While there are some renters who view renting a room as a failure, there are others who see the benefits there are to be gained from renting a room as opposed to purchasing a property. Some of the benefits of renting include the ability to save money while renting for the purpose of purchasing a home, few maintenance requirements and the inclusion of amenities which the renter would not likely be able to afford if they were to purchase a home instead of renting.
The Ability to Save Money
Being able to save up a great deal of money for the purpose of making a down payment on a dream home is just one of the many great advantages to renting a room. Many homeowners were able to realize their dream of homeownership only after living in a rental room for a certain amount of time. Although renting is often criticized as throwing money away because it does not result in equity, the ability to save money while renting is unparalleled.
Rent for a room is usually considerably less expensive than the monthly mortgage on a home. The home is also typically much bigger than the rental room but in cases where the renter is renting for the sole purpose of saving money, the value of renting cannot be denied. Depending on how long the renter stays in the room, they may save hundreds or even thousands of dollars during the course of the rental agreement.
No Maintenance Properties
Another advantage to renting a room is there is typically little or no maintenance required by the renter. This is especially true in an room situation. The renter may be responsible for small items such as changing light bulbs but more extensive repairs such as leaks in plumbing or clogs in drains are typically handled by the maintenance staff of the rental property.
Additionally common areas such as grassy areas or gardens are maintained by the maintenance staff.
Another advantage to room living is often the amenities offered to residence. Such amenities might include usage of wifi internet, usage of refrigerator, laundry facilities. In most cases these amenities are offered free of charge to resident and their guests.
These items are often considered luxurious and are not available in the majority of homes which are on the market at any particular time. In fact searching for homes which specifically have these features may severely limit the number of search results and may result in no search results at all when these features are searched in conjunction with a typical price range. However, those who rent rooms can enjoy access to these amenities. They are also still likely saving a considerable amount of money each month as long as they are budgeting wisely and have chosen a rental room within their price range.