It’s undeniable that buying a home is a far better deal than renting a home. Nevertheless, having a home can be a massive investment for some people. The majority of the people nowadays are choosing to lease a home, apartment or room only because they can’t afford to buy their own property. Surprisingly, there are lots of benefits of renting a home. Some benefits of leasing can be seen below.
Quick, easy and simple
Renting a house is quite easy as compared to purchasing a house that’s a much complicated procedure. All you will need to do is search for a home or room that’s located at the region you wish to live, speak to the owner to take a look at the home and if you’re happy with it, you can negotiate with the owner to have a more reasonable rental prior to signing your tenancy agreement. In actuality, lots of the owners are having verbal rental agreement with their tenants so as to save time and energy. So, just bring your luggage and remain as most rooms or houses for rent nowadays will be fully furnished to make it more appealing and suitable for the people. In contrast, purchasing a home is a more complicated and stressful task in which you will need to have a home mortgage in the first place so as to buy the home. This very first basic step is time consuming and you’ll definitely struggle with headache to be able to find the best possible loan rate available on the industry in addition to get your home loan approved. Additionally, to not overlook the upcoming tasks as soon as you’ve purchased your house like house inspection and the purchase of furniture.
No Significant capital outlay required
The landlord of the home normally request 2 months lease deposit and one month utility deposit prior to signing the agreement. This amount is relatively small, in comparison with the initial capital required in getting a house. When you buy a home, you’ll have to pay down payment. The down payment is usually 20 to 30 percent of their property sale rates. In any case, some property sales require the buyers to pay earnest money to demonstrate they are really serious about the trade. Furthermore, a home buyer must prepare adequate money to cover closing cost that’s an expenses incurred by buyers and sellers in finalizing the contract like document preparation fees, credit report fees, land survey, title insurance and so forth.
Zero maintenance costs
It’s your landlord responsibility to fix anything that breaks or spoiled from the home. There’ll not be a lack of the repair and upkeep costs on you. This is totally different with having a house where you will need to invest your own money in fixing the furnace, fridge or television if they’re not working.
Whenever there’s job relocation or you were able to get another home for rent with greater neighborhood or a home that’s even cheaper, you may just create your move by giving one month notice to the landlord or following dateline ends for the present tenancy agreement. But if you have a house; you need to sell the present house and repeat the complex process of buying a home at another place all over again. Sometimes, you’ll have to take a lower offer for your present house so as to sell the home at a shortest possible time as you may require capital in buying other property.
Greater financial flexibility
You don’t have to cover attention, insurance, property taxes, mortgage payment, repair and maintenance fees in addition to utility bills because these bills are sometimes included in the rental price when you rent a home that you would otherwise have to pay if you have a house. This way, this additional cash in hand may be utilised in additional investment opportunity.