As individuals, we progress through different stages of responsibility and develop the capability to handle the various phases in our lives. While some of us may be ready and able to settle down either by ourselves or raise a family, others may not yet be at that stage and as such, buying a property may not be the best course of action.
Principal of Greeff Rentals, Glenda Taylor, advises those interested in property to do what is best suited for them and their needs. “For some, renting may be the ideal housing solution. Renting provides people at different stages in their lives with several avenues by which they can successfully enter the housing market.”
If you are not ready to buy a property, renting provides numerous advantages over choosing to put down roots, including the following:
1. Renting allows for flexibility: Renting a property allows a tenant to select a period of leasing when signing a new leasing. Periods typically range anywhere from six months to three years, depending on what the tenant requires.
2. Renting is not bound by location: Renting is ideal for those changing locations be it for work or play. As the tenant may be interested in moving around for work at different stages, they will seek out a property in each location they would need to work from.
3. Renting is a short-term commitment: Renting provides a tenant with the option of signing a short lease of 6 months to 1 year. The rental of a property requires no long-term commitment and can be disposed of by the tenant at any time with penalties.
4. Renting equals saving: Renting could undeniably be more cost-effective than purchasing a property. Due to this, after paying your monthly rental fee, tenants may be able to save towards a nest egg.
5. Renting increases your living prospects: Due to the burst of the rental bubble and the large oversupply of rental properties on the market, tenants are able to secure rentals in neighbourhoods they may not necessarily be able to afford living in permanently.
6. Renting requires no big down payment: Sure, a deposit may be required to secure a rental, but this is by no means the large down payment required when purchasing a property. Renting furthermore will not require the additional costs incurred when purchasing a property including transfer fees, bond registrations costs, etc.
7. Renting often includes perks: As a tenant, you are privy to some bonuses that property owners do not necessarily receive. In sectional title properties, these often include prepaid water, sewage, and security paid for by the landlord as part of the monthly levy.
As a tenant, you forfeit responsibility of maintenance for the property to your landlord. Thus, when a geyser leaks or something is awry with the electrical wiring, you are able to inform your landlord without any additional cash outlay on your part.