5 Benefits of Leasing A Home in Houston
It’s no secret that the average cost of buying a home has risen exponentially over the past few years; houses that were once considered affordable are now priced beyond the reach of many families across the Houston area. Fortunately, there are a few alternatives to buying a home that doesn’t involve taking out a substantial mortgage.
One of these alternatives is leasing a home, which millions of homeowners are now turning to with the housing market being as turbulent as it currently is. Leasing a home is very similar to renting, but it essentially involves signing an agreement that says you must pay a monthly rent fee at a property for a predetermined period of time. This is a cost-effective alternative to the traditional home-buying experience, but there’s more benefits to leasing a home than just saving some money. Let’s learn about the 5 benefits to leasing a home in Houston!
1. No Mortgage Payments
As mentioned earlier, leasing a home is a viable alternative to taking out a mortgage. Oftentimes, monthly rent payments on a house are lower than average mortgage payments, so the difference between paying rent and making house payments can result in significant savings. According to ABC News, the average monthly mortgage payment in the U.S. is 38% more expensive than the average lease. This is especially true here in Houston, where the average cost of living has historically been much lower than the national average.
2. Reduced Maintenance Costs
When you buy a home, especially if it was built over 10 years ago, the possibility of it needing maintenance and repairs is very likely. These repairs usually cost significant amounts of money, and they could happen at any time. Fortunately, when leasing a home, these expensive maintenance items are handled by your landlord or property management company. That way, if anything were to happen at your property, you won’t be encumbered by steep maintenance bills.
3. No Property Taxes
In some states, property taxes can really drive up the cost of owning a home. If the house you’re looking to move to is located in a densely-populated urban area or high-end neighborhood, the property taxes can be astronomical. If you lease a home, you are not obligated to pay property taxes; the landlord or property management company takes care of those. Even better, some states like Texas don’t have property taxes on houses, making gorgeous rental homes like these even more appealing.
4. No Down Payments
Rather deceivingly, the price that a home is listed for is never the same as what a buyer ends up paying. In addition to the closing costs and realtor fees, the dreaded down payment is often the thing that keeps most people from buying a house. Lease agreements do not require a down payment to be paid; you simply pay the same rent cost every month for as long as your agreement lasts.
5. More Flexibility to Move
Let’s say that leasing a house isn’t working out for you. Maybe you’re looking to move to somewhere else, or you’re ready to go buy your own home. Compared to home ownership, breaking a lease is much less of a hassle than selling a house. The process typically involves sending a notice to your landlord or property manager and abiding by state laws to ensure that the lease is properly broken.
Explore The Benefits of Leasing A HomeSite Residential Home!
The housing market in 2024 is experiencing changes that are placing houses out of the reach of millions of families across the country. Fortunately, renting a home with HomeSite Residential makes it easy for you and your family to live in the home of your dreams without the expenses associated with home ownership. Our newly-built single-family homes include exclusive amenities such as built-in garages, fenced yards, landscaping maintenance, and more. Check out our available listings or contact us today if you’re ready to make the move to Houston’s premier rental home solution!