5 Reasons To Rent Your Home Instead Of Buying
When leaving their parents’ house and starting a life of their own, grown-ups always face a crucial choice between buying and renting a house or apartment. Both types of accommodations have their pros and cons, but renting a place has numerous valuable advantages over buying. Check them out right now and find your ideal rental property in any part of Nigeria on Jiji: rent a house.
1. Better location
It’s no secret that the price of property heavily depends on the location. The more highly populated the area is, the more business centers and facilities are located there, and the more overall comfortable the neighborhood is, the more expensive the property will be. You can still afford to rent it, especially if you’ll be sharing the apartment with someone else, but buying will likely be far out of your reach.
Once you buy your own property, the maintenance and repair will be major part of your expenses as a houseowner. Leaking roof, chipped paint, malfunctioning washing machine are now going to be your financial burden. On the other hand, when you’re a tenant, all these expenses will be covered by the landlord, and you won’t need to pay a single cent over your monthly rental fee.
The one thing every homebuyer instantly loses is the certain degree of freedom in making life choices. After all you’ve gone through to buy a home, moving out after just a year or two seems highly unreasonable. While renting, this is not a problem for you: unless you have an overly strict rental contract, you can move away whenever there is a suitable opportunity – for example, if you find a great job in another location or enroll in a university.
4. Easy upsize
Even if you manage to buy a house at a young age, it’s likely going to be a tiny one-bedroom house. Once you start a family and have children, your housing needs will change, but your housing situation won’t be that easy to upgrade. You likely won’t like going through another house buying process, while finding larger rental property and moving there won’t take more than a week.
It won’t be an overstatement to say that the majority of people who decide to rent instead of buying do it for a purely financial reason. Of course, the monthly rental fees are comparable to the costs of paying a mortgage, but the one aspect you need to take into account is the down payment, which can amount up to 30% of the price of the property.