When you are asked to make a choice between buying a house and renting one then it is the most difficult decision to make. Getting a house for rent is a sensible option if you are not sure about the time you are going to stay in the city. If you are going to stay for long or you want to invest in a property of a city then you can opt to buy a house. But you are not going to stay in a city for long then it doesn’t make any sense of investing in the property of a city in which you are going to live after a certain time. When you leave the city either you have to sell the house or you have to put it up on rent. Keeping it vacant is just a wastage of money.
Advantages of a house for rent
Having a house for rent is a viable option for anyone who wishes to stay in a luxurious place but doesn’t have that much money to buy a land or house I such a location. Apart from that that you don’t have to pay for major repairs when you are staying in a rented Apartment. Suppose there is a problem in the pipeline, or cracked floor then the landlord has to take the pain of repairing it and the best part is that you will not have to pay for it. Whereas if you own your own house then you are liable for paying all the repairs and maintenance work. Here are advantages that a house for rent has over the house that you buy:
• You don’t need to make a huge investment: If you are renting a house then it needs just signing a contract paper of 11 months and in advance, you have to pay a deposit which is refundable and usually ranges in thousands. It allows you to live in a premium area that you might not be able to afford to buy. Apart from that getting the land for sale in a premium location is not that easy but you get easily it for rent.
• Negligible effect on the property price fluctuation: Even when there are frequent changes in property prices but that have negligible changes in rental prices. If you checked the prices of the house for sale 2 years ago then that will not remain the same for long. But the rent of the house that you checked 2 years ago will near about remain same. Major repair costs such as seepage, cracked floors have to be borne by the landlords.
• Less responsibility: When you get a house for rent then it comes with very fewer responsibilities. Especially when it is about paying the repairing costs then that is shared between landlords and tenants. If you want to shift out of rented accommodation, then just give a month notice and vacate a house easily. You can very easily shift whenever there is needs to change a home/locality/ city.
Thus, getting a house for rent is the best option for many benefits that you can get. But you have to remember that your money will not grow. That means you won’t get any return on the property that one is taking on rent. The real beneficiary is the owner of the house who earns an income in the form of rent that you are paying. Sometimes you have to struggle to get the repairs done in a timely manner. Besides that, you don’t have the guarantee that the rental agreement will be renewed and a new rental agreement can lead to an unplanned rental increase.