Saturday, June 29, 2013, AM | 1 Comment
When it comes to choosing a place to live or store goods, there are two main options involved – to rent or buy. The two options have their advantages and disadvantages. Although many people consider buying property as a form of investment, it requires substantial amounts of money that many people may not have.
The advantages associated with renting can be economical and have many other benefits.
Here are four reasons for renting property.
Fixed Lower Costs
Since the costs associated with renting property are lower than those associated with a mortgage, renting allows people time to save money. The money saved can be used as down payment in future. One of the greatest advantages of renting for aspiring homeowners is that it allows them to make potential savings associated with paying mortgages.
No Lost Equity
When a person owns property, the equity on the property can go up, down or remain stagnant with time. On the other hand, when renting a home or unit at Storage San Francisco, tenants do not have to worry about equity because the property is a short-term expense that does not have equity.
Smaller Short term Commitment
Renting property is ideal especially when a person is not ready to make a major investment. There are many factors involved in buying real estate property. Some of the factors involved are the additional costs and the equity factor. This makes buying real estate a significant long-term investment.
A person can rent property for a short-term lease period, then choose another property to buy or lease once the lease is up. People who rent are not locked into property or associated investments.
Most property owners lease their properties for six months to a year. After that, the lessee can renew the contract. This allows the lessee just enough time to stay in a certain neighborhood and find out if they would like to buy property in the neighborhood.
Renting allows people to familiarize themselves with a locality without being forced to purchase property and hope for the best.
When renting property, all repairs remain the responsibility of the property owner. When plumbing, wiring, heating or electricity problems arise, it is the responsibility of the property owner, and not the tenant to fix the problems. The property owner takes care of all repairs and associated costs.
Owning property is an investment strategy that can really pay off. On the other hand renting can also be advantageous because it allows mobility, frees up spare time and gives tenants greater freedom without the responsibility of maintaining the property.Facebook.com/doable.finance