Las Vegas has a wide array of homes for rent.
Many of them are modern and well-maintained; and, they’re in attractive, gated communities with parks and nearby retail amenities.
It makes one wonder why anyone living here in the Valley would buy instead of rent. We can tell why you should stop wondering in one word: control.
The primary concern with renting is the lack of control you have over the asset. (Actually, it’s not an asset at all—another drawback.)
A landlord can choose to raise your rent at any time, as long as they provide ample notice in writing and that the change occurs at lease expiration.
If you like the house, and moving is too expensive, you may not have a lot of choice but to accept the rent bump.
Summarized, landlords control payment amounts. A renter can’t refinance.
When you own your home, you can choose to get a 30-year fixed mortgage to ensure you have the same payment every month for the lifespan of the mortgage.
This makes long-term financial goals easier to plan for because you know exactly how much is being spent every month.
As a renter approaches the end of a lease, they have to prepare for a possible change in payment, which can alter a number of other economic obligations, such as car payments, gym memberships, and student loan payments.
Renters also lose control of how to manage a home.
An owner, on the other hand, can choose paint colors, renovation ideas, appliance changes, and in general, do just about anything they like to make their home a more comfortable place to live.
Renters are limited to very general, non-dramatic fixes.
Most landlords will allow a renter to paint, provided the color isn’t overly dramatic or difficult to paint over upon move-out.
While renting has given a lot of Las Vegas residents a terrific, comfortable living option in our post-recession economy, their goal should always be to eventually own a home.