Top 4 Advantages of Renting a Home
Are you considering moving out of your family home and going it alone? Your first thought may point to buying a home, but in recent years, the number of homeowners has decreased massively due to property inflation, which is why many choose to rent instead. You may have heard that renting is a waste of money and time, however, it is a much more viable option for the following reasons.
By renting a home, you can eliminate an unlimited number of costs, including mortgage payments, property taxes, maintenance expenses, the purchase price and more. Although all landlords charge different rates, they usually ask for one single rent payment which may include all bills and any additional costs that are stated in the contract.
Moving into a rental is a much more affordable option, especially when you consider the property market and how prices continuously rise and fall. While property prices change instantly, the rental cost stated in your contract must stay the same, which is agreed by the landlord and the tenant at the start of the tenancy.
The majority of modern rentals now offer tenants access to luxury facilities that would be extremely costly otherwise. Property companies like RWinvest have several city-centre apartments available which feature high-end amenities such as spa and pool access, fitness facilities, entertainment rooms, rooftop gardens and more. These allow tenants to live a luxury lifestyle on a budget, which would not be possible as a homeowner.
Another luxury advantage of renting is that you could actually afford to live in an upscaled neighbourhood, which would not be viable when buying a home. This offers you a taste of the good life, which will give you the motivation to work hard in order to live permanently in an esteemed neighbourhood.
The great thing about renting is that there is a lot of flexibility. For example, if you’re completing your studies and are only planning on staying in a certain city for as long as your course, then you can agree to this with the landlord. Some landlords even offer notice periods from a month onwards, which is ideal if you don’t like the area or want to move home as soon as possible. A notice period is also in place to give the landlord enough time to find a new tenant.
Renting is also perfect for anyone looking to downsize. For example, an elderly couple who own and live in a four-bedroom house could find it too high-maintenance and would, therefore, prefer to rent a bungalow or an apartment. They can then rent out their original property while living in a more manageable and affordable home.
The level of responsibility a homeowner has is a complete contrast to that of a tenant. Owning a home is almost like a second job, as you must ensure everything runs smoothly. This includes things like arranging repairs and yearly maintenance to ensure that your house stays in one piece.
In comparison, tenants can rely on landlords or property managers to take care of everything for them. Whether you have a faulty light or your heating stops working, all you need to do is give your landlord a call, and they often have a duty to sort it out within 48 hours. This will allow you to save a significant amount of money and time, as well as enabling you to live a stress-free life in your rental home.