Buying a home is not always an option for everyone. Sometimes owning your own property is too expensive and will be a financial burden. Some people find rental properties more convenient, which make it the best option. When you cannot afford a mortgage, or got a new job allocation, rental s the next best thing to owning a home. Some facts people say about renting are designed to keep most home owners away.
Here are some common myths about renting that everyone should ignore
Renting is a waste of money
Some people assume that renting a home or apartment is like throwing away your money. This myth has been going around for ages. While it is up to real estate agents and property managers to debunk the myth, they do less of that because this brings profit in a lot of ways. It gets people to purchase real estate property. Even when you are not investing in equity from the rental home, you can get a place to call home until you can afford a mortgage. Any payments made to the rental properties are not useless.
Renters cannot save any money
This is the biggest myth there is about people who choose to rent out. Renting help you avoid all the maintenance costs. The value of saving money for renters is underestimated. When you pay the rent money, the repair services, upkeep and even the cost of your utilities are usually included. Buying a property is actually more costly than renting. If the current housing market is expensive, you will not afford to make the monthly payments. Renting is favourable when it comes to saving; you can use the opportunity to save the down payment for the next mortgage when the market price is low.
There is no negotiating power
Many people assume that there is no negotiation in rental properties. This is a very common myth that has been going around for ages. It is centred on the relationship between the landlord and tenant. Most people will assume that the landlords hold the power because they own or are in charge of the property. The truth is renters’ hold great negotiation power over the landlord during the signing of the lease. For instance, people who are planning t ret a house for a shorter period of time has the right to ask for a clause if they plan to buy a home or relocate.
You cannot get out of a rental lease
I have heard people say that it is extremely difficult and nearly impossible to get out of a rental lease. This is a common misconception in the real estate business. Professional realtors advise the renters to sign short term lease, especially if you know you are about to move to another location. There are multiple choices for people who are facing a life changing situation and renting is one of them. If you are moving and the lease is not yet expired, you can sublet the place as long as your property manager allows you to.