Renting a condominium unit, apartment or a house and lot may be a wise decision for others. Some people may think it's the right one for them. The answer always depends on the homebuyer. What are their needs? What are they looking for in the space? Is it crucial to be at a walking distance in their workplace? Can their salary cover monthly mortgages? There's a lot more to consider before settling on a home.
As a first time homebuyer, you must note the factors that can affect your capacity to select and purchase the property that fits your bill. Whether its a checklist of the features you look for in a home, you must consider how all of these affects your homebuying capacity. Sometimes, a condo near a serviced office Makati suits you better than a townhome in the area.
Are you still deciding if renting an apartment a good decision? You can read the pros and cons below to resolve your inner debate. The list starts with the advantages and directly followed by the opposing thought.
Renting Pros
1. Affordability
The monthly rental cost is ultimately cheaper than the mortgage payment and interest fee. Of course, the price depends on the type of property you will undertake. For instance, a high-rise condominium will be more expensive than a bungalow in a gated community. You always have the option to share the space and split the expenses if you wish to settle on properties on the high-end market.2. Flexibility
A rental is much suited for people always on the move. House ownership won't tie them down. The typical property term is one to two years. Thus, homebuyers who aren't ready to commit can opt to rent. Once the lease expires, you can renew the contract terms or explore the housing market.Moreover, renting won't drain your finances once the economy is in a depression. Losing your job only results in a delay of lease payments. As interest increase, the mortgage payment becomes higher which can push a homeowner to give up their property.
3. Hassle-free Maintainance
Since you do not own the rental, owner, landlord or a hired keeper will attend to damages and repairs in the area. They cover the fees for upgrading and fixing the features of the place. They ensure to maintain the quality of their property to satisfy their renters and keep their income flowing. All you have to do is save their number in case of an emergency.4. Exclusive Amenities
If you choose to rent a condo unit, you won't have to worry about recreation. A modern complex comes with high-class facilities such as an Olympic-sized pool, patches of green for relaxation and a basketball or a volleyball court. Others have tennis courts and laundry services. They include these facilities to create a wholesome and stress-free lifestyle for homeowners.On the other hand, a few apartments include pieces of furniture and appliances for the settlers. There's a stove, refrigerator, dishwasher, and even a dryer. You can stock up on food and other essentials once you get the place. How sweet is that?
The advantages are great but there are downsides to renting a property as your home.
Rental Cons
1. Hidden Costs
The facilities in a condominium aren't free. Though you don't have to pay for maintenance and repairs in your unit, you have to contribute to the preservation of the common areas. Some property owners don't include the fees in your monthly rental, so you have to pay them yourself. It may consist of parking dues, hallway maintenance costs, or garbage collection.On top of that, your landlord may decide to increase your rent. The increase will affect your budget. It will be difficult to cope in a few months since you also must consider utility bills.
2. Temporary Dwelling
Renting a place isn't sustainable especially if you plan to expand your family. As more people become part of your home, you need additional space for each person as well as the stuff they lug behind them. You might be better with buying and owning a townhome or a house and lot. The rental won't provide the roots to stabilize and establish the history of your family.3. Common Areas
Asking a relative, friend, or colleague to join you in an apartment solves your financial woes. Unfortunately, it won't provide much privacy. You have to share the bedroom or bathroom especially if you are in a studio type or one bedroom condo unit. Other problems may arise especially if your roommate isn't fond of cleaning and organizing their stuff. Then, there's also the snoring problem, the noise from the TV or the music blaring from the speakers during ungodly hours.4. Limited Parking
A condominium complex comes with parking lots, but they aren't designated to homeowners. Hence, looking for a spot may consume most of your time. On top of that, you are competing with others to grab the free space.
5. Pet Control
Some apartment rentals or units implement no-pets-allowed policy. It becomes difficult for you and your beloved furry companions to find a place to stay.
6. Fickle Landlords
You have the perfect place, but you can't stand your him or her. They complain whenever you remind them of repairs or maintenance. They are even grouchy when you hand him or her your rental fees. Some property owners are also unreliable as they can trick you into giving in to their price even when the property inputs low-quality materials. They also won't allow remodeling. They want to retain the color of their walls or the placement of specific pieces of furniture and home accessories.There you have it! These are just some simple tips you should know for yourself even if you aren't a first-time home buyer. The pros and cons of renting will help you arrive at a decision. Hope this has been of help!
Note: The article was first published on June 30, 2014, with the title "The Pros and Cons of Renting a Place To Stay." It has been updated for relevance and comprehensiveness.
