To rent or not to rent? That is a good question! Each situation is unique, and it is important to understand what will work and what won’t. Sometimes, purchasing just doesn’t make sense. Here are a few reasons to consider renting your next real estate endeavor:
- Access to property managers. Property managers help keep buildings running and can be a great resource for finding solutions to tenant needs.
- Building amenities. As a renter, you will often have access to amenities. The offerings change depending on where you rent from, but can include common areas, parking spots, utilities covered by rent, and many other benefits.
- Leases offer a sense of flexibility. When you purchase a building or a home, you are committing to that location for, preferably, a long period of time. When you sign a lease on a rental, it’s usually on a year-to-year basis. Lease durations may differ deepening on location, but none of them are as long term as a purchase would be. This allows you flexibility for your short-term future.
- Generally lower utility payments. As previously mentioned, some utilities may be included in your monthly rental payments. For the ones that are not, their sum tends to trend a bit lower than they would be if you were to heat or supply electricity to a much larger individual building. This allows you to budget and save more efficiently.
All and all, the decision to rent or buy is completely up to you and the right decision can differ greatly depending on your situation. If you’d like to have a conversation about the potential benefits that renting can bring you, the G&H Management team is just a phone call away.