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Renting gets a bad reputation, which is very understandable. Nobody wants to be at the whim of a landlord who can, effectively, control whether or not you get to continue living where you are. It’s almost always better to buy your own house or apartment to get full control over it. With that in mind, there are some benefits of renting when compared to buying that might make the situation feel a little more appealing.
You Don’t Pay For Expensive Maintenance Tasks
When you own a house, you’re entirely responsible for maintaining it. This means you pay for services such as:
- Boiler maintenance
- Roof maintenance
- Window cleaning/maintenance
- Gardening
- Replacing appliances
One advantage that renting has over buying is that these responsibilities lie with the property owner – in your case, that’s the landlord, not you. It relieves a bit of stress because a broken washing machine suddenly doesn’t cost you a couple of thousand dollars. You don’t have to worry about the condition of the property as much because you’re not obliged to maintain it.
Rental Properties Come With Cool Amenities
You don’t get many perks or extras when you buy a house; you get whatever the home comes with. If it doesn’t have a pool or a gym, then you’ll have to pay to install them. The difference with rental properties is they often come with loads of cool amenities that present you with excellent perks.
Many luxury loft apartments will have communal gyms or swimming pools that you can use for no extra charge. Some may have shops or cafes built on the bottom floor for your convenience – and others could come with open rooftop garden areas. These amenities go out the window if you choose to buy a house or apartment instead, which is why some people legitimately prefer to rent.
It’s Easier To Move When You Rent
Renting doesn’t tie you down as much as buying a home does. When you buy a house, you’re basically stuck there until you want to sell it – or you have enough money to move out and either buy or rent a new place. This also means that you need to go through the stress of listing and selling your home before you move, so most people end up tethered to one location when they buy.
With renting, you’re either locked into a 12-month or rolling monthly contract. In either way, it’s much easier for you to pack up and live somewhere else after a year or so. You have more freedom to move around and live wherever the wind takes you – which can also help you find things like better job opportunities without worrying about their location. That brings us to a great tip for first-time renters; see if you can get a rolling contract instead of a fixed one. It basically means you can end your tenancy whenever you want, which offers even more mobility and freedom.
On the whole, renting does have a few advantages over buying, so it’s not all bad. Some of you may prefer to rent because these benefits outweigh any benefits that buying presents. Regardless, the fact remains that either option has its pros and cons.
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