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Owning a house has always been the American dream. However, that dream has changed over the years considering the crisis of our economy, which digs at the core of people's finances. Consequently, there are people who consider renting property as their best option versus homeownership. Make no mistake: property rental has its advantages. Most people tend to think of these advantages being only for the property owner. This is far from the truth; for the renter enjoys some great advantages as well. For instance, when you rent property, you have the option to move once the lease expires. Home buyers, on the other hand, don't have this benefit. They must wait until their home sells. This can be a long wait, especially when the housing market is in a slump such as now. Another advantage to renting property involves maintenance. You don't have to worry about the upkeep of the property as far as house repairs and yard work goes. The owner of the rental property is responsible for all upkeep - just as if they actually lived in the house themselves. Depending on the owner, the costs of renting a property could also include utility costs. Your rental agreement may also allow free use of amenities such as the pool and whatever other amenities accompany living at the rental property. Property taxes and other special assessments are another expense that the property owner is responsible for - not you. Finances also play a big role in a person's wise decision to rent a property versus buying. When you rent a property, you need a deposit that is likely ten times smaller than the required large down payment to purchase property. Better than this, the money you'd spend on a down payment can be invested in stock, IRA, or as a future down payment to buy property. On the note of down payment, renting property while saving to buy a home is a good idea. This is the case if a 15 or 30 year term fixed mortgage is beyond your expense. It is highly advised that if you can't afford a mortgage, do not step into risk by getting one. Making such a risky move could only lead to one outcome: foreclosure. Renting a property is an excellent choice if you're looking for flexibility. In short, if you're facing the possibility of change within a few years - marriage, relocation, growing family - then at this time, renting property would be more ideal for you versus buying property. In conclusion, if you're not planning to settle at a residence for more than three years; your income isn't ready for the expenses associated with buying property, or you don't want the responsibility of maintaining property, then your residential choice is obvious: rent property.

Find out more about flats to rent in Leeds.

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The Benefits of Renting Property