The Pros & Cons of Renting a House

The Pros & Cons of Renting a House

Several luxury homes for sale in Tagaytay offer picturesque view of the Taal Lake and Taal Volcano. The Tagaytay City is regarded as one of the most beautiful places to live in the country. Living in this city allows you to wake up in the morning to the uplifting scent of trees snooping in your window and enables you to experience the cool climate every day. Because of this, many people are choosing Tagaytay as their home to experience the luxury living. With all the properties located in Tagaytay City, what property you will you choose? Another question is will you rent or buy your house right away? Before making the decision to invest in the real estate, make sure that you are well-informed and educated about what you are getting in.

So, should you rent or buy? Read on and let’s take a look at the pros and cons of renting a house.
renting a house blue shade window

The Disadvantages

  • Bound by the rules of the lease agreement — since you sign an agreement with your lessor, you cannot make any changes or renovation of the place without the consent of your landlord or landlady.
  • No return of investment — since you are only renting, the place is legally belongs to the lessor. You will not benefit in case the place increase its value.
  • No equity building — No matter how long you remain in your rental place, you can’t build equity. Unless you have a rent-to-own agreement with the lessor.

renting a house front door window

The Advantages

Meanwhile, renting a house has its own advantages, too. Here are some of the benefits of renting a house.

  • Flexibility — renting a house allows flexibility than buying a house. This works especially to those people that experience job relocation every now and then. Also, it is the best option when you do not have an intention of staying in one place for a long time.
  • You pay less tax — there are plenty of expenses that you do not shoulder if you are only a tenant especially the property taxes since you do not own the place. The other expenses include mortgage interest, insurance, property management, repairs and maintenance, water and sewer service, trash pickup, and utility bills (especially if it is already included in the rent).
  • Financial predictability — when you rent a house, you already know (or at least has an estimation) your monthly expenditure since your monthly rental are usually fix. Hence, your monthly expenses tend to be more predictable.

Whether you buy or rent a house is definitely a major decision to make. Such financial decision will not only affect your lifestyle but how much money you have left at the end of every month. Both buying and renting a real estate property is one of the biggest purchases you will ever make in your life. How will you know that you are making the right decision?  Talk to an accountant, lawyer, or real estate broker to educate you about basics of investing in the real estate.

Moreover, whether you will buy or rent, money is not the only thing that you need to consider, but consider your comfort and lifestyle, too. After all, a home should be a place of relaxation and bliss.

About the Author:

laurel santos author biography

Laurel Santos is a 24 year old grown up woman whose kid at heart. She lives in the city and works as a freelance photographer. She also manages a small pet shop inside their village. She loves traveling so much because she believes that one should not just die staying in without exploring the world.  She got a big heart for animals especially those stray dogs. Despite her busy schedule she always finds time to do one thing that she is very passionate about which is writing.

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