over the small stuff
Things such as chipping paint and yellowing grass are not the end of the world. However, they require effort and time to deal with. When you’re renting a home, you don’t need to think twice about all of the small things that make homeownership such a big day-to-day responsibility. Actually, you will probably not even notice them most of the time. So if you like spending weekends hanging out with friends instead of climbing up on a ladder and clearing leaves out of the gutter, then renting might just be a better option for you.
These are 5 perks of renting in NJ. It’s a better option financially for many people, and it’s very beneficial for anyone who is not ready yet to set down their roots. If you travel a lot for pleasure or business or you just want to keep seeing more of the world, renting allows you to do that while also giving you a place to live that comes with not many responsibilities. Are you looking for movers Hackensack? We got you covered.