One of the key questions that you will face when it comes time to move home is whether you should rent or buy. Both come with their own distinct advantages and disadvantages, so you must put a lot of consideration into each before you make your final choice.
Here we will look at a few of the advantages of renting an apartment instead of buying a house.
When you own your own house that means that you are responsible for every single thing in it. If the carpet is worn you are the one who is going to be paying for it. If the boiler breaks down then nobody is going to be able to get it repaired for you. You’re going to have to do all of that yourself, which means you are going to have to make sure you budget accordingly to account for any surprises.
When renting, a lot of these can be taken care of with a simple call to the landlord. Issues like appliances breaking down is not your responsibility unless you own the appliance. If the landlord owns the furniture you are using or the appliances in the home, it is there responsibility to repair and replace anything that goes wrong.
The one caveat to that is that they are not obligated to do so in cases where the breakage is the fault of the tenant, so don’t assume you can just mess everything up when you rent.
Easier To Move
Anybody who has ever sold a property will be able to tell you that there is a definite possibility that the whole process can drag out for months, and even years in some cases. This means that there is going to be a delay when it comes to moving out, when the time comes.
This is less of an issue when it comes to renting. Tenancy agreements tend to be easier to manage, particularly if you are on a rolling monthly agreement. They are easier to break, should the need arise, which means that you can move on with fewer ties than you would if you owned the property.
No Down Payment
One of the biggest things that holds many people back when they are looking to get on the property ladder is the size of the down payment they are going to have to pay just to be in with a chance of getting the house that they want.
With renting, this is not an issue. You won’t need to raise 10 or 20% of the value of the property you are renting just to move in. That means there are far fewer upfront costs for those who need to move and haven’t had the opportunity to save.
Remember that you will often be required to pay a security deposit and a month of rent in advance, so you can’t just rent without having any money available, but you will find that the whole process is much easier to handle.