There is always confusion whether you should buy or rent a property. People who have been renting properties for decades still prefer to rent, whereas the people who own houses cannot live in a rented property. However, an analysis was done to know whether people prefer to rent or buy their own homes. The results showed that the number of renters between 2006 to 2016 significantly increased by 23 million. At the same time, the number of individuals who became homeowners has only increased by less than 700,000 within the same period.
The question which arises in mind is why do renters prefer not to buy a house? The reasons we are going to discuss are further on in the blog post so we suggest you read till the end to know more about it.
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They think rent-to-own homes means additional responsibility:
People who have been living on rented property for a very long time believe that owning a home means extra responsibility. That is because when you are living in a rented property, you do not have to worry about getting repairs for the property or handling other stuff like paying the utility bills, taxes and other similar things. You do not have to worry about getting the lawn mowed or getting the house renovated on a regular basis because in a rented property that is the responsibility of the landlord if the rental agreement is such.
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Renters are under the Impression Rent-to-own properties allow them to be free:
To renters, owning a home does not only mean additional responsibility but at the same time means that you have no freedom. If they have a property in their name then they just can’t leave it and move to another city or maybe another country. However, if those same individuals were living in a rental property then they would just have to end their rental lease and travel to wherever they want for as long as they want. And whenever they come back, they could easily lease another property.
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They are renting properties because of financial barriers:
After Covid-19, a lot of well-established families started to face financial instabilities. The financial cripple was so strong that many people had to lose their homes in order to fulfill their basic necessities. So, a lot of people lost their homes and did not have the funds to get their houses back. That is when the concept of renting properties grew immensely. People started to believe that having a rented property is more beneficial than investing in one. So, instead of putting money into buying a home again, they started to rent properties.
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People who migrate from other areas settle in rented properties:
Another reason why rented properties are being preferred by so many people is that the migration rate in the south of the United States is extremely high. Families seem to be migrating more and in a relatively short amount of time. According to the RENTCafe survey, Los Angeles lost about 200,000 households with children whereas, in Houston, the largest numerical increase in the rental families was experienced.
However, if you are fed-up and want to stop renting today then we recommend that you contact Stop Renting Albany. The professionals will help you in buying a house or building one, whichever you prefer.
In the next section, we are going to answer some of the frequently asked questions related to renting or buying a property.
Frequently Asked Question:
Q1: How much does it cost to rent a house per month?
The rent cost of a house per month depends upon the renter and varies from area to area. In recent years, an 82% increase in rent wages has been seen but renting a property is still considered to be extremely affordable than owning your house. However, with some research you can find cheaper options in getting your own house.
Q2: What should I look for when renting a house?
Before renting a house, check if there are any issues with it like in the plumbing system or any repairs which it might need. And knowing about the rules and regulations of recycling and parking the car etc. You should also read the contract carefully before signing so that you have a complete idea of what you are stepping into.
Q3: Is it cheaper to rent or own a house?
Some people think that renting a house is a better option but owning one could be less cheap. That is because the mortgage of the house can be cheaper than the monthly fee which you have to pay for a rented property. As time progresses your equity in the house increases so you are gaining a valuable asset, consider it a long term investment.
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