Renting is the best option for people who cannot afford to buy a house. But at some point in life, one has to rent a house instead of an apartment. The children are growing up and need more space for themselves. Renting a house has its own advantages.
Advantages of Renting a House
- You have a fixed financial responsibility. You only pay the deposit required and the monthly rental. The rental is fixed for the duration of the contract of lease. You have no obligation to pay taxes. Your only obligation is to pay the utility bills.
- The landlord is responsible in maintaining the physical appearance of the house, appliances and repairs. The idea that you will not spend for leaking roofs, peeling walls and broken toilets makes renting appealing to most people.
- You can personalize a rented house with the approval of the landlord. You can improve the landscaping and hang pictures on the wall.
- You can have more freedom to do your activities because you don’t have neighbors living upstairs or downstairs.
- Renting a house gives you more space inside and outside the house. This is one advantage of renting a house over renting an apartment. You have a yard where you can entertain friends and guests. You have more rooms for your growing up children.
- You can live in a neighborhood where you cannot afford to buy a house.
- You can move out after the contract has terminated.
- You don’t have a loan to pay.
- You have more flexibility in deciding how long you will stay in the house.
- As renting is cheaper than buying you can save towards buying your own house in the future.
But like renting an apartment or buying a house, renting a house has also its own disadvantages. You have to weigh the advantages and disadvantages before making a decision to rent an apartment or a house and buying your own home. Carefully study the pros and cons so that you will come up with a sound decision that will meet your needs, budget and lifestyle.
Although buying a good home is everybody’s dream, but if you cannot afford to buy one at the moment, renting a house for the meantime would be a good decision. Whatever your decision is, it all comes down to one thing, your long-term financial capability.