Top 6 Reasons why Renting a Home in Better than Buying
Choice of buying or renting a home depends on the financial conditions and requirements of people. But renting a home has more advantages than buying a home. If you are confused about taking the right move then just keep reading. This blog describes the Top 6 Reasons why Renting a Home in Better than Buying.
Ease of Affording
Renting a home is very economical as compared to buying a home. In case of renting you just need the security deposit or advance payment that’s equal to few months rent. But on the other hand 20% deposit or down payment is required for buying a home. So the first reason why renting a home is better than buying is the ease of affordability.
Ease of Finding
Finding the right home for living is the real task. Most people buy or rent a home through estate agents. If ever you visit an estate agent’s office, you will notice that more homes are available for rent than sale. Renting a home takes less time as compared to buying a home. The documentation process of renting a home is also less pain taking than buying a home.
Ease of Sharing
The third advantage of renting a home over buying is the ease to share. Mostly young people want to save money for buying a home. Therefore they prefer to live in shared accommodations. Renting offers the excellent opportunity to share a home. Friends can easily find a home to rent on sharing. But it’s very complicated to buy a home in partnership.
Ease of Relocating
Many people change places due to their work. Some relocate within the city whereas some move to other cities. Being a home owner it’s not easy to relocate to another place because selling a home takes a lot of time. But renters can easily relocate as they just have to send one month’s notice to the landlord. So the fourth advantage of renting a home is the ease of relocating.
Ease of Upsizing or Downsizing
People do change homes for upsizing or downsizing. This is due to change in their circumstances like growing kids need separate rooms or grown kids leaving homes. The home owners have to sell their homes and then find the suitable homes for downsizing or upsizing. But the renters can upsize or downsize their living anytime at just one month’s notice. Even they can easily find suitable homes due to plenty of options in the market.
Ease of Living in City Center
City centers are the best places to live in because of the good job opportunities and better educational, medical and recreational facilities. But homes are very expensive in city centers as everything is at a walking distance. Therefore home owners can’t move to the city centers. But renters can easily rent homes in city centers as they just have to pay the monthly rents.