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5 Advantages Of Renting

By Elizabeth R. Elstien

While there is a lot to be said for homeownership, there are also clear advantages to renting a home. Check out these five winning ways to keep on renting and reap the rewards.

Remain Mobile

For a quick move, there is nothing better than renting. With 30 days written notice to the landlord, you can pack up and go. Whether you have to move for work, family or because you just want to live somewhere else, it's that easy to keep mobile.

Live Large

Have you always wanted to live in a luxury condo by the water but the listing price to purchase was too high for your budget? By yourself or with a roommate, it will be more affordable for you to rent a waterfront property and live large while still maintaining your budget. Plus, amenities are often included in the rent, such as a pool, gym, clubhouse or WIFI saving you money on paying for these in addition to the rent.

Avoid Maintenance

Air conditioner broke down? Don't sweat it! Call the landlord and let her/him decide who to call and how to pay for it. Do the same for heating, sewer, electric, water and other major maintenance problems and sit back and relax.

Lessen Payments

Although rent may be less than monthly mortgage payments, renters definitely don't pay property taxes. Renter's insurance is always much less expensive than homeowner's insurance.

Save to buy

Renting for four to five years is a great way to save money toward a home purchase down payment. A home where the rental price is below your means and has good insulation allows you to set money aside in savings of lower rent and heating/cooling bills. Saving a minimum of 20% of the purchase price of homes within your budget will earn you increased credibility with the lender giving you a prime mortgage loan interest rate.

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