It’s time for you to move out and live on your own. You’ve been trying to decide rather you want to rent a home in Spokane or buy one. There is a certain appeal to getting a mortgage and buying a home.
The problem is that a good majority of people get declined for mortgages if they have less than stellar credit. Don’t get us wrong, buying a house has its own set of advantages, but when you’re first starting out, renting a home may be a better option.
To help you figure out if renting would be the best bet for you, keep reading for a complete list of benefits.
1. No Maintenance and Repair Bills
One second you’re enjoying cold air on a hot summer day and in the next, the air stops. If you’re renting a home, your landlord will be responsible for sending someone out to fix the situation. The landlord takes care of all maintenance, repairs, and improvement projects at no cost to you.
If you’re buying a house the money to fix your AC will be coming out of your own pocket.
2. You’ll Have Access to Amenities You Didn’t Have Before
Home renters have access to more amenities then homebuyers do. Most rental places come standard with a pool or a gym. In some cases, you may have to go pick up a pass in your landlord’s office in order to use these amenities but you won’t be charged for it.
If a home buyer in Spokane wants these amenities they’ll have to pay thousands of dollars to get them installed. On top of installation fees, they’ll have to pay extra repair and maintenance fees when the need occurs.
3. You Don’t Have to Pay Real Estate Taxes
Real estate taxes can be a huge burden on homeowners. The price of the tax is dependent on the overall property value of the land and the amount of land that the house is on. As you can imagine this can get a little expensive.
If you’re renting a home you are free from real estate taxes. This large financial relief is the major reason why many people decide to rent.
4. 0 Down Payment
It is true that many landlords have you pay a security deposit, first month’s rent, and any pet deposits upfront. These payments still aren’t as expensive as buying a home though.
When you’re buying a home, most companies require you to pay as much as a 20% downpayment on the mortgage. This number can vary but it’s never going to be cheaper than the rent costs we listed above.
5. Property Value
Property values tend to fluctuate. When you’re buying a home this can be a huge deal. Property value determines how much your mortgage is. There is also the matter of selling your home.
If the property value on your home takes a sudden drop it will be hard for you to sell it in the future. Renters don’t have to worry about this because they won’t ever have to sell their place.
6. You Can Always Downsize
Once you start a mortgage you’re a little stuck. If you lose your job or have to take a job that pays less, the mortgage payment may start to get a little much. You could downsize but the problem with that is there are fees involved with selling your home.
Renters don’t have to find someone else to rent out their home before they leave. Once their lease is expired they can downsize to something more affordable without any repercussions.
7. Fixed Payment Amount
For the most part, your monthly payments will stay around the same amount each month for the duration of your lease. If water is included that may cause it to fluctuate by a couple of dollars each month but it will be easy to plan around.
Some mortgages have adjustable rates. What this means is that your payments can change at about any time.
8. Cheaper Insurance
Both homeowners and renters have to take out some kind of insurance policy. Renters insurance is a lot cheaper than homeowner’s insurance by far.
Rental insurance will protect everything you own from your expensive electronics to your furniture. The best part is that this coverage will only be a little over 20 dollars a month. You can’t beat that.
Your average homeowner’s insurance bill is going to be around 80 dollars or so. Give or take depending on how much coverage you need.
9. You’ll Have More Money to Play Around With
The biggest thing to take away from all this is renting is much cheaper than buying a home in Spokane. That means you’ll have a lot more cash in your pocket each month to do with what you want.
You can save up to buy a home one day, invest it, put it toward perfecting a hobby or craft, or just have fun with it.
Why You Should Be Renting a Home in Spokane
Are you debating on renting a home in Spokane vs buying one? While there are benefits to each if this is your first home you may be better off renting. Getting a mortgage and buying a home can be pricey on a budget.
You’ll have the financial burden of property tax, your insurance will be more expensive, and you’ll have to put a huge downpayment on a mortgage if you buy.
You can always take the money you’ll be saving by renting and put it towards owning a home later. So, what are you waiting for? Startup your rental search today.
Are you looking for a home to rent in Spokane? Browse through our rental homes to get started.