A row of housesWhen buying a house, your financial obligation doesn’t stop the moment you settle all upfront and closing fees. There’s more to settle every month, not to mention repairs and maintenance expenses. When you rent, you also have to commit to monthly dues. These five reasons will explain why it’s better to find houses for rent in Stratford, Taranaki:

1. Lower Credit Standards

While you must have a good credit standing to buy a house, you can only score 680 and still be able to rent immediately — provided that your credit history doesn’t report any bankruptcy in the past.

2. Cheaper Initial Costs

When you buy a house, you have to settle all upfront and closing fees as well as property taxes, insurance premiums, and homeowners’ association fees before you could finally move in. While you’re also responsible for paying a security deposit and one or two months advance rental if you rent, the sum is relatively cheaper than the upfront costs associated with buying a house.

3. No Repairs and Maintenance Expenses

You don’t have to worry about repairs and maintenance because these expenses are shouldered by the landlord. This is where your security deposit goes. Security deposits are like an insurance against broken leases, delinquent rent, and property damage. In most cases, security deposits are refundable.

4. Relocating is Easier

Unlike owning a house, you can easily move to another place when you’re renting. You can simply negotiate with your landlord to settle balances if ever you break the lease agreement. Otherwise, you can use the refundable security deposit to fund for your next apartment.

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5. No Hefty Insurance Payments

It’s required for homeowners to pay house insurance, and premiums are supposed to be paid on a monthly basis. When you rent, you skip this part. Your landlord will be the person responsible for paying insurance. However, you can also get renter’s insurance, which costs not more than $15 for each month.

Renting a house is better than buying because it’s cheaper — no maintenance and repair expenses, monthly taxes, and insurance fees to worry about. Also, relocating is easier with renting.