Rationalizations to Choose the Option of Renting Over Buying

Achieving homeownership is believed to be a lifelong goal by a person. While in today’s time a large part of the populace owns a house, this was not always the case. Previously people were either required to construct their own house or they had to rent a house from someone else. While both the options had their set of monetary advantages, renting has an edge over constructing a home in poor economy conditions. Here are some reasons why renters can have a better financial deal.

• Repair bills or maintenance costs

A definite disadvantage that homeowners have over renters is that they have to pay all the repair bills and maintenance costs. In contrast, this is seen as an advantage by the renters. When renting out a property, the landlord is responsible for the up-keeping of the property and thus if you are faced with a leaking roof or an un-functioning appliance, your landlord would get it repaired for you. Therefore depending on the repair work, these costs can add up to be an expensive affair.

• Access to amenities

Another monetary benefit of renting a house over buying it is having easy access to luxurious amenities that would otherwise had cost you a fortune. Luxuries like fitness centre or in-ground pool may come automatically with upscale apartments without any extra charges from the tenants. On the other hand, if a homeowner wants to install these modern facilities in his home, he could be expected to pay a huge sum.

• The real estate taxes

Renters do not have to pay the real estate taxes as they do not own the property. These taxes are often regarded as hefty burden by the owners and can vary from cheap to expensive depending on a country. Calculating the property taxes can be a difficult task, it is basically estimated based on the real value of the house. With the increase in the property sizes, these taxes can become a significant monetary burden.

• The down payment issue

This is another area that seems to be beneficial for the renters as they do not have to make large down payments. While moving in a rented house, the tenants are required to make only small payments that are significantly less than the total value of the house. Thus by renting a house, people can avoid the initial high down payment costs.

• Property value

With the presence of fluctuating economy, the price of the property is bound to increase or decrease. While this fluctuating in the property price may affect the homeowners, renters are not affected by it. Total house value determines the property taxes along with the mortgage rate and hence the owners are affected adversely with the fluctuation.

So if you wish to stay away from the unnecessary stress, renting a house can be the best deal for you. There have been a large number of cases that show that renting an accommodation can help the consumers to save on their hard earned money. So while choosing between renting or buying a property, remember to make a comparison between the pros and cons of both the options.

harjirealtors Sunny Enclave Flats are one of the largest selling properties in Kharar and Mohali. If you too are considering putting your money in the same, choose us as your real estate agent as we provide you with an array of affordable deals. Visit our website harjirealtors.net/sunny-heights.html to know about our deals.

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