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Buying vs Renting: Know how renting wins over buying

Many people strive for the homeownership entire their life. As buying a home, becoming an owner gives a sense of achievement to many. When it comes to habitation either building your home (or ready-to-move-in home) is an option or hiring a rental home. But what to choose between the two – buying or renting this confuses the most. First, you should check your financial capability and prepare a must-haves list (what kind of home you want) and then contact experienced home valuers. These experts can suggest you accurately as per your necessity.

Here in this post, we are explaining the benefits of renting over buying a home.

Low or no maintenance cost – Property maintenance comes with a hefty burden, big cost and required extra time. Being a tenant you don’t have to look after the home maintenance matters. It’s a complete responsibility of the property owner to repair the house, maintain the yard, clean the common area and garage. Thus tenants can save money and time both.

No extra expenditure – Property tax is attached with the property, but thankful it is a homeowner’s liability. Yes, renters don’t need to worry about these kinds of expenditure. All they have to pay the rent of their property and enjoy living there. But unfortunately, homeowners have to look at and pay various taxes, home insurance, stamp duty, society maintenance, and security cost etc.

No risk factor – As the property market goes up and down the property prices too. Which puts the direct impact on property tax and the amount of mortgage and more. Thus homeowner has to plan the finances for contingency whereas renter is safe from all such risks.

Moving flexibility – Renting gives you an option to move according to your desire and job opportunities. You don’t have to lock yourself into a single location. You are free to go where you find good career opportunities and convenience. Renting gives you ease in relocation, downsizing, upsizing whatsoever is a need. While it’s tough to leave or sell a home which you own cause of emotional attachment.

Access to more facilities – Renting gives you a chance to live a lavish lifestyle which is hard to live while you own a home. The home with a swimming pool, gym, a big lawn is difficult to built and expensive as well. But being a tenant you don’t have to pay the additional money for using these facilities.

You can plan your finance well – While living as a tenant, you don’t have to face any unwelcomed expenses related to home. You have fixed rent that is the only amount you need to pay and rest property related expenses will be bear by the homeowner. So you can manage your funds rightly. Also, the home rent increases after the completion of lease agreement so till that you know what fix amount you need to pay to the owner.

It’s really easy to be a tenant than an owner. Look you only once so why to live in mediocrity when you can enjoy your lavish life. You can take advice from home valuers too they can guide you well. For the best home valuation services, you can contact us. We have a team of experienced home valuers to help you.