Things to Consider Before Renting a Home

Advantage and Disadvantage of Renting A Home

At some point in your life you are faced with the dilemma to either rent or buy a home. Living away from family, one has to really decide carefully depending on the situation, financial status and comfort level. Weigh the advantages and disadvantages of owning and renting before taking the leap.

Renting

Financial:

Advantage:

The main responsibility in renting a home is to pay the advanced deposit for first months of rent and utilities, followed by monthly rental. Simple and clear cut, this is the main advantage for the majority to option for renting.

Disadvantage:

Since you are renting, you will not be enjoying any appreciation value of the home. Simply put, you will never get your money back to you when renting.

Landlord:

Advantage:

The landlord holds the responsibility of maintaining the appliances, repairs and home maintenance. Report to your landlord in case of any breakdown, this makes renting a home much more appealing than owning a home.

Disadvantage:

There are good and bad landlords. If you are unlucky, your landlord may be the bad ones, leaving you with unattended breakdown reports.

Alteration:

Advantage:

If a tenant requires to perform any alteration to the rent home; painting, installation of major appliances like air conditioning, consent must be gathered from landlord to avoid any future misunderstanding. Most good landlords allow alterations as long as the home is well kept by tenant.

Disadvantage:

Many landlords prefer no alteration as the tenant turn over rate is high and there are restoration costs before securing a new tenant. Discuss over alteration with your landlord before taking any actions.

Make your decision to either rent or buy a home with careful considerations. Weigh your options carefully to avoid getting into financial difficulties.