Monthly Archives: February 2018

Why is it Best to Rent a House Rather Than Buying?

Owning a home is a long-term goal for most people. We strive for years to ultimately have a place we can call home. However, it is at times better to rent rather than buying a home. Before you can afford a perfect house, it’s best that you consider renting that perfect home. Here are some of the reasons why it’s advisable to rent a flat, apartment or house rather than buying a house.

No maintenance/repair costs

This is one advantage a renter has over a homeowner. Once you rent a house, the maintenance costs are catered for by the owner. Maintenance costs can at times be expensive. While homeowners are responsible for their house repair costs, renters simply notify the landlord of the repairs.

Access to amenities

How much would it cost a homeowner to set up a swimming pool? How about building a fitness centre and other entertainment facilities? These amenities are very expensive to install. In fact, most homeowners cannot afford to set up these amenities. While most homeowners have to pay monthly fees to access these facilities in private hotels, renters can easily access them in their gated communities.

No huge down payment

Buying a house is quite expensive. You need a 20% down payment on the property to buy a house. This deposit is huge compared to how much you need to rent a similar property. In fact, most people rely on mortgages to fund the purchase. Renters, on the other hand, just need to pay monthly rent for a few months depending on the owner. You can contact to find a rental property at an affordable monthly rate.

Change in property value

The value of real estate may fluctuate depending on the economy. Property buyers may be negatively affected if the prices go down. Investors have lost millions after a decrease in property value. Renters have an advantage over buyers as their monthly rent is rarely affected by a change in the economy.

Low utility costs

Did you know some utility costs vary depending on the size of your house? Bills such as water and electricity are higher in larger houses than in smaller houses. Similarly, homeowners utilise more water and electricity than renters. Thanks to their compact floor plans, rental houses consume less of these utilities.

There are several types of property you can rent. When searching for property to rent, make sure that you choose the best in the market. You can compare costs, features, and location to get a rental house that meets your needs. It is also important to negotiate a favourable contract before signing the agreement. If you are renting a house through an agent, make sure that you have visited the property for viewing. Although you can do your own search, it is best that you involve a professional real estate agent.