You constantly hear of the advantage of owning a home; it is after all the “American Dream” for many to progress to the point in their lives where they are financially stable enough to plant down roots and own their own home, but what about the advantages of renting a home instead of a traditional rental like an apartment? Both renting and owning a home have their advantages and disadvantages, and your circumstances should always be considered before choosing for you and your family. Although renting a home does not often seem as advantageous as owning a home, it does have some perks; let’s discuss those perks further.
Renting, In General, Is Less Expensive To Get Started
Renting is less expensive than owning, to begin with. Although the initial security deposit and first month’s rent seem intimidating, it is far less costly than putting 20% down on a home. You also have to consider the fact that you will not be paying for other homeowner costs, such as property taxes, repairs, or possibly homeowner association dues. In addition to the start-up costs, you need to consider the ongoing monthly bills. Often as a renter, some utilities are included, such as water, or sewer, when as a homeowner, all of those financial responsibilities land on you. Insurance is also a factor to consider. According to Investopedia, the average cost of renters insurance is $179 per year, while the average cost of homeowners insurance is over $1,279.
Minimal Risk with Maximum Flexibility
Buying a property is an investment, and no investment comes without risk. There are many risk factors to consider when you own a home, such as decreasing property values, which can significantly affect you if you want to sell your home in the future. An unstable housing market affects owners more than it does the renters of those homes. Another risk factor to consider would be repairs made to the property. How many times in your past rental experience has something in your apartment or condo needed to be fixed or replaced? Did you ever consider the overall cost of such repairs or replacements? Minor issues can start to add up, creating a large hole in your budget as a new homeowner.
Another thing to consider is if you genuinely love the community a home is in when you buy it. Renting is likened to a test run; you can try out the neighborhood, see if the area is conducive to your lifestyle for a year or more, and if it’s not, you move on to the next community you think will fit. When you are a homeowner, you have no such luxury. You purchased a home in a neighborhood that could very well end up not working for you, and you have to stay there for a few years, often more, before you can make another move.
Why Renting a Home is Better than Renting an Apartment or Condo
Renting a home has all of the benefits of homeownership without the headache and pressure of unforeseeable events. Additionally, when renting a home, you are afforded more privacy and amenities than when renting an apartment or condo. Often you will have more space with a larger floor plan, more stability in a living situation if you choose to stay, more storage space, more parking, and in some cases, an outdoor space to make your own with more lenient pet policies!
Is Renting a Home Right For You?
Owning a home can be beneficial over the long run due to the overall stability and equity gained in the property. The same can be said for renting apartments; they are often less expensive with more utilities included. However, renting a home is an excellent middle ground between apartment life and homeownership. It helps you transition from renting to owning in a smooth and hassle-free freeway. When considering renting a home, consider your lifestyle, financial situation, and five-year plan as you embark on this next phase of your life.
Why Choose WJD for Your Next Home Rental?
Why should you choose WJD Management to assist with your search for a residential home for rent? WJD sets itself apart from its competitors by offering a low $60 application fee per applicant and the security deposit of the house of your choice to apply for tenancy. If your tenancy application is denied, the security deposit will be refunded immediately. Don’t just take it from us! Here is what some of our past clients have said after working with us to find their new home!
“I have been with WJD for four years & two different rentals. They have an easy monthly/adjustable auto-debit system online. The maintenance program is prompt, knowledgeable & efficient in its work to resolve all types of matters day or night. Always accommodating between our work, school & pet schedules. Agents are friendly, fair & accommodating. No issues, I would really highly recommend them!” – Heather D.
“Before WJD, I always thought that renting with a Management company was a complete nightmare (getting forgotten in the bulk). WJD has done things so easily and stress free (lease, payment, maintenance, communication). We were planning on just renting one year, but we decided to make it more.” – Alexandria V.
“I have now been a WJDM tenant for five years. It has been a pleasure to work with the team. I truly have not had a single bad experience during those 5 years. When it comes to submitting a work order, WJDM is always prompt to respond and make sure we have what we need. Any rare issues involving payments being processed late are met with politeness and understanding. I’ve been very fortunate to work with WJDM and I always recommend them to my friends and coworkers. Thanks for your great customer service and friendliness.” Andrew C.
To begin finding your perfect residential home connect with WJD Management on our website www.wjdpm.com where you will be able to create your login account, make payments, request maintenance, and process your rental application. We make moving in and out simple by providing checklists and on-call support seven days a week with tenant support staff. Please review our comprehensive management program guide if you would like to learn more about WJD Management.
If you would like to learn more about Renting with WJD Management, please visit our Tenant Page and view our Rental Homes. Check out other relevant reads like 5 Questions Every New Renter Should Ask Don’t forget to connect with us on social media! Follow us on Facebook, Twitter, LinkedIn, Instagram, and Pinterest for tips, ideas and updates.