A home is the most significant consideration that people make. Renting a home vs. buying are the two options to consider. There are different reasons why some Americans prefer home rentals in Arizona to buying a home in Arizona. This post addresses the pros and cons of home rentals in Arizona. Thus, if you are interested in establishing a home where you can raise your family and home rentals is one of your alternatives, this post puts things into perspective.
Pros of Renting a Home in Arizona
1. Rent Payments May be Lower
Buying a home in Arizona involves raising a substantial down payment to be considered for a mortgage. Besides, the property owner has to pay interest on the mortgage and pay the property maintenance cost, plus the property rates. However, for the tenancy agreement, all that the property occupier pays is the rent. The monthly expense is considerably lower than a person repaying a mortgage and paying property maintenance costs and associated costs.
Therefore, if buying a property feels too expensive for you, a better alternative to affordable housing cost consider renting homes in Arizona. Talk to a property management agency to discover hundreds of new homes for rent in Arizona.
2. Renting a home is Not Time Consuming.
Renting a home involves the search for an appropriate home and paying the initial deposit. The processes like applying for a mortgage or involving the mortgage brokers and lenders are eliminated. Therefore, the entire process is not time-consuming. This makes renting a home a much more convenient option, especially when moving to a new city.
3. Property maintenance is not Your Responsibility.
Another top advantage of home rentals in Arizona is that the property maintenance cost is no longer your responsibility. With property ownership through buying, the property buyer is expected to pay the total property maintenance cost. However, with home rentals in Arizona, the property owner is expected to replace the broken sink, ensure landscaping is done and that the property is repainted often as needed. This ends up taking more time and requires a more significant financial commitment than renting a home, where there are no property rates to worry about.
4. Provides the Renters a Greater Flexibility
If you are a business person who is always chasing after deals from one city to another, you need an option that allows greater flexibility than property buying. Consider that with renting a property, all you have to do is provide the property management agency the notice of intent to vacate. Thus, the next month you are free to move to a different city without the anxiety that comes with leaving property behind.
However, if you are buying a home, you may have to first resell it before moving to a new city stress-free. This becomes a challenging task to accomplish especially if you intend to move within the coming month. Therefore, this lack of flexibility makes homeownership an out of context consideration, for busy business people moving from city to another chasing business deals.
5. Involves a Lower Upfront Cost
Home buying involves paying closing costs and a high down payment on the property. Thus, the property buyer will need to spend a huge percentage of hir or her savings to pay the initial upfront costs.
With property renting, the renter pays only a month’s deposit and one month rent, which is more affordable than paying a down payment and the closing costs on the property. Therefore, if you do not have enough money to pay the down payment, we suggest that you keep renting, or seek down payment assistance programs to help you jump into property ownership.
Cos of Renting a Home
Now that we have looked at the advantages of renting a home, let us shift the attention to the disadvantages of renting.
1. Renters Cannot Customize a Home
With renting a property, you do not have the right to customize the property. Thus, if you need to put up a deck where you can entertain your guests, renting may not be a viable option.
2. Does Not Provide the Opportunity to Build Value
Renting a property does not provide the tenants an opportunity to build value. In short, you are living in a rented home, and helping someone to repay a mortgage. it is the property owners equity that grows and not yours.
3. Rent Increases
The disadvantage of renting is that you may not predict how much you will repay in the coming months. Therefore, if you are renting a property, you may be served with rent increment notice when you least expect.
Renting a home in Arizona comes with advantages and disadvantages. Majority of Americans still prefer buying to renting a home. This is because of the financial advantages that come with renting a property. therefore, factor the points we have looked at here when choosing to rent a home in Arizona.