Getting a roof over your head is a big thing. It does not matter if you are living on rent or you got your own place to live. But this is a big decision to make and it should be taken seriously. If you have plans to live in a particular city for a short amount of time or you are just not sure then go with renting a house. Otherwise buy the place.
You have to know for yourself which option you are comfortable with. The other factor is money. The entire debate on renting vs buying a house depends on how much money you are ready to spend on your new house. By renting a nice posh apartment, you will be able to enjoy the goodness of the place without buying it. It will save you a lot of money. After you get to your house, you will need to get home care products to pamper your new place and make it look shiny and attractive.
Let look into the matter and hope it helps!
Table of Contents
Pros of Renting
Let’s look into the pros first.
Being a tenant is quite flexible. If you are not sure if you will stay in a place for a long time, then renting is the right choice for you. You can stay in a place without commitment and without the fear of job relocation.
2. No High Investment
You do not need to pay your landlord a huge sum of money while renting the place. There is no need to worry about renting a house with a mortgage. It is easy and hassle-free. You need to discuss your lease wit the landlord very carefully and get everything cleared. That way you will clear the renting a house checklist and rent the place without problems.
3. No Maintenance Tension
When you rent a place, you do not pay for major fixings around the house. It is the responsibility of your landlord to look after the place. If your floor cracks then you know who to call. Your landlord! But you have to clear this one out. You should know the questions to ask when renting a house.
4. No Moving Tension
When you buy a place, you have to worry about job relocation or moving to another city. While renting a house, you will not have to worry about anything. Most renting agreements are not over 11 months and later if you need to move to another city, you can do it. It is flexible. You just need to give a one-month notice and then move out whenever you need to.
5. Experience Luxury Without Buying It
We all love to have a big luxurious apartment. But we cannot afford to buy it. But we can easily rent the place. Often renting a house through a realtor can cause problems due to third party involvement, but if all the questions are cleared in the lease agreement and will the third party, then it will not be a problem.
Cons of Renting a Place
Here are also some disadvantages of renting a house.
1. Maintenance Trouble
You might have to call your landlord ten times before your landlord fixes your faucet or any major issues in the house.
2. Money Issue
Your money will remain the same and not grow when renting a house. The landlord will have an income. Renting a place does not add up to your asset. So basically if you consider the money side of it, renting is not good.
3. Lack of Flexibility
By renting a place, you will lose your freedom. You will have to follow whatever is written in the rental agreement. You can modify the place or make any changes to the place without the permission of the homeowner. And most of the time the answer will be no. You will not be able to remodel your room without the owner’s permission and most of the time the answer will be negative.
4. “No Pets” Problem
Most landlords are against pets. No idea why but they are! So if you are a pet person, then renting a house with multiple pets will be a big issue for you. You will have to look for a place that allows pets and understand pets are your family.
5. Eviction Notice
There have been cases when the landlords give their tenants a one week notice to empty the place as they will sell it or need it for something else. This is a messy situation and the tenant is left clueless as to whether he/she will live. Even if you are renting a room in a house, you will have to clear the place within that given time. It is tricky and tough. Eviction notices are one of the biggest cons of renting a house.
6. Rental Agreement and Lease
You do not know if your lease agreement will be renewed once the first term is over. Sometimes rental agreement renewal also has an increase in rent notice. It is usually unexpected and can cause a lot of financial troubles. Renting means you will be leaving the place without any money and your landlord will get all the benefits.
Now that you have gone through the pros and cons of renting a house, the decision is solely yours. You will have to know what you can afford and what you’re comfortable with. The question of is buying a house cheaper than renting an apartment is not an easy one. It is a never-ending debate because of the pros and cons. But you will have to decide with a clear mind. We hope we could help you!