Although there are various reasons that one should prefer living on rent rather than buying one for yourself
Below are the reasons why?
More Flexibility to Live
Renters can live anywhere they want, while homeowners are restricted to areas where they have their property that they own. A home in the busy urban areas might be out of reach for most homebuyers, however, it might be doable for renters. Even though rents can be high in areas where property values are also high, renters can find an affordable monthly payment as compared to homeowners.
Decreasing Property Value
Property values fluctuate, and while this may affect homeowners in a big way, it doesn’t affect renters much. The value of the home can impact the amount of property taxes you pay, the amount of your mortgage, and more. In a rocky housing market, whereas renters are not as adversely affected.
Flexibility to Downsize
A lot of people struggle to meet their ends in today’s economy. By renting, you have the option to downgrade into a more affordable living space at the end of their lease. Having the flexibility to downsize is especially important for retirees who want a less costly, smaller alternative that matches their budget. If you’re a property owner, it’s much more difficult to liquidate an expensive house because of various factors involved in selling the property.
Lower Insurance Costs
As homeowners need to maintain a homeowner’s insurance policy, the equivalent for renters is a renter’s insurance policy. For renters, renter’s insurance is much cheaper & economical, and it covers nearly everything owned, including furniture, computers, and valuables.
Lower Utility Costs
utility Cost of a renter is much lower than that of an owner where property owners need to pay for maintenance and other aspects. Rental property typically has a more compact and efficient floor plan making them more affordable to heat and power than a home.
Apartments with Value-added Services – Try MultiLiving which offers a smart way to rent your flat by providing various value-added services such as dusting, sweeping & mopping, kitchen & utensils, bed making & linen change, bathroom & tile scrubbing, small errands & other services, digital concierge (mobile app) any more. With 24/7 Mobile support app to request services & other online utilities.
The Bottom Line,
All you who want to avoid the hassles of homeownership & the property taxes, renting might be a better option.