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Why People are Choosing Rent Over a Mortgage

Once upon a time, the American Dream included buying a house—perhaps with a white picket fence, a two-car garage and a patio in the backyard for outdoor entertaining. Housing tastes have changed over time and so has the number of people choosing to rent instead of taking out a mortgage. For some people, it makes more sense to rent. This opens the door to exciting opportunities in residential property management in Denver.

 

Convenience
Homeownership comes with responsibility. You have to clean the gutters, take care of the yard and prevent pests from entering the building. If you stay in the house long enough, you have to pay to replace the roof and appliances. All of this takes time and money to do. When you rent a home, the landlord is responsible for maintenance and repair. For someone who doesn’t want to spend the weekend working around the house or get hit with a hefty repair bill, renting is an attractive option.

 

Flexibility
Renting also provides a degree of flexibility that’s not always possible when you have a mortgage. If you have to relocate for work or decide that you don’t like the neighborhood, you can just pack up and move. Paying the fee to break a lease may cost less than waiting to sell the property. Renters can also upgrade or downsize their living spaces as needed so their home meets their lifestyle and financials needs. Changing a mortgage payment requires refinancing the loan, which costs time and money.

 

Savings
Perhaps the most common reason people choose to rent instead of buy is the savings they enjoy. This is especially true in places where housing costs are high and for people who don’t plan to live in the are for at least five years. Renters don’t have to come up with a large down payment, nor do they need to have cash available for costly repairs. They may miss out on the chance to build equity in a home, but they realize that it takes time for homeowners to recover their investments.

For some people, it just makes more sense to pay rent instead of a mortgage payment. If you’d rather rent than buy a house, let Woodruff Property Management help you find a place to call home. Call today to speak with a member of our team specializing in property management in Denver to learn more about our available properties.