5 Benefits of Renting a condo Over Purchasing a House
To book a home means to reside in a home of someone and pay it off monthly or fortnightly. The one who rents a home is known as the tenant and the one who owns a home is known as the owner. There are many advantages with regards to renting a home than owning it.
Advantage 1 – Only Pay The Rent Ignore Maintenance
Among the greatest advantages in renting a home would be that the tenant must pay only the rent and all sorts of maintenance costs of the home comes into the world through the landlord. Many a occasions it’s really a burden when the supply of water sheds or maybe there’s an issue with electricity in the home. Some landlords are kind enough to keep your garden when the house has one!
Advantage 2 – Freedom of motion
This can be a appealing factor if a person rents a home and never purchased it. At times it might be needed to maneuver for work or business related purposes. Such occasions it’s simpler to transfer while remaining on the rented house. The farther one travels from your owned house the greater difficult it will get. For instance if one must undertake overseas travel for any business assignment then having to pay mortgage home town could be a real burden.
Advantage 3 – Save money on Your Tax
Most jobs provide a component within the salary known as House Rent Allowance or short HRA. This amount is exempted of tax and may reduce the tax burden. This could simply be claimed while remaining on rent.
Advantage 4 – Low Lower payment
This is an additional benefit of renting a home. The lower payment is going to be quite small , usually it’s a month’s rent. Usually this amount could be claimed back while moving away from home without causing any undue damages towards the house. However for having a house the lower payment can be very large. The fluctuations in real estate market might have huge implications while having a house.
Advantage 5 – Live Large and prevent Worrying on Property Taxes and Insurance
With renting you might be able to rent an expensive beach house. It might not be easy to purchase one. Even the insurance and taxes around the property can be very greater while having a house. The insurance coverage while renting could be quite small.