What Are The Benefits Of Renting An Apartment?
Everyone you talk to says that buying is better than renting. After all, renting is dead money right? Well, it is true that you don’t get as much for your money when you rent. At the end of the lease, you leave the apartment or house without owning any part of the property. To some people, that is a big deal. However, it isn’t a big deal to others. In fact, some people prefer this type of arrangement because of the reasons below.
# More Flexible
When you buy a property, you have to stick with it for better or for worse. Okay, you can sell it and move again, but that is a lot of hassle. For most people, it is too much hassle, and they just put up with their mediocre house. Rental apartments are different because you can leave whenever you decide the time is right. You don’t even have to stay to the end of the tenancy agreement if it is a rolling contract. For young and free people, this makes a rental property a much more attractive proposition.
# You Don’t Have To Bother About Repairs
The property isn’t yours – it is the landlord’s. As a result, they are the one that has to make any repairs. All you have to do is call the estate agent and inform them of the problem. As soon as it is possible, a person will turn up and fix the problem, and they won’t ask for a penny. Almost all rental contracts state that it is the landlord that has to pay for any damages that occur naturally. Maintaining a property is one of the hardest things about owning one. With a rental, you don’t have to worry as much as you would with a house of your own.
# Costs Can Be Lower
A mortgage for a house is probably the same or less than you will pay in rent. However, you need a lot of money upfront to get on the property ladder. For those of you that don’t have a deposit, you won’t get a mortgage. It is that simple. And, a mortgage will set you back tens of thousands of dollars, and that is being conservative. With a rental, you just have to pay the cost of the rent as well as bills. That means you can live centrally without having to save a fortune beforehand. Anyone that loves the hustle and bustle of the city will understand.
# Good Short-Term Option
Buying is a great option if you are looking for a long-term investment. Over time, you will pay off the house and have a lot of positive equity. But, it isn’t such a good idea for the short-term. Not only do you have to worry about the costs, but you also have to stick to one place for the foreseeable future. If you are under a certain age, or you are unattached, the prospect of settling down might not seem appealing. Thanks to the low cost and flexibility of a rental, you don’t have to worry about that anymore.
Renting might be ‘dead money’, but it is worth it if you want a free and inexpensive lifestyle.