3 Times It Can Pay Off To Be A Renter
Buying a Knoxville home can be great for many reasons.
But, that doesn’t mean that buying a home right now is right for you.
The decision to buy a home is a big decision for many reasons. It’s a large financial decision and it’s a large emotional decision.
Still, that doesn’t mean you have to be ready to buy a Knoxville home right now. There are certain situations where renting can have it’s perks. Here are 3 times it can pay off to be a renter.
The Ability To Pick Up And Move
The ability to pick up and move on a whim is one of the major times it can pay off to be a renter.
When you’re a renter, you have more flexibility. You can choose a wide range of lease terms and can even go month to month on a lease if you’re not sure where your life may take you. Even if you are stuck in the constraints of a lease, you can often try to work something out with your landlord or pay to get out of a lease.
Unfortunately, when you own a home, it can be much more difficult to move on so quickly. You’ll need to sell your home in order to be free of your mortgage. In addition, selling a home can be expensive.
Maintenance Problem? No Problem
When you’re a renter, when something breaks it’s not a problem. This is one of the major times it can pay off to be a renter.
When the basement flood, an appliance breaks, or the disposal won’t work, as a renter, it’s not your problem. For those who don’t want to deal with the expense of fixing things when they break, renting can be an ideal situation.
Maybe you don’t have an emergency fund or don’t want to deal with the headache, regardless, renting allows for peace of mind when something breaks.
No Mortgage Insurance, Homeowner’s Insurance, Or Property Taxes
There’s no denying that owning a home can come with it’s own share of expenses. This is another reason that it can pay off to be a renter.
Mortgage insurance, homeowner’s insurance, HOA dues, garbage pickup, and property taxes are just a few of the things that can add up when you own a home. As a renter, you’re typically just stuck paying for your monthly rent and nothing else. Sometimes rent can even cover some of your expenses like water.
If you want to avoid some of the additional expenses of owning your home, renting can be an ideal situation. It offers you the freedom and the flexibility to pickup and move if you need to.
Are you over renting and ready to buy your first home? If you’re like most first time buyers, you may not be sure where to start. If there is anything we can do to help you in your home search, please do not hesitate to contact us. We’ve helped countless homeowners buy their first home and we’d love to do the same for you. Rick can be reached at 865-696-9002 or via email at Rick@KnoxvilleHomeTeam.Com. Kati can be reached at 865-696-1888 or via email at Kati@KnoxvilleHomeTeam.Com.
Are you ready to start your home search? Visit our home search page to get started today. Or, be sure to keep up with our Knoxville First Time Home Buyer’s Blog to keep up with the latest information about buying your first home.