A house purchase isn’t always a feasible option, and renting is often more economical for most of the population. Especially for the bachelors starting their career. Although the majority of students and professionals prefer renting because of the lower cost, there are also many advantages. Here’s why it could be beneficial to you too.
Being an owner is a long-term dream for many. Renting a 1 bedroom houses for rent in San francisco is usually thought of as a short-term solution and people think of having a home as their main goal. Both renting and buying offer financial benefits. However, renting seems to be able to keep an edge. Similar to the stock market, real estate also triggers cycles as the average apartment rent in Oakland CA fluctuates because of the same. And when the housing market is in a bubble it’s advantageous to the rental market. Let us have a look at some benefits of renting a home.
Low maintenance costs
One of the major advantages that renters enjoy in comparison to homeowners is the fact that renters generally do not have to pay repairs or maintenance costs. If there’s a fault or breakdown in the house that is rented it is the responsibility for the owner to get it repaired. When you buy the property, aside from paying back the loan for your home it is also your responsibility to pay for other costs including maintenance and upkeep, the paying for society bills as well as property tax and renovation expenses.
High mobility
Renting a 1 bedroom house for rent in San francisco gives greater flexibility than owning a home. This is beneficial for those who have to deal with abrupt changes like the possibility of a job change. Renting does not require a long-term commitment from the tenant; it is the ideal alternative for those who do not intend to remain at one place for an extended period of time. It is usually simple to move out of the property you are renting with a one-month notice.
Fixed rent amount
Rent rates are set, at a minimum, for the term of the rental agreement. Although property owners are able to increase rent by giving the issue of a notice prior to 11 months, tenants are able to budget since they are aware of the amount they must pay. Additionally, the amount of loans and tax on the property can also change which puts you in a lucrative situation. After having paid the fixed rental the tenant could get the additional cash, which they can put into other investments.
There is no significant financial investment
In contrast to buying a home the renting of an apartment requires the same amount of financial investments. While renting an apartment requires making the owner of the property an amount of security, the average apartment rent in Oakland CA is considerably less than the amount needed for a home purchase. A significant down payment is required for a home purchase using the help of a mortgage.
Living with friends
Another advantage for renting is the fact that it gives the opportunity to live with people you know. The idea of living with groups of friends is not just for students, but also young professionals who rent homes with the intention of minimising expenses and increasing opportunities for social interaction.
Endnotes
These are the top five advantages of renting a home when you do not have the budget to purchase a home. We hope you will find this information useful.