10 reasons why Renting is a Better Option

The decision of whether to rent or buy depends on an individual’s financial situation, long-term plans and includes certain market conditions. 

It’s Inexpensive

At the end of the day renting might just be a lot cheaper than owning a house. The entry point to renting is a security deposit and the first month’s rent. The cash needed to own ads up quick after a home inspection, appraisal fee, survey fee, and several others. With the exorbitant amount of capital needed for investing in a plot or buying a ready-made villa, not everyone can afford to pay so renting out a small upper/lower house portion is feasible and economical.

No Repairs or Home Maintenance

No repairs, no worries, right? When you rent you obviously don’t have to cover the expense of the repairs, which is great when something goes wrong.

Flexibility

A home purchase gives the impression of throwing roots down and in order to make the purchase of a home a sound financial move, you’re going to have to stay there for a while. However when you rent you just are “borrowing” a place to live temporarily.

Cost of housing

If rent prices are out of control, it probably makes sense to take the steps to own. But if home prices are too high in your market, then it’s better to rent. Consult Apex Group for you real estate advice.

Opportunity to invest elsewhere

When you decide to rent out a place for living purpose supposedly DHA or Bahria Town etc. it means you would just pay a monthly rent to the landlord and a huge sum of money collected can be invested someplace else.

Down Payment Determiner

So the decision to rent or to buy should also include consideration of how much of a down payment you can make to purchase a home. Obviously, there are minimums that must be met for down payments but there are risks of putting down a low down payment. Those who purchase with a low down payment face more risk in losing value in their home if the market drops off.

Easier to Budget

A renter can pretty well predict their monthly expenses whereas homeowners have to budget for catastrophic events like a water heater going out or a furnace. Sometimes it’s just easier to Keep It Simple.

Save on Furnishing

You don’t have much choice when living in a rented place and need not worry about redecoration or furnishing as a lot is decided by the landlord, so minimalist approach suits best. Of course, if you do want to completely re-decorate your new apartment, don’t worry about overspending!

More Leisure time

Renting allows people to avoid the shackles of chores around the house and gives them a little more free time to do what they want. Renters don’t worry about carving out an hour to mow the lawn or having to climb a ladder to clean gutters in the fall.

Market Competition

With the housing market on fire, property prices appreciating it is likely that you won't get the best land or plot deal you desire, So the next best choice is to rent a place according to your location and budget needs.