No matter where you are on the planet, one of the most basic human needs is having a simple roof over his or her head. We really cannot overemphasize how important shelter is, that would be like trying to make sense of why anyone needs clothes – it’s a no-brainer. With a constantly growing global population estimated to be about 7.7 billion, it is gradually getting more difficult to find accommodation. Is renting the way forward?
At first thought, many people would probably prefer rather own a home than rent one. Nonetheless, not everybody can afford to own one and hence a larger number of people anywhere in the world, have to rent accommodation. And this is not such a bad option as it is usually painted to be. But what is the benefit of renting a house? Are there even benefits to renting a house?
Advantages of Renting a Home?
Depending on what you’re all about, renting a home or a simple accommodation has its advantages.
Renting attends to the needs of frequent travellers or globe-trotters, who are either on the move for business or pleasure. Alternatively, a business or career that is either known to shift base or happens to move unexpectedly, a rented accommodation can easily be forgone.
Renting an accommodation affords you the opportunity to be flexible in your travels for work because let’s face it, putting down roots everywhere you go is for the most part practically unreasonable.
Financially More Suitable.
Not everybody makes the big bucks, and hence, not every Tom, Dick and Harry can afford to just up and buy a house. If that were the only option, people would live in the streets or incur major debts from having to buy their own home.
It is financially more logical to rent according to your means because it helps you manage your finances and allows for one to be better prepared should they decide to buy a house in the future. It caters to the middle class especially, but it is also very common for financially comfortable people to live in rented apartments.
Cheaper To Maintain.
It is far easier and cheaper to maintain a rented accommodation than a personally owned home. When you lease an apartment or space, that is exactly what it is, space. Therefore, you are only faced with the responsibility of attending to your said space.
Also, there are certain repairs or financially unfavourable eventualities that are reserved for your landlord or whoever is in charge of overseeing your apartment.
No Direct Tax, No Insurance.
You are not expected to insure or pay tax for a home you don’t own. Apart from settling the fees due to your lease agreement, you are not expected to pay tax or insurance.
Your landlord may often work the extra charges for tax and insurance into your rent, but you do not have to deal with tax or insurance matters directly. Should these numbers increase suddenly, no one can ask you for additional monies as this would not be in line with your lease agreement.
Renting does have its advantages, and it is a far more economical option. It is less stressful and involves less risk, and these factors will always remain a plus. After all for most people, planning and working towards owning your own home, usually begins in your rented accommodation.
Tags: finance, home, house, property, renting
Categorised in: property
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