The Advantages of Leasing a House
Leasing a home works in similar ways as renting an apartment. Some people choose to lease a home instead of purchasing one because of the benefits leasing a home provides. Renters face less financial obligations than when buying a home by avoiding property taxes, closing costs and repairs. Leasing a home offers many advantages if you desire to save money in the short-term and not make a long-term financial commitment.
Flexibility
A major advantage of a leasing your home is that it allows you to maintain flexibility. When you lease a home, you possess the ability to easily move to another home. For example, if you find that you dont like the neighborhood after moving into a home, you can wait until your lease expires to move or try to get out of your lease. A landlord may require you to pay a fee for breaking your lease. Also, if you need to relocate to another city or state, leasing a home lets you avoid the need to place your home on the market and find a buyer.
Maintenance
Many landlords provide maintenance services for home renters. If something breaks or stops functioning properly, call your landlord for repairs. This saves you money and time because it prevents the need to visit a home improvement store to shop for parts, hire a handyman or try to learn to do the repairs yourself. You also know your landlords responsibility for repairs when you lease the home because the information is usually found in a leasing agreement. If the landlord doesnt want to provide maintenance services for a home you're interested in leasing, search for a home where the landlord includes these services in the agreement.
Credit Scores
Buying a home requires you possess a high credit score to obtain lending with competitive interest rates. Some landlords dont require a minimum credit score but base decisions on your rental history. This is advantageous for individuals with low credit scores. Leasing a house allows you to obtain all of the benefits of living in a single-family home without meeting the requirements for homeownership. Some landlords allow you to enter into a lease-to-own agreement, which allows you to lease the house for a certain amount of time and later purchase it when you can meet financing requirements.
Avoid Foreclosure
Leasing a home allows you to avoid foreclosure if you ever fall into financial hardship. A foreclosure negatively impacts your credit score. Mortgage lenders may hold you responsible for the difference of what they sold the house for at an auction and the amount still owed on the home. This can present a great burden for individuals with no means to pay the outstanding obligation. Although you dont face foreclosure when leasing a house, you still face the possibility of eviction. However, many landlords allow you to work out an agreement to keep the house.
Small Cash Investment
Leasing a house requires a smaller cash investment than buying a house. When you purchase a house, you are usually required to pay a down payment. A landlord may require you to pay a deposit of the last month and first month rent. The deposit to lease a house is substantially less than the down payment to purchase one. This is an advantage if you want to live in a house but cant afford to buy one.
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