The perks of renting

People often associate renting with the inability to afford their own property. Perhaps in the past, this ideology was true. Today though, many people would rather rent a property than actually owning it. 

Renting a property is a much easier process as compared to buying a house that has its complexities. You basically search for the type of property you want, in the area of your choice, contact the owner for a viewing, negotiate a deal, and move in. While there may be a few nitty-gritties attached, the process is not as challenging as purchasing a home.

Here are the perks of renting a property:

Costs are lower
Renting a property does have initial financial implications such as security deposits, application fees, lease agreements, and so forth. This, however, is a mere cost as opposed to the steep requirements for a 10% deposit and additional costs to owning a home. Furthermore, while your monthly rent may be slightly more than what you would pay for a home loan, you are not liable for the rates and taxes or levies that an owner has to cough up. 

Plans to move
Given the economic uncertainties and tax pressures of the economy, many South Africans have hopes of finding their pot of gold at the end of the rainbow in another country. These aspirations make it easier to rent as there are no long-term commitments to keep them tied down to the country. Recent trends have also shown that homeowners in certain areas are being forced to sell their properties for much lesser than what they paid for it. To avoid incurring a loss on a property it would be better to rent a home if there are plans to move to another country, or even to another city for work purposes. 

Live where you want to
You may want a property on the beach but the exorbitant selling prices are way out of what you can afford. By renting a beach property you have the flexibility to live where you want to and pay what you can afford for the lovely views. In a few years, if you want to grow your family and have a property with a backyard then you simply wait until your lease is over to move out. 

Buyers remorse
What if you decided to buy a home and you find yourself in an unanticipated scenario, such as the area is a flood zone, or realizing that your house was built over an underwater creek after a year. Once you have purchased the home there is no going back. It is even more challenging to sell a home with flaws. There are also the financial costs attached to selling. In contrast, if you were to rent a property with such flaws you can have the owner deal with it while you find a more suitable home for your family. You do not have to stress about selling a property with fears of it sitting on the market. 

Save for deposit
Perhaps you do have aspirations of owning your dream home in the future but current circumstances, such as your career uncertainty, do not allow you to commit to long-term debt. The time that you spend on renting a property will also allow you to save for a deposit for your first home.

If you are keen on renting a home that suits your lifestyle or a landlord who wants to rent out your property, contact one of our friendly agents at RealNet today.