Pros and Cons of Living in a Rented Flat
Are you stuck in the buy vs. rent debate? It is true that most people are not able to buy houses due to a limited budget and other restrictions.
Purchase or lease; that is absolutely dependent upon you. One requirements to conclude what it is he needs concerning lodging. There is no correct reply. A lot of individuals like to lease and others lean toward claiming a house. Possessing a house isn't really an extraordinary venture however is reasonable somewhat. There are so many options of properties for sale Rawalpindi However, there are cons of possession that can restrict the genuine worth of the venture viewpoint and hence, living in a leased level is by all accounts the better choice.
However, it is essential to look at the pros and cons of living in a rented flat or home.
Pros of Living in a Rented Flat
Some of the perks of living in a rented flat include increased flexibility, less paperwork, no requirement to pay property tax, more opportunities, etc. If you are looking for a flat for rent in Islamabad, the following advantages will blow your mind:
- Increased Flexibility
Living in a rented property as compared to living in your own house offers more liberty to move to another house. You will only need to give a short notice to the landlord. Owing to this factor, renting is more flexible.
- Less Paperwork
Getting a house or flat on rent involves less paperwork in comparison to buying one. There is just an agreement involved or the only paper needed is a stamp paper. However, in rare cases, renting a house/flat out to relatives does not involve a formal agreement.
- No Need to Pay Property Tax
If you are a tenant, there is no need for you to worry about paying the property tax. The only costs you have to worry about are utility bills and property rent. Rest is the responsibility of the landlord.
- More Opportunities
Let me point out some other benefits. Renting is a great opportunity to live in a luxury and lavish area. In case you own a home and you don’t have friendly neighbors, you can do nothing but tolerate them. But if you rent a flat, you will have the opportunity to move to a better neighborhood.
Cons of Living in a Rented Flat
An opportunity cost of living in a rented flat is always there. At the top of the list is the lack of equity. Let’s look at the other downsides.
- Lack of Stability
If your landlord is not willing to keep you anymore, or they have any other necessity that requires you to leave the house, you can do nothing about it. The situation may become worse when you are unable to find suitable accommodation.
- Rules and restrictions
Living in someone else’s property means that they can put some rules and restrictions on you. Some may not even allow you to repaint the house or make modifications according to your needs. Besides, you may not be allowed to keep a pet. You are bound to follow these requirements.
- No Equity
No matter how much rent you pay, at the end of the day, the property is not yours. Rental payments will never grant you equity, I repeat never!
- Rent increment
The tenant contract is changed yearly, and now and again, semi-every year. Aside from that, nobody can prevent landowners from expanding rents when these arrangements are modified. You should get some help when you find properties for rent Rawalpindi This is for the most part problematic for individuals who depend on a decent month to month pay however need to pay the expanded lease.
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