Advantages and Disadvantages of Renting A Home

Everyone needs shelter for themselves. As much as a person would like to have his or her own home, some people just cannot afford purchasing one. That is why they end up renting a small space somewhere. They would like to rent an apartment or a bungalow because for them, it would be more convenient.

Although some people are considering renting as a waste of money, it cannot be denied that there are people who are considering the positive effects of renting a home for them. Many people would seem lift an eyebrow to people who are just renting their space but if one would take a closer look, they would understand why despite the benefits of owning a house, people are contented renting a space.

Here are some of the advantages and disadvantages of renting a house.

Advantages:

  • The very first thing that renters consider is the cheapness of their monthly due when they rent a house. It is safe to say that not all people can afford the monthly dues of buying a house. That is why they settle in renting. Depending on the negotiation with the landlord, there are times when the rental fee covers the utility cost.
  • Renting a house offers flexibility. You can just finish your contract or suspend it anytime. Therefore if your job requires you to do so, you may move to other places in just a snap.
  • Your landlord can be solely responsible for maintaining the space. He or she must think of the utilities.

Disadvantages:

  • The money that you are going to let go every month goes directly to your landlord. Imagine paying dollars every month despite knowing that the property will not be yours.
  • There are no tax incentives. Your mortgage will not deduct tax from you because you are just renting.
  • What you can do to your home is definitely limited. There are just few things you can alter or add on your home maintenance.