Advantages of Leasing
One of the greatest advantages of leasing a home versus home ownership is the flexibility leasing provides. If a renter receives a job offer in another location, he can accept the offer without worrying about selling a house first. If a renter decides he needs a larger home, or a smaller rent payment, or more amenities, it’s easy to move to a different home.
A second advantage to leasing a home is freedom from home maintenance. Renters don’t have to spend their weekends repairing plumbing or painting the house. They can enjoy perks such as swimming pools and barbeque areas without the weekly maintenance.
Allowances for property taxes and insurance are typically built into the lease payment, so renters do not have to worry about paying these bills directly. Further, renters do not have to worry about large unexpected repair bills.
It is not necessary for a renter to tie up a large amount of capital for a down payment, as with a home purchase. As long as the property is left in good condition, any security deposit paid will be returned to the renter at the end of the lease.
A final advantage to leasing versus home ownership is that renters avoid the risk of losing money if the value of the property declines.