3 Ways Renting a Home Can Benefit You

by Debbie Goldberg 11/21/2021

If you’re trying to determine whether it’s better to rent or own a home, it’s crucial to weigh the options regarding your personal situation. Both renting and owning have their advantages and disadvantages, which can even vary from one person to the next. Here are some reasons renting might be the best choice for you:

Shorter Contract

One advantage of renting is that it allows you to be more flexible than if you were to buy property. Depending on the terms of the lease, you might only be obligated to live in a rental for one year or less. Many rental agreements offer month-to-month for even greater flexibility. The lack of long-term commitment may make it easier to move around for personal preference, work opportunities and more.

Maintenance Handled

When you rent, you are not responsible for major upkeep and maintenance of the property. If an appliance breaks down or if you have a leaky pipe, there are designated professionals available to help you. Even if it’s only the property owner or manager rather than a fully staffed complex, you know you won’t have to deal with maintenance emergencies on your own. Other things like landscaping, exterior paint and other repairs are the responsibility of the owner or manager, not the tenants.

Relaxed Qualification

It’s much easier to qualify for a rental than for a mortgage. Specific requirements vary from one rental to the next, but you rarely need to have as high a credit score or traditional income to be approved. Many renters allow co-signers in their rental agreements to help make up for any financial metric that might be lacking. Instead of shopping around for a loan, most rentals will have much more lenient requirements for approval.

Renting is not for everyone. However, there may be an appeal for those between houses or starting out on their home buying journey. Likewise, rental homes make for excellent investment opportunities, as many tenants may want the quiet of a house with the amenities of a complex.

About the Author

Debbie Goldberg

I'm a full time Realtor with over 30 years of experience yet young enough to embrace today's ever-changing scope of marketing and technology. Having grown up in Connecticut and moved many times (too many to count!) I can empathize with today's buyers and sellers. Strictly maintaining ethical standards and being a fierce advocate on behalf of my clients are things I take very seriously. As a buyer, you can expect me to listen to and evaluate your real estate wants and needs. I can assist in explaining relevant forms, agreements, and closing procedures. I will guide you through the process of finding the right home, negotiating your offer, adhering to all contract dates and terms as well as final walk through and closing procedures. As a seller, I will listen to and evaluate your goals, needs, and timing in order to properly price your home to get the maximum exposure needed to attract the right buyers. In addition to negotiating on your behalf, I will make sure we communicate throughout the entire process as we navigate the contract terms, finance and inspection contingencies, as well as all closing procedures. I was born in Japan, grew up in Hamden and lived in New York, Ohio and Southern California before settling down in New Haven county to raise two kids, two dogs and a cat. I'm passionate about good food and love to bake. Some of my free time has been spent volunteering at Temple Beth Sholom, a synagogue where my family has been members for over 40 years. I also spend time at Tower One/Tower East, an assisted living center in New Haven where my mother-in-law now resides. 30 years of helping buyers and sellers achieve their goals has given me the peace of mind to know that what I do everyday matters. If you are thinking of buying or selling please keep me in mind.