4 Things I Miss About Being a Renter

Homeowners may miss the following perks when they leave their rentals behind.

There are pros and cons to both renting and owning. Buying a home is a huge life decision, and for many, it's a great choice. But it's essential to think about this choice carefully to ensure that homeownership is the right move for you. Life as a homeowner is slightly different from that of a renter, and it comes with more responsibilities. I was a renter for over a decade, but I'm now a homeowner. Here are four things I miss about renting.

1. Fewer expenses

Rental costs are increasing around the country. But while rental prices can be high, renters often pay fewer expenses overall when compared to homeowners. Most renters pay their monthly rent plus utility costs. Some rental properties also charge pet, parking, and activity and amenities fees. But landlords usually cover a lot of other expenses that fall on the shoulders of homeowners.

One significant expense is property taxes. This cost is unique to homeowners, and taxes can be high. Mortgage insurance is another added expense for homeowners who didn't make a 20% down payment when buying their homes. Some homeowners also pay homeowners association (HOA) fees. All of these extra costs can easily add up to several thousand dollars a year.

2. No worry about financial impacts of repairs and maintenance

As a renter, you're not responsible for repairs or maintenance. That makes for a generally carefree living situation. When you own a home, you need to take care of it. If you don't keep your home in good condition and take care of necessary repairs, minor problems can become expensive issues. Ignored issues can also result in a lower property value.

Homeowners need to prepare for repair and maintenance costs. They can do this by opening a savings account and regularly contributing money for future expenses. Without proper savings, figuring out how to finance expensive home repairs can be stressful.

3. Cheaper insurance costs

Insurance is a must, whether you rent or own. If you don't have a policy, it's a good idea to purchase coverage. Without insurance, you may find yourself in a difficult situation when an unexpected situation happens.

I've had both renters insurance and home insurance at different points in my life. I've found that I pay significantly more for homeowners insurance than for renters insurance. The higher cost makes sense since homeowners insurance includes coverage for the home itself and the personal property inside. But you'll need to budget for this extra cost.

If you're thinking of buying a home soon, compare insurance options so you're not overpaying for coverage. To get started, take a look at our list of the best homeowners insurance companies.

4. No need to handle repairs, maintenance, or yard work

The rental properties I lived in took care of all the repairs, maintenance, and yard work for me. I never had to worry about something going wrong or keeping up with tasks like lawn mowing or snow removal. If an issue popped up, I put in a maintenance request. Now that I'm a homeowner, I'm responsible for scheduling the work and paying for repairs.

When you own a home, you'll need to plan to handle repairs, maintenance, and yard and property work yourself, or you'll need to hire someone to handle those tasks for you. Even if you don't plan to address maintenance needs on your own, you'll need to find skilled professionals who are trustworthy and reliable.

Whether you're a renter or a homeowner, there are perks to your living situation. But if you're thinking of purchasing a home, first consider how your life will change. You want to ensure that you're ready for the added responsibilities, including the financial obligations of homeownership. Are you beginning the home buying process? These are the best mortgage lenders to choose from.