In this article we are going to talk about the Advantages And Disadvantages Of Renting A House. Finding a place to live is a huge task. Right? You think a lot before renting a house. Don’t you? Whether it’s affordable or will it change my lifestyle? You need to consider so many things before taking a decision. Renting a house has both advantages and disadvantage. Some of you make say that renting a house may give you a sense of belongingness and some would say that it is way cheaper and affordable. Well, in that note let’s take a look on some f the major advantages and disadvantages of renting a house that are listed below.
5 Advantages Of Renting A House
Well, you can’t deny the fact that owning a house has its own benefits but it can be a huge investment for some people. Nowadays, some people rent house because of the jobs and also because they can afford to buy it. But undeniably, there are so many advantages of renting a house than owning it. You can found some of them listed below.
1. Flexibility to change
You know that you need to live at that place just for a couple of years because you job’s requirement. Well, in that case renting a house is a bliss. You can stay there as long as you want and then move to another place as required. You can virtually live anywhere you want, all depends on you affordability and your desirability. Also, if you’re bored of the interiors and the surrounding, you’re free enough to move from there. Changing places to live may give you more exposure then just living at the same place for years.
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2. Fluctuation in the property value
There’s no such fixed value of the property. It keeps going up and down. In that case, renting a house is an advantage. It does not affect you that adversely as it affects the owners. Downfall in the property value affects the taxes the owner pays. The affects of the downfall in the property value is quite less on the renters. You also don’t have to pay any property tax which can be a huge amount depending on amount of land.
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3. Fluctuation in the property value
Television not working? Toilet seat broken? Not an issue. Owner will fix it all. Yes, you read that right, it is not your responsibility to repair anything that has broken or spoiled, the owner has to do it. There is going to be absolutely no burden of maintenance costs on you. And there is a completely opposite scenario while owning a house. Even if a switch is not working, it’s completely your duty to get it fixed.
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Nowadays, you can find a house of your choice easily. Whether you want a 2 room set with balcony and gym or house near supermarket and park. It really quick to search a desired house with all the facilities you want. You can also find houses according to your affordability. All you need to do is, search for a house which is located near the area you want to live in, contact the owner of the house, go for a visit, and if you like it and are satisfied then you can negotiate with the owner and discuss all the terms and conditions.
Paper working here is much less complicated than owing a house. And if you agree to all the term that your owner says, then you can bring your entire luggage and happily live in that house. In contrast, owning a house takes lots of time in paper work and adjustments.
5. No huge investment as such
Buying a house may require huge amount of money. Also one cannot ignore the amount of money required in the paper work. In contrast, renting a house just needs advance deposit and even monthly charges generally ranges in thousands. Also, House being a huge investment, can bring up risks. On the other side, there is no such risk in renting a house. You can happily live there as long as you want and can move to another place as per your requirements.
5 Disadvantages Of Renting A House
Renting a house may seem like the best choice at first but it is just a temporary solution. Renting a house also has some disadvantages. Before making a choice, we would suggest you to go through the disadvantages of renting a house too. Some of them are listed below.
1. Bound by rules and obligations
The element that prevents most of the people from seeing their rented place as their home is that fact that there are usually many rules and restrictions. You are supposed to follow all the rules that are written on your lease agreement. You might not like the color of the wall or are just bored by those interior accessories, but you cannot change them without your landlords’ permission. Also, there might be a ‘no pets’ policy. So, if you love animals, such place is not for you.
You may also face parking issues as some of the landlord does not allow your cars to be parked in their parking area. But there are no such rules and restriction if you own a house. You can do any change according to you. You have a complete freedom to redecorate and renovate according to you as you are the owner. Another benefit is that You can live however the way you want, no one can stop you from that. You can have pets, change the wall color without anyone stopping you.
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2. Landlords cannot be trusted
There is no fixed rent amount. Your landlord can change it anytime. If he thinks that property value has risen up, he can ask you to pay more amounts. Also, he has a complete to ask you to evict the house. He might want to use that place too or just put it on sale because of the risen property value. Also, it is good to know that renters do not have to worry about the maintenance cost because the owner is the one taking care of that. But that does not mean that your landlord will repair the broken stuff on time. He might just delay it and at last you are one who has to take the call.
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3. Moving expenses
You live in a rented house on a temporary basis. You landlord can ask you to leave that at any time if he wants. It is not that easy to find a new place for yourself in such short span of time. Also, moving from one place to another can cost you much and it is also very time consuming. You have to shift all your stuff into a new place which may cost you a lot.
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4. The cost of renting
If you move to rented place, you are supposed to pay a monthly amount eve month. Also, you have to pay a deposit, security money and a rent of one or may be more than one month in advance in the beginning. While one the other hand, if you own a house there is no such expenditure other than the house tax.
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5. You are not always satisfied
When you live in a rented house, it is not necessary that you will feel the sense of satisfaction with that place every time. You normally don’t have any financial commitment so you do not see that it as your own place. It is quite difficult for you to appreciate the value of that place. it is actually a temporary arrangement for you which you might leave anytime and where someone else will come to live. You just have to be happy with what you have. You actually do not feel belongingness from that place. But, when you own a house, that place is all yours. You know the worth and the connection you feel with that.
So as you see, there are so many factors that play apart in deciding whether to rent a house or not. Of course, money plays an important role but one cannot ignore the above mentioned factors. At what place do you want to live, how long do you plan to live in that particular lace you jobs, you future, your desires, availability, facilities, etc., all play a very important role in this decision. If you think you want t explore and there is no such ease a permanent settlement, then renting is most likely the best option for you, as it provides you with greater flexibility. But if you think you cannot live with those restrictions and wants to get settled, then you should surely go for owning a house if you can afford it.