Renting a house can be beneficial based on a couple of factors. Property buying may not be as simple as it seems owing to the rise in property prices, interest rates and EMIs. Most of us are in a baffling situation, whether to rent or buy a house as a result of the prevailing real estate market conditions. Occasionally, you may ponder over a question like, should I buy a new home or continue living in a rental house?
Renting an apartment or a flat comes with its own pros and cons. Even though it can be a better financial and emotional option, it will only accommodate you temporarily. Renting a property helps you if you’re yet to settle in your professional and personal life. At times there are some responsibilities for repair and maintenance you need to take care of, but you’ll simply pay a refundable amount rather than a big deposit.
Having four walls around you and a roof to guard you, is all we want at the end of the day. Some love keeping it simple while others love to indulge. From individual house to apartments, from duplex to condominiums, you can choose any type of residence to live in. You simply need to pick one that suits your budget and what suits your needs, facilities, lifestyle, preferences for location, etc., it’s not just the type of dwellings that you can choose, and you can as well choose the way you want to live in them too. You can opt to buy, lease or rent a house. People usually scoff at the idea of leasing or renting, simply because it means that you don’t own a property.
Advantages of Renting a House
Freedom of Movement
Many a time you’ll be required to move for business or work related purposes. In such circumstances, it’s easier to relocate while living in a rented house. The farther you travel from your owned property the harder it gets. For instance, if you have to travel overseas for business activities, then paying your mortgage back home can be a big burden.
Pay Just the Rent and Forget About the Maintenance
One of the key advantages behind renting a house is that you, as the tenant, need to pay only the rent and the landlord takes care of all the maintenance costs of the house. At times it may turn out to be a big burden if your water supply is lost or there is an electricity problem in your house. Some landlords are even kind enough to maintain the lawn and garden if the home has one.
Low Down Payment
The down payment of renting a house is quite small and usually it’s a month’s rent. You can claim this amount back when moving out if you don’t have any undue damages to the house. But the down payment can be quite huge when owning a house. The real estate fluctuations can have a big implication on an owned house.
Houses to rent are easily available and you can move a lot faster than when buying a house; there are many houses for rent because many people have invested in real estate. You can even shift houses, if you get bored. Additionally, for people in a hurry to switch houses or just beginning a new life in a fresh place, renting is always a great option.
People who haven’t found a suitable place to live permanently will live comfortably and happily in a rental home. It’s just as great as living in your own house and sometimes even better.
John Stevens writes about business and real estate. He has been working in South East Asia for over ten years and currently he is working in Myanmar. If you want to rent a house in Yangon, Myanmar, visit www.myanmardealsleasing.com.