The Worst Things About Renting a Home, is it time for a change of residence? Whether by choice or because a current lease is up, you may be looking to move into a new living space. The question is, “Should I rent or buy a house?”
Many folks opt to rent instead of buy as it feels less permanent and like a logical (and possibly easier) step to make. However, if you find you can afford to buy a home as opposed to renting, consider that, as there are many downsides to leasing property.
Can’t Make Your Mark on Your Living Space.
One of the most obvious and surface-level points is that you can’t simply change what you want about the home at will.
Landlords have rules as to what can and cannot be done to a rental space, and some can prohibit even small changes like putting holes in a wall to hang photos.
If you are looking for a place to live and truly make your own, buying is a better option. There is no one to ask permission to when it comes to renovations and changes, except yourself.
You Risk a Deposit.
A deposit is most often required when you move into a rental property. It helps protect the landlord from any potential damage.
Sometimes, however, a landlord takes liberties with what they consider damage, and may not give a deposit back for any reason they see fit, however minor it may feel to you, the renter.
Disputes over deposits often arise from disagreements over the condition of the property at the start and end of the lease.
Renters often need to find creative ways to fit everything they’ve got into their living space, given most rentals are sorely lacking in places to stow things away.
Not a Lot of Room Outside.
You’re lucky if you find a rental property that has ample outdoor space. And even if you do, it can often be a shared space.
If you’re the type to garden or host barbecues, it’s hard to settle into an outdoor space that isn’t one you own.
Landlords Aren’t Always Available.
One of the big positives of renting is that you are not responsible for repairs around the property; your landlord is.
However, if you’ve got a landlord whose response time leaves something to be desired, you might find yourself dealing with nuisances for way longer than you’d like.
There’s Not Much You Can Do About Lacklustre Conditions.
Are the appliances old? Paint peeling off the walls? Tile on the floors cracked? That’s just something you’ll have to live with.
As long as something isn’t hindering your way of living and is merely dingy, odds are a landlord is going to let it slide. If you owned the home, however, you would be able to put the money into fixing things up.
You Aren’t Building Equity.
As a homeowner, you are consistently building equity in your home. When you make a mortgage payment you aren’t just paying off a loan, but adding to the equity of a house.
As a renter, your monthly rent payments are adding to the home’s equity – just for the landlord, not you.
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