Advantages and Disadvantages
Some of the advantages of renting are:
- Property Staff- Your monthly rent entitles you
to call upon the property team for repairs such as a broken dishwasher
or a running toilet. If you were responsible for the repair bills,
they could creep into the thousand dollar range.
- Property Amenities- Many of us could not afford
to have personalize weight rooms, swimming pools, tennis courts, and
a sauna if we were owning a house. Therefore, by renting you get to
utilize extra equipment you could not afford on your own.
- Flexibility- Renting allows you to pick up and
go more easier than owning property. With the exception of the terms
of your lease contract, renters are free to vacate the property without
having the hassle of trying to sell it to someone first.
Some of the disadvantages to renting are:
- Privacy and Peacefulness- If you rent an apartment,
you may have to deal with disturbing noisy tenants. People do
not have the same lifestyle or philosophy on cleanliness; therefore,
you may have an unpleasant renting experience living next to someone
with an "alternative" way of doing things. On the other hand,
you may enjoy blasting your music loudly; however, you must be sensitive
to others' quality of life when living in an apartment complex.
- Limited Space- As you begin to accumulate
more personal items, you may find yourself out growing your apartment.
- Tax Disadvantage- You receive no tax breaks
while renting. Also, you are paying monthly payments on something that
you will never own in most cases.