The option to buy or pay rent for a house is at times hard. You may visit a place where you really like and would like to settle there in the future. However, if the city that you visit is based on a business trip to the said City, you may not be willing to part with money to buy the house at that particular moment. You do not need to buy a property that is located in an area where you do not work. Furthermore, if you like to live in luxurious places that you cannot afford, renting is the best option. You will not have to worry about repairs required for space you rent. All you need to know is that it is to your liking for a temporary period. However, before you spend too much money on rental properties, it is important to know the advantages and disadvantages of renting a house. Below is an outline that will help you make a wise decision.
Advantages of renting a property
- No huge investment required: You do not need a lot of money to rent a house that provides you with the convenience you need for the duration you want to live there. As expected, you will pay a deposit for the rented property that will range in the thousands; therefore, you are not making a lifetime investment and you can move anytime.
- Property price fluctuations do not affect you: There is a negligible change in the rental price when there are changes in the property market.
Mobility: You only need a month’s notice to vacate from a rented property. Therefore, if you are visiting a place for business or job temporarily, you can move out anytime.
- Less responsibility: You share the responsibility for the property with the property owner. As a result, considering you have paid the deposit, the property owners take care of any damage that may occur in your living quarters.
Disadvantage of being a renter
- No Return on Investment: No money returns or is gained once you pay rent on a property. The property owner is the sole beneficiary of what you give as rent.
- Maintenance issue: When you need repairs done in your apartment, you may have to struggle and put up with meager living conditions.
- Renewal of the rental agreement: There is never a guarantee that you can renew a rental agreement. In addition, a rental agreement may lead to increase in rent as per the proper owner’s volition. As such, you are the one who loses out when rental agreements are signed.
- Restriction: At times, you want to make some changes to the apartment or property that you rent. However, this is not possible. Only the proprietor can decide to make any changes to the property. In addition, the restriction may include a “no pets allowed” in the property. Therefore, in a rental property, you are forced to live as per the owner’s standards, guidelines, and restrictions thereof.
Therefore, it is imperative to note that renting a property is only advisable if you know that you have visited a certain city or town temporarily. If you need to live with no restrictions, becoming a homeowner is the best solution. You will live according to your standards and personalize your home to your taste.