Leasing a home was once thought of as less desirable than owning one, but that is changing. While there are certainly many benefits to owning a home, there are also a lot of downsides, and leasing can have significant benefits.
Consider the following factors when making your decision.
Leasing a Home: Benefits and Costs
#1 – Freedom and Flexibility
When you lease your home, you are given the chance to change your mind or move to a different location.Typically, leases only last for about 12 months. Therefore, you get to reconsider your living arrangements on an annual basis.
#2 – Ability To Pick Your Price Range
If you decide to change careers, get laid off (heaven forbid), or want to open your own business, your finances could change dramatically. Leasing your home means you’ll get to find a better deal if you should end up needing it.
#3 – Maintenance Free
As a lessee, you don’t have to worry about doing repairs and maintenance. Simply call the property manager to fix the broken dishwasher or repair that leaky faucet.
#4 – Lower Costs
You might assume owning a house is cheaper than leasing if you simply compare the average mortgage cost to current lease rates. However, a mortgage is only a small portion of the expenses that homeowners are expected to pay, costs that lessees never have to worry about.