You should read this post if you are wondering whether to buy a house or spend your days living in a rented house. You could also be a person who is staying in a rented house and wants some reassurance on your decision to do so.
Renting a house can be a better option for someone who has a limited budget and doesn’t want to take big financial risks. Don’t worry, it doesn’t put you in the category of financially unstable people. In fact, your decision to live in a rented house shows greater financial awareness.
Here are 5 reasons to keep renting.
1) You can change locations when needed
Gone are the days when people use to spend their entire life in a single city or a town. Since the last ten years, there has been a massive change in the way people make financial decisions. And I am talking about both new and older generation. People want more flexibility and control over their lives.
They prefer having an option to move to a new city or a country whenever they want. This is one of the biggest reasons you should consider renting a house. Even if you don’t agree with me right now. It’s better to be open-minded and keep the options open. Never get locked down to a single place.
2) You want better infrastructure
Let’s be honest. Who doesn’t want a swimming pool, a golf simulator and a basketball court close to their apartment? All this is possible by renting a house in an apartment building that has all these amenities. You can enjoy every service and feature these fancy apartments have to provide. That too at a nominal monthly fee or sometimes they are included in the rent itself.
3) Saves a lot of money
Generally speaking, renting is always cheaper than buying a home. Also, you don’t have to worry about mortgage payments per month. By living in a rented house, you can save money on maintenance, repairs and HOA fees.
But, it should be noted that the amount you will save will depend on the city, the size of the house and locality around your house. I can present to you many cases in which renting a house will be expensive in the long run compared to buying the same house. So, to get a good deal you have to get your calculations right.
4) You don’t have the time for maintenance
Real estate agents hire property managers who take care of the house and are responsible to solve any issue that might arise in a rented house. The tenants don’t have to lose their sleep if any problem like leakage in the plumbing, power-cut, or theft takes place in the rented property. The real estate agent takes care of everything and you can relax and live your life without having to deal with such petty issues.
5) Low initial investment
You could be a fresh graduate and still afford to rent a house. No one is going to care about how you will be paying your rent. Moreover, the owner makes himself secure by taking a security deposit– one or two months rent in advance– from you.
Before investing your money in a real estate property, it’s imperative to consult a trusted real estate agent who has a good reputation. Renting can be more expensive than buying if you don’t do your due diligence.