Buying or renting a house greatly depends on ones situation and finances each individual has.
Buying and owning a house is the best achievement a person can ever have but, very expensive to purchase.
However, for those who can not afford to buy, its good to save money with the intention of owning a house in the future.
The following are some advantages of renting a house.
The initial capital required to rent a house is less.
Buying a house is very expensive.
The initial money for buying a house is much more and, you have to calculate your monthly expenses to know your final decision.
A person who rents can easily save and budget for his expenses at the same time.
Rent prices are flexible and you can compare and choose a price that will suit your situation.
A person renting a house has less responsibilities compared to a person owning a house.
For instance, you will not need to put some money a side for maintenance and house upkeep.
This is the responsibility of the land lord.
The lease for rent is normally short.
You can vacate the house to any other place after some time.
Again, you will have less insurance since you do not own the property.
You will also be taxed less compared to home owners.
In case of job transfer, its much easy for a renter to relocate compared to a home owner who may take up to three years if your home will appreciate to avoid loss.
Before renting a house, make sure you have protected your security deposit by signing a lease.
Your deposit will only be used in case of damage.
Acquire insurance policy to get protection against flood, fire or theft.
Take enough time to know what things the lease will do for you.