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COVID-19 has had an interesting impact on people’s perceptions about property ownership and renting. On the one hand, some people wish they had a property right now, just to have a bit more stability in their lives. On the other hand, many who do own property are facing the threat of not being able to pay their mortgages and potentially losing their homes.
There was also an expectation that property prices would drop significantly during the pandemic and that it would be the perfect time to buy. However, that did not play out in most places. Racine County did not see much of a shift either.
Owning property might seem like the endgame for anyone progressing in their lives. But this idea is based on the expectations of a different generation. That generation lived in a much more stable world, in which property prices were low and people were likely to stay in one place most of their lives.
In 2021, the world looks very different. There are significant benefits to renting, and this is particularly true in Racine.
Racine County rent is low
In some parts of the US, renting is a bad idea simply because rent can be so expensive. This is not the case in Racine County. In fact, the average rent in Racine is significantly lower than most of the US. While the national average is $1,400 per month, the average rent in Racine is only $845. This is even lower than it was last year.
Of course, averages can only show so much. Rent will vary depending on where in Racine you want to live and what kind of property you are looking for. However, as a general rule, you will be getting a bargain in Racine.
Repairs and maintenance
Many homeowners consider their home as much of a job as their actual work. They have to take care of constant repairs and maintenance, organize gardening services, keep up to date with bills, and be on the lookout for any potential issues. This is draining both in terms of energy and finances.
When you rent a home, this becomes the landlord’s responsibility. Yes, you are the one who will have to report issues and live with them until they are fixed. However, the landlord will have to take care of it immediately or give you the resources to do so. You save money while not having to go through the stress of the admin.
Renters insurance in Racine County
Something that comes up in most discussions of renting property is insurance. The homeowner’s insurance does not cover the renter’s possessions. So, if something goes wrong, replacing your property is entirely your responsibility.
That said, it is easy to get renters insurance in Racine County, and you won’t be responsible for the expense of insurance on the actual home. Your renters insurance will cover your possessions, as well as potentially taking care of personal liability. This means that if you damage the landlord’s property, your renters insurance can take care of it.
Renters insurance is becoming better suited to modern-day renters as more and more people choose this option.
The chance to move
You probably love living in Racine County. Maybe you have no intention of ever leaving. However, we live in a world that is becoming increasingly globalized. COVID-19 may have put international travel on the backburner for now, but it will come back stronger than ever.
If an opportunity arises to live somewhere else for a period of time, can you be sure you won’t want to take it? Companies that send employees to work in offices in different countries offer great benefits, and you may come back to Racine with a lot of savings (and the experience of a lifetime).
Renting gives you the flexibility to get up and go when the opportunity comes along. If you own a property, you can look for someone to rent it while you are away, but this can take time and you may not want to leave your house empty as you continue to pay for it each month.
Flexibility is hugely important in today’s world. Things are constantly changing. We no longer live in a time when committing to staying in place for decades is all that viable.
Renting in Racine County comes with a lot of benefits. Consider it as a serious option, even if you have the funds to put a down payment on a home.