Most of the time, people are faced with the options of buying a home or renting one. At the first sight, some people may think that it is better to buy and live one's home than to live in a rented apartment. Despite the benefit of living in one's home, renting a house is never without an advantage. There are some benefits you derive from renting an apartment rather than buying one ahem. Here are some of the advantages of renting a house.
It can be stressful to purchase a home
Home purchase is a very big transaction that involves a lot of process. It is not like the purchase of any other commodity. The process and all that are involved it are very stressful. It is not everybody that will be able to go through the stress involved in sourcing for fund or mortgage, the paperwork that has to be done and a number of other things. But renting an apartment can be easy. It is not as a stressful as buying a home. You may not need any mortgage or put your credit score aright in order to rent an apartment.
Buying a home can be very cost. It takes a fortune in order to purchase a home. Most home buyers take mortgages in order to finance it. Besides, if you finally purchase a home, you still have to maintain it which requires a lot of money as well.It does not end at. You have to also pay taxes on your property. Your property tax may run in hundreds to thousands depending on the value of your property. The insurance cost for homes are also expensive. In the recent time, given the economic meltdown, the market values of properties depreciate and the financial benefits accruing from it are also going down.
Most homes are built with bricks, blocks and mortars. Such homes are permanently erected. You cannot move them away unless by knocking them down. If you build or a buy home, it can constitute mobility process to you. If you are moving house suddenly, you may not be able to find a quick buy. This means that you have to move without making a dime from your property. Sometimes, most home sellers do not get enough money from their investment owing that they want to sell quickly. Available buyers price them below the market value in order to take advantage of the situation. Besides, it can be stressful to find a buyer for the property and still make adequate arrangement for your move. But if you rend a home, you have no problem at all when you want to move home. All you have to do is to just move with your property.
Better option for people with no credit
Renting a home is better option for people who are just beginning life or people who are recovering from a huge financial loss that make them to have bad credit rating. You may be able to rent an apartment since it is not much expensive. Secondly, you may be required to provide a co-signer or to make a higher security deposit and nothing more. But if you have bad credit history and you will like to buy a home, you will definitely find it difficult to find a lender that will overlook your bad credit score.
From the above, it is evidently clear that renting an apartment has some advantages over buying a home.