Compare the advantages of renting and buying a home.
Renting Pro #3: Good Credit Not Necessarily Needed
Some people may have enough cash on hand to purchase real estate, but lack the credit score needed to get approved for a mortgage. I can’t say that credit is irrelevant when you submit a rental application, but some places may not run a credit check if you have impressive references and a steady income.
Renting Pro #4: Less Responsibility
Another benefit to renting is what most homeowners (including me) yearn for as soon as the air conditioner dies in the Florida heat or they hear a trickle from the ceiling after a gully washer downpour—less responsibility. Not only does fixing and maintaining all the appliances and structural parts of a home require money, but it also takes a lot of time. You have to call the professionals, get bids, decide whether to make a homeowner’s insurance claim, and take time off from work to oversee their work. The days of being able to calmly call a landlord to break the bad news about a roof leak or a broken toilet was really nice, I have to say.
Renting Pro #5: Amenities
Not only do you have fewer maintenance and repair hassles as a renter, but some apartments offer additional services to make your life easier. Some communities have on-site restaurants, a salon, or a dry cleaner, for instance, just outside your front door. It’s also not uncommon to have amenities like a clubhouse, pool, gym, theater, or a bowling alley. If you use these types of amenities regularly, think about what you’d have to pay for them if you didn’t rent.