Among of the most important decision of people these days is whether to buy a home or rent. Surely, there are advantages of buying a home these days, being it as a great start for personal investment – but there are people who prefer renting than buying their residential property. Common reasons include saving up enough money or a stable job that would help them qualify for a mortgage loan.
But what exactly are advantages of renting these days? Let’s have a breakdown of these benefits:
- Initial investment or down payment is low. When an individual plans to rent on a certain property or apartment, the down payment rates are low enough that they could afford it.
- Does not need to get a mortgage loan to qualify. Renting an apartment does not need a mortgage loan to be able to avail one. All that is needed is a down payment required by the landlord, some sort of a cash bond for renting the apartment property.
- Allow mobility and flexibility to renters. Renting allow renters to be flexible and mobile. If they plan to move on the next few months, they don’t have to worry at all. They have the freedom to move when they need to.
- No tax payments required. Unlike home owners, renters won’t need to pay any property tax at all, since they do not own and just rent the property to a landlord. This is one of the savings that renters could take advantage from against owning a home.
- Has lesser responsibility when it comes to maintenance of the property. Renters will have lesser responsibility on the maintenance of the property. They can require the owner to repair parts of the apartment that needs to be fixed, and that the landlord is the one responsible for the monthly maintenance of important aspects of the apartment.
If you are still thinking between renting and owning a property, one of the best things that you can do I to analyze your current financial capabilities and future plans. This may help you determine if renting is currently the best move that you can do, or home buying is currently your best option.