8 Benefits of Staying on Rent
Whether you're renting or purchasing your home, there are many benefits of staying on rent. Just keep in mind that the benefits vary depending on whether you're renting or purchasing. If you're renting, you'll never be at the mercy of a fluctuating housing market. And if you decide that you want to move out, the landlord agrees to break your lease with no hidden fees. This is especially important for people who are in between jobs or people who are retiring and moving closer to family. Furthermore, when leasing an apartment, the renter is not responsible for upkeep on the property but will still have access to all of its amenities and services. Considering the perks of renting, rent control laws were created in order to protect tenants. While a landlord may be happy to restrict rent, they will always try to make a profit. Therefore it is important not to let them charge you more than they need to and give you the best deal possible. This is true whether you are renting or purchasing your home. Let’s check out 8 Benefits of Staying on rent.
- Job / Employment is Mobile:
A lot of people stay on rent because their job or employment is mobile. This means that they are not tied to a city or location. They can move from one place to another with ease, as long as their job requirements permit them to do so. In this case, some of the benefits of staying on rent are that you are not locked in an expensive house payment and you don't have to haul all your belongings around with you.
- Career Opportunities:
Another common reason for staying on rent is because of career opportunities. This means that people are in between jobs or just starting a new job. They have made the decision that it is a good time to buy. However, they won't be ready to make the transition just yet and don't want to pay for a larger home before they are settled in their new career. As such, they are deciding to stay on rent in order to have the flexibility of job opportunities and not be ready to commit to a permanent home just yet.
- EMI v/s Rent:
A lot of people want to stay on rent because they are not a fan of paying EMIs and they are worried about having to pay high monthly maintenance fees. For instance, it is common in India that if you pay an EMI, you will have to pay a higher maintenance fee than if you continue on rent. With that being said, it is important to do serious research and comparison shopping before deciding which option of buying or renting is better for you.
- Maintenance of House:
When you stay on rent, you don’t have to worry about maintaining the house. This gives you more time to think about other things in your life. And it also saves you a lot of money as well. Just remember that when you’re buying a home, the maintenance fees are included in the price of the home. Remember that the property owner is in charge of all of the maintenance and any repairs needed on the property.
- Locked Investment:
One of the main benefits of staying on rent is that you are locked into your house and are not worried about the price of real estate going up. In some cases, houses have appreciated by thousands of dollars in a matter of years. This can lead to a lot of stress for first time buyers and people who are about to make a big move with their career or even their family. Staying on rent can help you avoid overextending your budget and also reduces any worries about house price fluctuations.
- Financial Flexibility:
As mentioned above, staying on rent allows you to have a lot of financial flexibility. This also means that you will not be going into debt. Staying on rent can give you the opportunity to save up money for something else in life. And it can also save you from making a big investment in your house that didn't pay off and then ending up with a huge mortgage payment to deal with all by yourself.
- Not easy to sell house:
One of the biggest benefits of staying on rent is that you will never sell your house to a real estate agent or a third party. You will never have to deal with an agent coming along and taking an unhealthy interest in your financial affairs. However, if you decide one day that you want to move out, the landlord agrees to break your lease with no hidden fees. This is especially important for people who are in between jobs or people who are retiring and moving closer to family.
- Opportunity Cost/Difficult to find good tenants:
Many landlords are not looking for long term tenants and will only accept short term lease agreements. This means that if you are renting, you could find it hard to secure a long term lease agreement. And this may have a negative impact on your credit score because of the frequency of payday loans.
Whether you are leasing or buying, there are many benefits of staying on rent. Some of the benefits are that you will be saving a lot of money, have financial flexibility and avoid having to deal with an agent. However this does not mean that renting is always the best choice for everyone. If your finances are not stable and you can afford to buy your home much sooner than renting it out, then buying is a better option in many cases.