| By :
Jamie Simpson
Renters have many benefits over homeowners. When it comes time for you to move and if you are weighing your options between renting and purchasing a home, consider your options of renting instead of buying. Rented flats are typically more affordable than purchasing a home, take up less time in maintenance, and you save on upkeep costs and homeowners insurance, as well as liability insurance. Many people prefer to rent due to the convenience of moving in and the affordability of upfront costs. When you purchase a home, you often are expected to come up with a down payment that is of significant amount, typically a percentage of the total home price. In addition to the down payment, you will also be expected to pay insurance on the home as well as closing costs. In many places, people also have to pay a hefty sum for property tax. The very benefit of not having to pay insurance and property tax year after year can be a major added benefit and will help you to keep money in your pocket. Renters usually have to pay for renter's insurance as an option if they wish to insure the items within their flat, but the landlord remains responsible for the insurance on the building and the land. This will help the renters financially to be able to afford other things they enjoy without tossing their money away each month and year on insurance costs. Other costs that renters avoid by choosing to rent as opposed to purchasing a home are the costs of upkeep and maintenance to the home. Leaking roofs, faulty plumbing, sinking floors, and more all add up to be major expenses in home maintenance and can often break a person's budget if they are homeowners. The renters have the luxury of letting the landlords take care of these problems as they arise opposed to having to find the money to pay for these expenses themselves. Renters also have the benefit of not being tied down to a home if they need to move for some reason. Though many companies that rent flats will require people to sign a lease for a specified period of time, the leases typically are short-term leases, up to a year, and allow the person much more freedom to move than the people have when they are financially tied down to a home they have purchased. If your job requires you to move, or if you simply desire to move to a new location, you may have to wait to sell your house or flat before being able to financially afford to move to a new place. If you are a renter, you simply wait until your lease expires or find someone to sublease the flat for you while you move. As a renter, you have many more options and can enjoy living in a comfortable space which is easier to afford and easier to furnish than a larger, purchased home.
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