The Pros and Cons of Renting

The fulfillment that comes with owning the house we reside in is undoubtedly a great one; however, not everyone can afford to build or buy one. Hence, renting an apartment is an ideal option for

people who cannot afford a mortgage and those wanting less responsibility. While renting an apartment brings forth several advantages, few shortcomings comes along with it.

Herein, we shall give a list of the Pros and Cons of renting an apartment which would guide you in deciding on whether to take up a mortgage or rent a house;

Pros

Cost-saving: Want to keep up with your future savings plan? Renting provides you with the opportunity to have a place you call home without necessarily altering your savings plan. It is easier to pay for rent than financing a mortgage. Aside from the rent paid, other financial obligations such as utilities bill and maintenance costs are more affordable due to the small size of the rented apartment.

Amenities: Considering joining a gym a few steps away?  Rented apartments or complexes have several amenities that you may not be able to afford to build with your house. Amenities such as gym, swimming pool, laundry facilities, among others, are most times constructed within the premises of apartment complexes, thereby enhancing the quality of life you live.

Having a community: In need of an avenue to make new friends? Rented apartments bring many individuals and families together, in that way, opening opportunities to meet new people and creating great connections that could enhance the growth of businesses and interpersonal relationships.

Flexibility: Do you love changing the environment? Other than buying a house, renting an apartment does not constrain you to stay in an environment for an extended period of years. Unlike buying a home, you can easily rent an apartment in another province, in case you have a preference change.

Before you decide to rent an apartment due to its underlying benefits mentioned above, you also need to consider the following drawbacks of renting an apartment

Cons

Lack of control over the apartment: Having issues living by the rules of another individual? In rented apartments, property owners have a set of rules that tenants must follow. Such standards include the choice of interior paints, restrictions to rearing pets, among others. Landlords can also enter the tenants’ apartment in the name of inspection with little or no prior notice, thereby diminishing the privacy of tenants.

Coping with unruly neighbors: Do you crave a home with less noise? A rented apartment can only be admirable if neighbors are disciplined and orderly. Most tenants must cope with or endure some unpleasant character of cotenants or neighbors. Hence, it is necessary to know the strength of the property management team of the apartment you intend to occupy, to avoid living with neighbors who lack discipline.

Ownership benefits: Mind forfeiting possible tax reductions? Landlords can always file for a tax reduction, among other ownership benefits. Also, the

value of their houses may increase over time, which becomes a tangible asset for property-owners. On the other hand, tenants cannot file for a tax reduction with their rent receipts; neither can they claim ownership of the rented apartments.

Renting an apartment works well for some people as it comes alongside benefits and disadvantages. Homeownership also has its merits (rights) and demerits (responsibilities). Thus, individuals need to weigh their options while also putting their present and future living plans into consideration for optimal decision making.

Whether you’re looking to buy or sell in the Kamloops area, for a greater probability of success you need a dedicated professional. I can guide you through the process and be counted on to protect your investment!

Categorised in: Kamloops, Real Estate

This post was written by kamloopshomesearchcom