For many people, there is nothing more important than the thought of buying their own home and getting settled down – which is completely understandable. However, there is a new type of house-hunter and they have no interest in buying, but rather, renting. Why is that?
In this article, we’re going to share some of the main reasons why people are more interested in renting property, rather than buying. Here’s everything you need to know…
In the ever-evolving internet age, there’s a new breed of worker: the digital nomad. For some people, buying a property and putting down roots is simply not on the cards for them. As such, moving from one country to another and finding cheap rooms for rent is their priority. Their lifestyle requires a certain level of freedom and flexibility and renting affords them exactly that.
2. No strings attached
When you rent a property, your only concern is how much you need to spend each month on rent and how long your rental agreement is for. Outside of that, you have no other cares or concerns and this is an attractive prospect to some people.
3. No maintenance costs or repair bills
Just as there are no strings attached, you also don’t need to worry about maintenance costs or repair bills. When you are a property owner, whether you live in it or are renting it out to people, you’ll be responsible for arranging and paying for all of the necessary repairs.
4. High-quality amenities
When you rent a condo in Bangkok, as an example, you’ll have access to fitness rooms, swimming pools, rooftop bars, and so much more. These high-quality amenities are attractive and would be an expensive investment for a home owner. So, rather than buying a house and spending thousands on having a pool installed and maintained, you can simply rent a cheap condo in Bangkok and use the in-house amenities for free!
5. No down-payment needed
Additionally, some people simply aren’t in a financial position to make a down-payment, get a mortgage and invest in a new property. With renting, one can simply put down a month’s rent deposit and move straight in.
6. More choice!
Buying a property is a big decision with so many considerations to be made. When renting however, there is so much more for you to choose from with very few considerations to be made besides, location and affordability.
Yes, most people want a place to call their own and settle down in eventually, but for many people, the prospect of renting is enough for them – and with so many attractive benefits it’s easy to see why. That said, don’t neglect the benefits of investing in real estate either. There are many financial benefits to growing your portfolio. Ultimately though, it all comes down to you as an individual, your lifestyle preferences, and whether or not you are ready to get settled or take on that kind of financial responsibility.