No matter who you are - a student, a businessman, a millennial on the move, or a big family moving to a new city, at some point in your life you will have to rent a home. Rare are the people who do not do this at least once. This usually happens because of financial reasons, as buying a home is one of the biggest investments one can make. Or, it usually happens because people are at a strange place at the moment and they are not quite sure where to go next. In both ways, renting is a perfect solution. But, whatever the reason may be, renting does come with pros and cons. Thus, if you were wondering whether to rent anytime soon, keep on reading because you might find this article helpful.
Pro: Renting Homes may be Cheaper than Buying
Before you start packing your bags and looking for help relocating to a new neighborhood in Tampa, or anywhere else for that matter, first you need to decide what your budget is and how long you plan on staying there. Then, you can decide whether it would be better to rent a home or buy one. Of course, if your budget is not big and if you are not quite sure what the future holds for you in that new city or state, it would be a much better idea to rent. For that, you only need to find a suitable home and come up with a deposit and security check, and possibly first and last month’s rent when moving in. About everything else, you will worry next month.
Con: Renting Homes is More Expensive in the Long Run
However, if you already know what you plan on doing with your life, that is, if you are moving and staying in Tampa for the rest of your life (or for the majority of it), it makes more sense to buy a home than rent it. Why? Because it will be cheaper in the long run. Of course, you would still need to work hard for the money and to pay all those monthly checks and be burdened by the mortgage until your home is paid off, but in the end, you will have something completely yours, you will have a home that is rent-free. That is not the situation with renting. Renting is something you do when you do not have a place of your own and you do it for as long as you stay there. Moreover, your rent could rise at any moment, and if your landlord does not give you a notice in advance, you might be in trouble.
Pro: Your Landlord is Responsible for Everything
People who own houses or apartments know that homes themselves come with a lot of pros and cons too. There is always something to repair, there is always something that needs to be changed, etc. On top of that, each month there is a remodeling project that must be done. And, unless you are a handyman with a lot of money and free time, all these projects will be an annoyance. If you are not, it makes much more sense to simply rent and let somebody else take care of the home you are living in. There is a problem with piping? No problem, the landlord will take care of it. The home is in a desperate need or repainting? Again, no problem, the landlord will repaint it. You will not have to worry about finding the time nor the money to do any changes and fixes. Landlords understand the pros and cons of rental property investment, and they know what their role is, too.
Con: No Freedom
On the other hand, renting a home and having a landlord means no freedom. If you want to change something in the house or the apartment you are living in, or simply personalize it a bit, you will have to ask your landlord for permission. And, in most cases, she or she will say - no. Why? Well, because, again, they do not want to waste their own time and money for doing something that is unnecessary to them. So, if you really hate the colors of your walls or if the windows do not shut well, there is nothing you can do. You can either learn to live with it or start looking for a new home. In addition to this, renting homes also means that you will not have the freedom to do everything you want as well. There may be some restrictions imposed by the landlord - no pets, no parties, no loud music, etc. Thus, evaluate your lifestyle before you make any decisions.
Pro: You Can Easily Change Homes
If you, for example, have a job that forces you to change your city, state, or even continent, quite often, there is no point in buying a home. Why would you need to go through all that struggle of buying and selling a home every time you have to relocate? Nobody wants to do that. That is why people who have those kinds of jobs rent homes, and not buy. Renting homes makes more sense to them. It is the same with people who are students or those who enjoy traveling, for example. You can easily change your home, and not worry about a thing. What is more, you will have the ability to not only live in a place you never did before but also live in a home that you probably cannot afford to buy. You can choose a home that suits your current budget and your current needs. And, if they change, no problem, you can change your home, too!