These days, renting a house is becoming more popular option among people because it makes moving easy, less tedious and even less expensive. It offers you greater mobility like just in case if the location does not suit you then you can move to a new place whereas it cannot be possible for home owners. Although with the increasing inflation there is a great rise in market prices so, people feel renting as more convenient option than owning a house. Listed below are some of the advantages of renting a house versus owning a house:
No need to take tension about the maintenance:
One of the biggest advantages of renting a house is that the tenant needs to pay only the rent but does not have to bear the expense of any maintenance costs. For instance if any material needs repair or there is any problem with water or electricity supply all he has to do is to inform the home owner.
Sometimes, after staying in a house you feel incompatibility with the location or environment so, renting here will be considered as more beneficial because you have full freedom to move to a new location whenever needed whereas owning a home needs a huge investment so you cannot shift again and again. Moreover, with the rise in prices of markets if some tenants are unable to pay huge amounts of rents so they can shift to new place but it is not true in case of owning a house means they have to maintain their property timely so as to maintain their living standards.
No expense of buying basic necessities:
If you are moving in furnished rental properties you don’t have to bring your own material whereas once you owe your home then either you have to bear expense of buying new material or have to tolerate the cost of relocating the material from the previous home. And there is possibility that the furniture you bought from your old house may or may not suit with the look of your house or may not fit into size.
Reduce tax burden:
When you are renting in a house, many company offers you house rent allowance which will exempt you in paying of income tax. Moreover, when you are staying on rent then you only have to pay month’s rent which is usually lower than the amount paid in down payments made by home owners. With the daily fluctuations in real estate, a home buyer is always burdened with taxes. In spite of this, if you are short term tenant then you even don’t have to pay for insurance.
Renting a property will always provide a huge amount of flexibility. You can leave the property anytime at the end of lease and moreover you don’t have to worry about selling the property if you are relocating to any new place. During any financial crisis if a home owner is not able to pay off the mortgage loan then the risk of foreclosure are very high. Moreover, nowadays many social services are also run by the government so that you can easily pay the rent that too on time.
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