52 Money Save Ways: Week 31: Consider Renting

52 Money Save Ways: Week 31: Consider Renting

We are already into week 31 of the 52 Money Save Ways Tips series! I really hope these tips have been helpful to you as you create a new life for yourself financially this year! If you are following along with the 52 week money challenge, make sure to deposit $31 into your 52 week money jar or $26 if you are doing the challenge in reverse!

This week’s tip might be a huge lifestyle change and won’t be a good choice for everyone, but I think it is important to discuss as it could be something to seriously consider if you can make it work for you.

52 Money Save Ways: Week 31: Consider Renting

The type of renting I am talking about is a home or apartment. If you are a homeowner, one thing that many people are considering these days is going back to renting and giving up their owned homes. This may be hard in today’s housing market, but if you can sell your home (or even rent it out to someone else), you can not only save money, but possibly make it as well. Of course, this is a huge decision that should not be taken lightly, as acting as a landlord is not for the faint of heart because it can cost you some in the end if you do not find good tenants, but it could be worth it as well. Let’s look at some of the ways that renting saves you money over home ownership:

You won’t have to pay property tax. At least not directly. You rent will often include a small amount of property tax in it that your landlord uses, but making sure you pay that big chunk each year will no longer be your responsibility.

You won’t have to pay for upkeep of your rental unit. In most cases, especially in apartments, the lawn is taken care of, the common areas are cleaned for you and you won’t have to shovel snow or pay someone to do it for you. Another huge bonus to renting is if an appliance breaks, a sink clogs requiring a plumber or a leak is happening, you won’t have to pay out of pocket to fix it.

Renter’s insurance is a lot cheaper than homeowner’s insurance and often covers more than you think. Many renter’s insurances even cover your vehicle and even your stuff when you are away from home. It can cost as low as $10 a month.

You can move quickly if you need to. With home ownership, it is very hard to have a job that could possibly leave you moving around. When you rent, you can usually move after a short time or even negotiate a way out of your lease if you get a better job on the fly.

You may not have to pay utilities. Some rentals cover a portion of the utilities and others cover it all. If you do have to cover some or even all of your utilities, they can often be far cheaper.

Going from home ownership to renting is a huge decision to make, but if it can work for you, you and your family could be saving a lot of money!

Miss a previous week’s money save ways tip? Click the links below!