5 reasons why you should rent a place instead of buying one
This is why we have put together some reasons why you should rent rather than buy an apartment. We hope this will make things clearer and help you take a concrete decision.
1. Lack of responsibility
When you rent a place you’re not responsible for any major wreckage of the house for example if there is leakage in your house the owner would have to take care of it. He will have to bear whatever expenses which may incur for fixing it. You’ll only have to take care of minor maintenance issues such as changing AC filters or replacing bulbs.
This liberates you from a lot of stress as you don’t have to shell out money and just get in touch with the owner.
2. No loans needed
When you rent a place you’re only liable to pay the monthly rent which you and the owner have agreed on, but when you buy a house you’re more likely to take a huge amount of loan from the bank. This loan term usually goes on for a long time.
This will also tie your hands if you want to get into other investments and so on.
3. Renting is more flexible
When you rent a place you’re on a 6 month or a year’s lease. This is an agreement between you and the owner. After this period gets over you’re free to shift from the place or even renew the contract if you want to.
But the problem with buying a place is that you’re stuck with it for the period you’re paying the loan, which is usually about 20 to 30 years. Therefore renting a place proves to be much more flexible than buying one.
4. No finance needed
When you rent a place the maximum finance you need is the deposit that you pay to the landlord, but when you’re buying a house you need to have a substantial amount of money. You may also have to take a loan from the bank for which you’ll also pay interest.
5. Best for Short-term housing needs
If you move frequently renting is the best option for you. You can’t go on buying places wherever you move, can you?
If you own a place moving becomes difficult as you have to get into the selling process which might take a while.
Although you must have understood the reasons why you should rent a place, there are some tips you should go through before you rent.
If you still prefer buying a house you should go through these tips before you do buy.
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