Home Rental Can Offer a Good Alternative to Buying a Home

The biggest part of the "American Dream" is owning a home, and many Americans aspire to one day turn the key in a front door of their own. While there are many benefits to homeownership, there are, however, times when renting a home is an excellent alternative to buying. From lowered costs to greater flexibility and more free time, there are many reasons that some people choose to delay or skip homeownership and rent their homes instead. Today's rental homes offer some amazing amenities like lawn care, appliances and maintenance, and can be just as comfortable as purchased homes. If you have ever considered renting instead of buying, you are not alone. Many people enjoy living their lives as long-term renters and actively choose to rent instead of buy.

Services and Features Included in a Home Rental

When you rent your home, the monthly price of the rent typically includes the home itself, monthly maintenance and some utilities. In a single family home, the rental fee may include yard maintenance as well. In apartment rentals, the rental fee often includes parking and on-site amenities like swimming pools, fitness centers, tennis courts and playgrounds. Some rentals include furniture and appliances, so you don't have to worry about shelling out extra cash for a refrigerator, range or washer and dryer set. Still others include storage space that can save you the cost of storing your extra goods every month.

Owning a home is expensive. After the down payment, closing costs and furniture expense, there is the added expense of monthly maintenance. If your roof starts to look, you may be facing a $5,000 repair bill. A crack in the sidewalk causing flooding in your basement? Be prepared to shell out a few more thousand. As a renter, these costs fall to your landlord, saving you money every month on maintenance.

Benefits of Renting a Home Instead of an Apartment

While some renters look for apartments for rent, others prefer single family homes. There are several benefits to renting homes instead of apartments. Most families prefer homes because they provide more space for additional bedrooms. Single family homes often include garages, driveways and yard space.

People who want to entertain or have outdoor spaces often prefer homes to apartments. In addition, single family homes tend to be located in areas that are geared toward families---they are usually near schools, parks and other family-friendly amenities. Apartments tend to be in areas geared toward young professionals, singles and students, so they may not be the best choice for families.

Renting also helps you to test out a neighborhood before committing to a home purchase. You can discover the community, test out the commute and take stock of your surroundings before sinking hundreds of thousands of dollars into a permanent home. When you rent, you can "try before you buy," making it an excellent way to find the right home every time.

Finding Good Home Rental Options

There are several ways to find good homes to rent. The first is to get to know the neighborhood and look out for vacancy signs in yards or in windows. The more effective way, however, is to sign up for alerts from real estate listing sites and view homes in your area. Check out the crime stats, the rental rates and the school information. If you don't have school-aged children, the school data is still helpful to give you a sense of the community. The neighborhoods with the best schools tend to be safer.

Drive past the intended neighborhood at various times of the day to get a sense of what it is like. Is it noisy at night with loud parties? Are the neighbors generally friendly and easygoing? Is there an active neighborhood watch on patrol after dark? Are there a ton of stray dogs? What are the roads like on snowy days? Do the streets flood during a heavy rain? These are all important elements to observe when searching for your dream home.

When it comes to living the American Dream, you can enjoy the lifestyle without the huge commitment. Renting a home instead of buying is a great way to enjoy lowered costs, greater flexibility and ease of living. Instead of worrying about yard maintenance, you can spend your weekends enjoying your hobbies or spending time with family. There are many great reasons to rent your home instead of buying.