Should you rent or buy a property?

Though most people aim at homeownership, renting an apartment comes with its share of financial benefits. If you are not ready for the expenses attached to homeownership, renting one of the apartments in Malaysia can help you live a comfortable life for as long as you want. Take a look at some of the benefits that come with renting.

Living under someone else’s property can save you from the cost of maintenance and repairs. While homeowners have to deal with repairs, a renter is free from this as long as they don’t damage anything. The landlord is responsible for ensuring that your apartment is in good condition, and there are no pending repairs needed. If for instance, an appliance stops working in your house, you only need to inform the owner to fix the problem. The cost of repairs can be costly and renting save you from such headaches.

Renting also gives you access to different amenities at no additional costs. You can enjoy luxuries like a fitness center or an in-ground pool from renting. Most of the mid-scale apartment complexes incorporate these amenities for tenants to use at no additional charges. If a homeowner wants such amenities, they have to incur extra expenses to install them within their properties. Such facilities also come with maintenance costs.

Owning a home may be prestigious, but it is also stressful since you have to deal with real estate taxes. This can be a burden to some homeowners struggling with finances. Renting an apartment prevents you from paying for real estate taxes. For you to move to a rental property, you only need the rent plus security deposit. Owning a home is, however, stressful since you need a significant down payment that is at least 20% the value of the property. You may also need to apply for a mortgage which comes with some interest rates that you have to pay monthly.

Renting an apartment is, therefore, cheaper since you may not need to take up a loan for you to meet your financial obligations. Renting saves you from owning a mortgage, which you may not afford to pay. The value of the property can either go up or down. This fluctuation has a bigger impact on a homeowner than a renter. The value of the home affects how much the owner has to pay when it comes to property taxes as well as mortgage.

With a poor economy, a lot of people go through financial constraints. Renting gives you the option of downgrading to an affordable apartment if you are struggling to pay rent. When you commit yourself to buy a home, it becomes hard to break free from an expensive house due to the fees involved. Renting is, therefore, more flexible than buying.

Rent amounts also come at a fixed rate according to the lease agreement. Though a landlord can increase the rent, you can get the chance to create a proper budget. The amount of property taxes keep on fluctuating, making home ownership complicated.