Renting a property can sometimes seem less desirable than owning property. However, there are many benefits associated with renting rather than owning property because you aren’t accountable for any of the responsibilities associated with property ownership. As a renter, you should know what types of property you can rent before signing a lease.
Apartments
Apartments are probably what you first envision when you think about renting property. An apartment is usually one unit in a complex. Apartment complexes are typically multistoried. If all the units are owned by the same management company or landlord, the units within the complex are very similar. You can rent an apartment at a complex that has other amenities such as a gym, pool, or sauna.
Townhome
A townhome is usually a freestanding unit that looks more like a standard house than an apartment complex does. If you choose this option, you will get a rental that doesn’t feel as much like a rental but still has the advantages of one. Townhomes are usually built in small communities that have an HOA. This means that in addition to rent, you will also need to pay any HOA fees. Townhomes also tend to look very similar to others in the townhome community, so keep this in mind if uniqueness is important to you.
Your Own Home
In addition to renting townhomes and actual homes, you can even rent out your own home. You may consider renting your home if you love living in it but don’t have the capacity or willingness to deal with the responsibilities of owning it. If this is the case, you can reach out to a cash homebuying company, such as Taggart Property, and negotiate with them. Cash homebuying companies purchase homes directly from the sellers, fix them up, and then resell or rent them back out. If you tell the homebuying company you are selling to that you are interested in renting your home from them, you can work out an agreement with them.
Just because renting a property is often seen as an intermediary step leading up to property ownership, it doesn’t need to be. If renting property works for your needs, you don’t have to own property. Renting can help you have a lot of freedom and flexibility with regard to your residency.
If you currently own a home and want to rent it instead, reach out to Taggart Property here today.
