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We all want a safe and comfortable place to live. Giving our children a warm and nurturing environment to grow up in is our responsibility as parents. Most of us would agree that it is not easy, but we do our very best with whatever means we have available. Giving our children the world does not necessarily mean buying a home that they spend their entire childhood living in.
People who do not own their own home, whether it is because of lack of acceptable credit or for some other reason, often look to rental properties as a solution to their immediate housing needs. Renting has its benefits, however, and some people actually prefer renting to owning for the ease and flexibility of it. There is quite a bit less financial obligation in regards to renting, as the person living in the home is not responsible for paying the entire mortgage, but merely paying for the amount of time they spend living in the home. Some would argue that renting is akin to simply throwing your money away, but many people are more than willing to simply pay for a years worth of living space, because it is just so easy to pack up, rent a self storage unit and go somewhere else when the mood strikes them.
Rental properties not only offer ease when it comes to changing a tenants living situation, but they also let the renter off the hook, so to speak, when it comes to major repairs such as heating and air conditioning, roofing and structural damage. The actual owners of the home are liable for any and all major repairs on the property, as long as they are not directly caused by the tenants. This means that the renter need only concern themselves with day to day home maintenance. It seems as if the owner, being the one with the most responsibility, would be hesitant to even lease a home. Actually, though, the deal can be just as sweet for the owner of the rental properties as it is for the tenant. It is common for owners to charge more per month to the tenant than the actual price of the mortgage. The additional monies will usually be put back into the house, either in whittling down the total amount of the mortgage, or in repair and maintenance. In essence the owner of the home is not really having to pay for it, which works out for everyone.
Rental properties often subject tenants to rules, in regards to pet policies and smoking within the structure itself. The benefit to owning a home is that no matter what kind of pet or how many you choose to own, the decision is yours, whereas in rental properties , the tenant must abide by the wishes of the owner. If smoking and pets are prohibited, then going against that could result in lease termination and the loss of the deposit used to secure the home to begin with.
There are pros and cons to both owning and leasing. Which one you choose depends upon how much responsibility you want to ultimately take, as well as your credit status. Either way, the end result, having a nice place to live, can be achieved. Our children will be happy and safe no matter if we own or rent, as long as we have their best interests at heart.
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Disclamer: This entry is intended to promote our partner StorageMart and some or all participants received compensation.
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