Making the decision to rent rather than buy a townhome can a difficult one, but there are several good reasons to rent first before you take the plunge into home ownership.
No Down Payment
People looking for townhomes for rent can pick one they really want without having to wait while they save tens of thousands of dollars for a down payment. This makes townhomes a viable option for younger people and families who want to the space offered by townhome living without the huge initial investment.
Access to Amenities
Renting a townhome gives you access to amenities such as fitness centers, recreation rooms and resident lounges. People choosing townhomes for rent in Houston have the option of finding a community with a pool to beat the heat, without the added expense of adding one to a single family home.
No Maintenance or Repair Costs
While renters have the pride in place to make small repairs to improve their family’s lives, it is relief not to be responsible for costly repairs such as replacing a roof or HVAC system. When you rent a townhome, the management company takes care of these things for you, giving you the peace of mind that your home will remain in good repair, and you won’t be hit with an unexpected bill that puts your family’s finances in jeopardy.
People who buy homes may find it difficult to move to a larger space as their family expands, as they may have to wait until their current home sells. People who rent townhomes don’t get stuck in places that are no longer convenient due to changes in their family or work circumstances.
When you rent a townhome, the monthly rent is fixed until you receive a notice from the landlord stating otherwise. Because mortgage rates fluctuate, homeowners sometimes have a difficult time budgeting for their family’s monthly expenses. Renter’s insurance is also much cheaper than homeowner’s insurance, making it easier to plan for other monthly costs.
Real Estate Taxes
One of the biggest expenses for homeowners after their initial purchase is real estate taxes, which are based on the value of the home. When you rent a townhome, this expense is eliminated, making renting a much more viable option for people who cannot afford that type of outlay each year.
People who rent townhomes don’t have some of the worries of homeowners, such as the value of their homes decreasing to the point where they are worth less than the mortgages. For some, the stability of knowing that they aren’t losing value in a shaky real estate market gives them the peace of mind to enjoy life more.
For people moving to areas such as the Energy Corridor in Houston, renting a townhome is a great option. With access to numerous dining and entertainment options, along with beautiful parks, these renters have everything they need without the potential headaches of home ownership.