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There is a lot of discussion about whether renting or buying a home is a better financial decision. Buying a home is more attractive to many as you will eventually own the home once it is paid off. When renting, on the other hand, you are paying off someone else’s home.
However, the deposit you put down when buying a home could be making you significant money on interest alone, and if you are savvy, it can be totally worth it financially to rent.
The problem is that you are limited in what you can do to a rented home. For this reason, many renters never quite feel at home. Instead of making the interior decor reflect who you are, you might end up doing nothing and living in someone else’s vision.
Are the financial benefits of renting worth the limits of your homemaking experience? Before we get into the nitty gritty of what you can do with a rented home, we should talk about renters insurance, which is critical if you are to benefit financially.
Renters insurance is a crucial requirement for anyone who does not own their home. What does renters insurance cover? Renters insurance covers all your possessions, which are not covered by your landlord’s homeowners insurance. It can also cover personal liability, which will pay out for claims made against you if you accidentally cause damage to someone’s person or property.
Without renters insurance, you are putting a lot of money at risk. Just your electronic devices alone cost thousands of dollars, and you would need to replace them immediately.
With good renters insurance, here are the limits you have on your homemaking experience in a rented place.
Most renters assume that they cannot make any significant changes to the apartment or house. They can paint the walls and put up shelves, but putting down flooring, breaking down unnecessary walls, or putting in new light fittings are out of the question.
However, the reality is that you can do all of these things – if your landlord allows it. They understand that certain changes will not only benefit you, but will benefit them as well. Beautiful new flooring can add to the value of their place. So can the spaciousness available when you break down a wall between a kitchen and dining room.
The problem is that you are putting money into someone else’s property. You are spending your own hard-earned cash and only reaping the temporary rewards. If you think it still might be worth it so that you are more comfortable in your home, you may want to reconsider.
Doing anything that raises the value of the home you rent could backfire on you. Your landlord might realize that they can now charge more rent. They could also decide to sell the house for a higher value when your lease is up rather than renewing it.
Not all landlords are exploitative, but when it comes to making money, people do what they have to.
So, what should you do to improve the quality of your rented home without disadvantaging yourself?
There are ways to make your rented place feel more like home. Paint statement walls that reflect your design aesthetic. Buy furniture that is not only comfortable but also fits into an overall vision. Start collecting artwork that you love, which you will be able to hang no matter where you move.
You can also bring in plants and even start your own herb garden. Since you will be interacting with these plants on a regular basis, you become attached to them and will take them with you if you leave.
Also consider putting up some vinyl stickers on the wall. These can give your home so much more character, and when it comes time to leave they are not permanent. They’re also very affordable, and you won’t feel hard done by investing in something that will not last forever.
There are definitely financial benefits in renting, even though the price of rent in America is high. However, you are sacrificing some of the basic joys of homemaking.