Benefits of Renting
While there are some renters who view renting an apartment/condominium or a house as a failure, there are others who see the benefits there are to be gained from renting a property as opposed to purchasing a property. Some of the benefits of renting include the ability to save money while renting for the purpose of purchasing a home, few maintenance requirements, and the inclusion of amenities that the renter would not likely be able to afford if they were to purchase a home instead of renting. Although there are some negative aspects to renting an apartment, this article will focus exclusively on the benefits of renting a property.
The Ability to Save Money
Being able to save up a great deal of money for the purpose of making a down payment on a dream home is just one of the many great advantages of renting a property. Many homeowners were able to realize their dream of homeownership only after living in a rental property for a certain amount of time. Although renting is often criticized as throwing money away because it does not result in equity, the ability to save money while renting is unparalleled
Rent for an apartment is usually considerably less expensive than the monthly mortgage on a home. The home is also typically much bigger than the rental property but in cases where the renter is renting for the sole purpose of saving money, the value of renting cannot be denied. Depending on how long the renter stays in the apartment, they may save hundreds or even thousands of pesos during the course of the rental agreement.
No Maintenance Properties
Another advantage to renting a property is it is typically little or no maintenance required by the renter. This is especially true in an apartment situation. The renter may be responsible for small items such as changing light bulbs but more extensive repairs such as leaks in plumbing or clogs in drains are typically handled by the maintenance staff of the rental property.
Additionally, common areas such as grassy areas or gardens are maintained by the maintenance staff. The exception is usually when the renter rents a home as opposed to the apartment. In these cases, the renter may still not be responsible for small repairs but might be obligated to take care of items such as maintaining the grass.
Another advantage to apartment living is often the amenities offered to the residence. Such amenities might include the usage of the pool, an exercise room, meeting spaces, and a function room. In most cases, these amenities are offered free of charge to resident and their guests. Many renters who might be able to purchase a home would not likely be able to purchase a home with amenities such as a pool, fully equipped exercise room, and a function room or party hall.
These items are often considered luxurious and are not available in the majority of homes that are on the market at any particular time. In fact, searching for homes that specifically have these features may severely limit the number of search results and may result in no search results at all when these features are searched in conjunction with a typical price range. However, those who rent can enjoy access to these amenities. They may pay more in rent than those in a comparable apartment complex without these amenities but they are also still likely saving a considerable amount of money each month as long as they are budgeting wisely and have chosen a rental property within their price range.
How about you? Would you rather rent or buy a home? Whether you are looking for a property to rent or a property to buy, contact your Filipino Homes Agents and Rent Managers to help you with your property needs.