Having a n apartment is an excellent option for those who may not be able to afford their own home or are not ready to go through a lengthy home ownership process. Plus, you do not have to pay for maintenance, repairs, property taxes, home insurance, and many other expenses; somehow, you can be financially free. And also it provides financial flexibility.
At the present time, there are several advantages to staying in a rental property rather than buying your own home. Some of the benefits are elaborated below. Please have a look at them:
● Flexibility & Mobility
Staying in a rental apartment offers you desired flexibility. And also, you can choose where to stay according to your budget and preferences from the specific rental options. However, the most crucial factor is that you can change your place anytime if the location is not pleasing or the environment is not safe. On the contrary, having your own home gives you a compulsion to stay at the same place until you sell it and not sure about the environment of the locality will always be pleasant.
● No down payment
Do you know most people need a mortgage to buy a property since they don’t have money to buy the property in cash? If you choose to get a mortgage, you will probably have to pay a down payment that may equal one-fourth of the cost of the property. Unlikely when you opt to stay on rent, you don’t have to go through that process. Moreover, you are always free to change the location and choose the preferred rental home anywhere worldwide.
● You are maintenance free
Maintenance is not an issue for people staying in rent as the landlord or the body corporate is merely responsible for any damage and broken fixtures. Also, the landlord handles all the repairs and costs, so you have nothing to worry about. Make sure you have a separate meter for several utilities. For example – many flats have only one meter for water or electricity, but some have separate meters for each utility.
● Full access to some convenient amenities
Most condos for rent are equipped with pools. That is particularly true for the apartments located within apartment complexes. Furthermore, having a pool in a complex apartment is a great way to interact with new people and make new friends. Some of the apartments have fitness centers and facilities, too, so you do not have to take a subscription anywhere else. Some other amenities are also available such as social centers and laundry facilities.