We always hear of an abundance of people who dream of owning a home, which may leave us thinking that only a small population dream of living in a rental home.

But did you know that there are also many benefits that you can enjoy when you are a renter? Listed below are a few of the benefits that you can enjoy while living in a Branson rental home and these are some of the reasons why many people prefer to be a renter rather than a homeowner.

Smaller Amount of Upfront Expenses

When moving into a Branson rental apartment or home, a renter will have to spend a lot of money on their application fee, security deposit, pet deposit, first month's rent, and any prorated rent, if they are moving into the unit in the middle of the month. Although these fees seem like a lot, they are still much lower compared to owning a house. When purchasing a home you will be required to pay the down payment and closing costs, which are much higher than you can spend renting a Branson rental home. While the monthly rent might be higher than a monthly mortgage payment, you don't have to be worried much about the expense of things like property taxes and home repairs.

It's Not So Risky

Owning a home or any property is an investment, and there is always a risk involved in it. But when you rent a home, you don't have to worry about the market crashing and putting the value of your home at risk. You also do not have to address costly home repairs that can empty your savings account. The risk that you can take when renting is whether or not you'll be happy with your rental home, and that's a risk that most renters can afford to take.

You Have More Flexibility in a Rental Home

One of the biggest benefits you can enjoy when renting a home. is its freedom. You can easily pack up and move to another place. It's easier for any renter to wait out their lease term than sell a home, and it's usually quicker too. If you regret the living situation and location, you only have to put up with it for a year or so, since most rental lease agreements have 6 or 12 month lease terms.

Repairs are the Responsibilities of your Landlord

Issues in your rented space such as a running toilet, broken dishwasher, or  busted outlet, are all responsibilities of your landlord. But when these happen in a home you own, you carry all the burden. Depending on your lease, you may be required to share the cost of the repairs that were caused as a direct result of your actions, but as long as you're taking good care of your rental home, that shouldn't be an issue. And it's a lot easier to call your landlord and ask for something to be repaired than to call and pay a repairman on your own.

No Property Taxes

When you own a home, you're going to pay hefty property taxes, but you have no obligation to pay your unit's property taxes when you are just renting. Paying high property taxes is a major burden off your back, considering how high the rates are in some states. While you are renting a home, you have the potential to save a lot of money every year.

You Know What You're Paying Each Month

Most of the benefits that you can get in renting vs. owning a home are financial. That's because a rented home usually has a limited space that costs less when it comes to home decoration and renovation. Homeownership has a lot of costs associated with it. Depending on the terms of a monthly mortgage of a home, interest rates may change over time – that can go up or down without the owner's input. But when you rent, you pay a set monthly rent amount for the entire term of your lease. The only other variable expenses you have to pay each month are utility costs.

Some Utilities May Be Included

There are some property rental companies that cover certain utility costs for their tenants, which means you don't have to worry about monthly costs for the internet, water, heat, and more. Ask your property manager which utilities, if any, are included in your monthly rental rate.

There's No Pressure to Upgrade

You don't need to worry about upgrading anything inside of the rental unit. It’s easier to be content with the space you are living in, if you know it is only for a set amount of time because you are just renting it. On the contrary, most homeowners are in it for the long haul and upgrades are just part of the responsibilities of ownership. 

The decision to rent a Branson rental home instead of buying a home comes down to how much responsibility you want to have in the long run. There are many advantages to being a renter and once you have decided to rent instead of buy, you will feel some relief that you are only responsible for the rental payments and that you have the opportunity to move to another home when your current lease is up.

If you would like to rent a Branson apartment or Branson home, call Thousand Hills Realty at (417) 337-8081. We are the premier property management company in the Branson Tri-Lakes area and we would love to help you find your next rental home.