The decision to rent or lease is a really big one that should be given a lot of thought and consideration. There are a lot of perks to renting and a lot of perks to buying and it really all depends where your priorities and financial responsibilities lie.
Some of the benefits of renting include:
-No responsibility for replacing or fixing broken appliances. If your refrigerator were to suddenly break or your dishwasher or hot water heater or air conditioning unit the landlord would be required to replace these items (assuming they are a part of your lease). For those on a tight budget this can be a very relieving thing.
-Often there is no responsibility for yard maintenance. This varies from rental to rental, but some rentals require no yard maintenance (at least of the front yard) while others require that the renter maintain the yard to a certain degree and yet others don’t even have yards to worry about.
-Electrical and plumbing issues are the landlord’s responsibility. When you discover faulty plumbing or electricity issues you can simply call you landlord and s/he will have it taken care of for you. The cost is not yours to bear. You can have your landlord call Arlington Plumber Repair if you need repairs.
-You pay no property taxes or insurance fees each month. You can get off scot free from having to pay any mortgage insurance premiums. Your homeowners insurance that could cost easily $50 per month will cost you as low as $10 per month, because you’ll only need to get renters insurance
Some of the benefits of leasing include:
-Being able to choose which appliances you want to own and which fit your style and personality best. If you have the money for this it can make a huge difference in your sanity to have all of your wants met when choosing an appliance, instead of just your needs. Having wants met can often save time during tasks, such as dishwashing or cooking.
-You get to decide on your landscaping and grow as large of a garden as you want. This allows for self sustainability. You can also put whatever animals you want in your yard (as long as city codes allow them) and be the one to make all of the choices and final calls.
-You can have electricity and plumbing issues fixed to your satisfaction and by using materials that you prefer and methods that fit your ideals best.
-Eventually you will own the property full out and all that will remain for you is the cost of upkeep and property taxes. No more rent for you.
-Leasing is especially beneficial to those who are looking to buy, but whose credit scores are not up to par for taking out a mortgage.