12 Reasons to Rent Rather Than Own A Property
Everyone dreams of having their own home. In fact, it is one of the most important things a family should have. The choice between renting a home and buying a new one is a difficult decision to make because the costs of buying are more varied and complicated than renting.
Renting appeals to a lot of people who aren’t ready or willing to take on the financial and personal responsibility that comes with owning a home. But how do you really know whether buying is the right decision for you right now – or whether you’d be better off renting instead?
Here are 12 points that explain why renting would make better sense for you.
It’s easy to move in.
Just make sure you fulfill your lease obligations first. Renters have the option of moving in to a fully furnished apartment. The idea behind fully furnished apartments for rent is to offer living quarters available immediately which is a good deal for a renter.
No maintenance worries.
Just inform the owner or landlord of the things that need to be done. The owner or landlord is responsible for repairs and maintenance to the home at no cost of time, expertise or money to you. Sometimes heat and utilities are included in the rent, depending on where you live and the type of property it is. Those renting a condo have an added advantage since they wouldn’t be responsible for their unit’s interior maintenance either. Find a condo unit for rent in BGC.
Hassle and stress-free monthly rental payment.
All you have pay is the monthly rent and don’t forget to ask for a receipt. The extra money you’ll have can be used to invest elsewhere, whether it’s saving towards buying a house or even investing in the stock market.
The more apartments in the market, the better.
Owners compete for the same potential customer which drives the prices lower for you. It gives you the best available unit on your terms.
You get more living space than if you were to buy a home.
Renting is one way of meeting your living needs while staying within what is usually a tight budget.
No large down payments miscellaneous fees.
Usually, you will only need one or two months’ rent in cash upfront to prepay the security deposit.
Try out the place first.
You can have a feel of how it is to live in a certain area before sinking in that hard earned money into something that you will be working to pay for a good number of years.
Mortgage interest payments or any tax hurdles won’t affect you.
But do take note of the Rent Control Act of 2009. The Rent Control Act of the Philippines declares that residential units that are rented out for P10,000 or less each month are not allowed to increase their rent by more than seven percent per year if the unit is occupied by the same tenant. Landlords are not allowed to demand more than one month’s advanced rent and more than two months’ advance deposit. This law has been has been extended until December 31, 2015, according to a press release from the Senate of The Philippines.
You don’t need to worry about Real Property Tax, Real Property Tax on Common Areas and machines.
It is the owners responsibility to pay every year so that the local government unit (LGU) will not auction off their property.
10. You get maximum flexibility to pack and leave when and if you want to.
You can commit yourself for a year or two, in most cases and if you want to live somewhere else when the lease ends, you just notify the landlord and move out. This flexibility of renting is a major advantage if you take a job in a different city or simply want a change of scenery in the same one.
11. No worries of having to sell or worry about real estate prices dropping in your area.
It’s always much cheaper to rent than to own the same size and quality house.
12. Limited risk when a financial hurdle comes and you can’t pay the rent.
A landlord may evict a tenant for non-payment of rent after the third month of no rent payment with a three day notice. Since you have a security deposit, you can ask the owner if you can use it while you’re looking for a way to come up with the cash. But both owners and tenants involved in a rental agreement must be aware that they have obligations and responsibilities of their own. There are rules which a renter should responsibly abide by so it is important to notify your landlord or condo owner about everything that happens in relation to the apartment or condo unit.
Along with hard facts, the decision to rent or own a property also involves soul searching. Think of your current financial situation, your future plans and the lifestyle you want to live.To sum it up, renting mostly rids yourself of the stress and expense that can come with home ownership.