Today to buy a property is something that not everyone can afford. You can’t buy a house or buy an apartment but you need somewhere to stay, as you can’t live in a hotel or motel room forever you should sooner or later rent a property.
People come to the idea of renting a property in some part of their life. For example, when they decide to live separately from their parents, or when they go to another city for university or for their career, and finally people often rent a property when they decide to move in with their partner. Some of them even get married and have children while living in a rented house.
You can rent also a garage, car, warehouse, etc. So, we can definitely say that renting is a part of our life.
A lot of people are very pessimistic when it comes to renting, but let’s see the good sides of it.
Benefits of renting a property
Minimum cost
The cost of owning and maintaining a property is high. You need money for a down payment, utilities, regular upkeep, home insurance, property taxes, and home insurance. Due to the fact that most homes are bigger than the average rental home, you will also incur higher fees to furnish a larger room. However, there are no upkeep or repair expenses when you rent a home, and in many cases, your monthly rent includes all or part of your utility expenditures. With only one fixed payment each month as opposed to the numerous payments needed for house ownership, budgeting for your lifestyle is easier.
Flexibility
If you have to move because of work or personal reasons. Renting might make it easier for you to take advantage of job opportunities since it requires far less work than selling a property. Additionally, renting gives you flexibility over the kind of residence you live in. You can, for instance, upsize or downsize much more quickly than if you were selling or purchasing a new property for the same reasons.
Fewer responsibilities
When you rent a house, your landlord will take care of the tasks that take up the most time to maintain a house, such as exterior repairs, snow removal, major renovations, appliance replacement, painting, plumbing, etc. You’ll have extra time, as a result, to engage in other activities. Many tenants opt for rental properties expressly because of the lifestyle they can lead there—one with more free time and less stress.
Fixed Price
For the duration of the lease agreement, your rent payment will remain the same. Although landlords may increase the rent without prior warning, knowing the amount of rent you must pay allows you to budget more effectively. But if you own a home, something can go wrong and you will have to pay more.
Due to the number of equity homeowners build up in their homes, to buy an apartment might be advantageous for them in the long run. After making rental payments for years, renters have nothing to show for it. However, renting might be a preferable choice for people who wish to avoid the difficulties connected with homeownership, the costs of upkeep, and property taxes. Obviously, it depends on the lifestyle and whether or not a person is employed.
The Washington Magazine 