Owning a home is something that everyone wishes for. After all, who wouldn’t want to live in a home they can call their own? While some people get lucky and can afford the house of their dreams, others often have to break their banks to buy an affordable home.
If you’re planning to buy a new home and are looking for options to finance it, we suggest you wait. Sometimes, it’s better to rent a home than own one.
Contrary to common belief, renting a home can actually offer more benefits than owning a home can possibly offer. Yes, a rented home isn’t your own, but trust us, renting a home is a much better option in many instances!
Let’s have a look at why renting a home is sometimes a better option than owning a home.
More Financially Feasible
You may not think of it this way but renting a home is a more financially feasible option. When you rent a home, you don’t have to exhaust all your savings, take a bank loan, or pay a down payment. You have to pay a security deposit, usually equivalent to one month’s rent, and that’s about it.
No Coucil Rates
Another reason it’s better to rent a house than own one is an exemption from paying council rates. Homeowners have to pay quarterly council, which can be pretty high, depending on their area and land. However, when you’re a tenant, you can live in the most expensive part of the city, enjoy the best amenities in a home, and enjoy not paying the council rates because your landlord is responsible for that part.
More Amenities
Adding the amenities and luxuries to your home can be very costly. Let’s say you want a swimming pool within your property. To enjoy an in-house swimming pool, you’ll have to make a hefty investment for one.
However, you can choose a house with a swimming pool when you’re getting a house on rent. The rent may be a bit more expensive, but you are mostly better off. If there are also any issues with the pool, then the landlord is also responsible, that is unless you have clearly done something that was your fault.
No Maintenance and Repair Expenses
Renters save a lot of money on maintenance and repair work. If you’re a homeowner, you’ve got to pay for all the maintenance and repair work around the property, but when you’re a tenant, you just have to tell your landlord what you need, and it’s on them to get the work done!
You Aren’t Bound
Living in a rented house keeps you free. You don’t have to continue living in the house when it starts to feel small. You don’t have to bear the bad neighbours simply because you can’t afford to buy a new house in a new neighbourhood. You can change homes whenever you want and move wherever you like. However, at the same time the landlord may not renew your contract so make sure you always pay your rent on time and treat the place like as it is was your own home.
Do you see how many benefits you get to enjoy living in a rented house? Buying a home definitely gives you a sense of security and ownership but renting a house lets you enjoy the life you wish for without spending too much money!