According to Ammcor, a property management company in San Clemente, Orange County, we still live in a world in which people think that they cannot be classed as successful unless they purchase a home. However, there are some tremendous benefits to renting instead and those should be considered as well. Here, Ammcor reviews the top 5 benefits associated with being a tenant instead of buying a home.
Ammcor Reviews Top 5 Pros of Being a Tenant
- Renting is simple, quick, and easy. Buying a house requires complicated applications, meetings with lawyers and accountants, complex contracts, and more. Renting, by contrast is a lot easier, particularly when arranged through a property management company like Ammcor. People are recommended to read the reviews others have left about them to view why they are so popular.
- You don’t have to make a huge financial down payment. Usually, to become a tenant, you will have to put down a deposit of around one month’s rent. While this is still a significant amount, it is nothing compared to what you would have to pay for a mortgage. A deposit of 20% of the purchase price is generally required. This money is an investment, but it is also money that you will basically never see again. A tenant deposit, by contrast, is given back when you move, minus any costs for repairs to return the property to its original state.
- You have no maintenance costs. A property management company like Ammcor is responsible for all the maintenance costs associated with the home. If you buy, they are all yours to pay for which can be very costly. A broken toilet, a leaky roof, burst pipes, a sinkhole in the garden. They are all things that can cost thousands of dollars that you don’t have to pay for as a tenant.
- It is a lot more flexible. If you buy a home and want to move, you will have to list your property, hope that people view it and make an offer, negotiate the offer, deal with lawyers and accountants, and more. This process can take months, if not years. If you are a tenant, however, you usually only have a one month’s notice period, after which you can simply go elsewhere, be that around the corner or to the other side of the country.
- It is financially flexible as well. When you are a tenant, you pay rent and that is fixed for set periods of time. While there may be the occasion increase, which is contractually laid out, you always know what you have to pay. You don’t have to worry about repair and maintenance costs, mortgage payments, property taxes, insurance premiums, or interest. In fact, you may not even have to worry about bills, because things like utilities are often included in your monthly payments. The money you save by renting can be used for a range of other things, including investments.