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Should You Lease a Home?

Unless you feel like you are ready to jump right into the home ownership market straight out of college or walk away from your parent’s home to a purchased home, renting a house is something most individuals have experienced.

The renting of a home, just like any other home occupancy options, has its pros and cons as viewed at by different individuals. For some, the prospect of owning a home is more enticing than renting a home and this is heavily influenced by their position at that time in life. For this purpose, the pros and cons of renting a home shall be looked at from three distinct angles. They are:

Pros of Leasing a Home

Finances:

It goes without saying that owning a home has a lot of responsibility attached to it. The major responsibility one has to tackle at first is the financial kind as renting a home requires paying a deposit before occupancy can be taken. Here, money would only have to be paid for the period in which the house is lived in and it can vary from months to years. A lot of individuals see this as a benefit of renting as paying rent is only subjected to a monthly basis.

Here, money would only have to be paid for the period in which the house is lived in and it can vary from months to years. A lot of individuals see this as a benefit of renting as paying rent is only subjected to a monthly basis.

Landlord:

Basically renting a home can be compared to being a guest in a hotel as you are temporarily occupying the space till you get something better or are done with your business there.

When renting a home, the responsibility of keeping up the appearance and maintenance of the home falls to the landlord just like in a hotel where appliances do not work and the front desk can be called to report it. This benefit is appealing to individuals as the burden of repairs does not fall on them but the homeowner.

Personalize:

A majority of times, the homes already come outfitted with necessary appliances and decorations so a number of things needed might only be the basics.

Cons of Leasing a Home

Finances:

The saying that you cannot appreciate the value of something if it is not yours is quite true in this case. Going by the fact that there is no financial commitment, the home does not have the chance to appreciate in value. This means that during the period of renting, money cannot be gotten back as in an appreciating market, selling the home one owns can lead to future profits.

Landlord:

One thing you have to be careful about is being negligent with your actions in the home. The home you reside in is not yours and as far as the landlord is concerned, your only aim there is to make money for him or her. A major con of renting is the fact that things like safety, welfare, and shelter are all based on the landlord’s care. Repairs and maintenance on the home any not occur as fast as you want them to and you might not get responses to your queries.

Personalize:

There are a lot of landlords and leasing companies that do not allow for changes to be made to the existing décor of the apartment and this might affect being able to make space your own. Also, you have to be careful not to damage any walls or carpets when decorating. Any damage or hole you may drill can cost you your deposit.

 

 

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