As home prices continue to rise, renting has become more appealing for those who can’t afford to buy. It’s easy to feel powerless when choosing to rent, however it does come with its own unique advantages. Here are some tips to stay in control and make the most of your benefits.
Read the contract: No matter what or how you choose to rent, you should have a written agreement between the parties. Read it carefully and make sure you have a clear understanding of rental rates, bond, rent increases, payment schedules, length of tenancy, inspections, termination conditions, and any other special conditions.
Flexibility: Even with a fixed term lease, renting allows more flexibility than purchasing your own property. Feel like a change? Then simply move when the lease is up.
Put your feet up: A huge luxury of renting is most repairs and maintenance is the landlord’s responsibility. This helps save time and money.
No debt: One of the short term benefits of renting opposed to buying, is not being in debt. Your rent is usually fixed at the same rate for the length of your lease agreement and you will typically only have to pay four weeks in advance opposed to a 10% deposit on a home loan and having to worry about a mortgage.
Live where you like: Renting is often cheaper than buying in popular inner city areas. This means you may be able to afford to rent in an area you could never dream of buying in.