Have you ever realized why you need the top benefits of staying on rent in Dhaka?
An unpleasant fact is seriously affecting the lives of mass people, especially the middle and lower-middle class.
Yes, I am talking about the modern world’s living cost, which is dramatically increasing day by day. And for that, the lion’s share of people meet their third fundamental need, “Shelter,” by staying on rent.
But is there any benefit living as tenants?
You will get overwhelmed to know that staying on rent has several significant benefits which are overlooked most of the time. Knowing these benefits can bring peace to your mind if you are facing the same economic condition.
So without further ado, let’s get to the business.
01. Higher Mobility
If you are in a job requiring you to move frequently, it will be an excellent choice to stay on rent. Because renting does not require long-term agreements and also allows you the flexibility to terminate the contract by giving a month’s notice.
On the other hand, if you have a house, you have to complete a certain amount of tasks to move. These tasks include hiring an excellent real estate agent for listing the home, inspections, appraisal process, closing, and so on. It is time-consuming, and you might face rigidity while completing the process.
A thought may hit your head that renting is more expensive than owning a house. You may find it accurate if you don’t consider the additional costs associated with owning a house. While buying a home, the other expenses you have to run into:
- Holding taxes
- Minor home repair
- Property taxes
- Closing costs etc.
On top of that, you have to spend a large amount of money as a down payment. It demands your financial solvency.
On the contrary, renting does not require that much money. You have to pay only a fixed amount of money which is much more affordable compared to owning. As a result, you can budget your hard-earned money and use the rest to attain other necessary living things like cookware, furniture, etc.
03. Free from Maintenance Costs
Renting, in general, requires no maintenance cost or repair bills. If any appliance stops working or leaks on your roofs, all you need to do is inform the landlord as he is the only one responsible for getting it fixed.
Therefore, renting not only saves you from repaying home loans but also from other related expenses, including renovation costs, society bills, property tax, etc.
But to avoid possible conflict, you must ensure that these conditions are included in the rent agreement.
04. Access to Amenities without Extra Cost
One of the most amazing but mostly overlooked financial benefits of renting is having access to desirable amenities. Indeed These amenities include:
- Swimming poles
- Play areas for kids
- Sports courts
In most cases, you can avail these amenities free of cost.
On the flip side, if you own a home, you will need to spend quite a bit of investment to match these amenities. Moreover, don’t forget the high maintenance fees associated with this.
05. Lower Risk
It is pretty apparent when you take a home loan on a mortgage, and you are inviting financially. And if you feel discomfort adding a large amount of debt to your life, you should consider staying on rent. As renting does not require you to take loans, it is entirely risk-free.
So to live a completely debt-free lifestyle, you can stay on rent without any worries.
06. Comparatively, Small Financial Investment
Unlike buying a property, renting an apartment needs minimal financial investments. Although you have to give a security deposit to the landlord, the amount is lower than buying a house.
Hence, renting gives you more financial freedom.
07. Less Stress
By the time you’ve come to know that owning a house comes with a lot of financial stress for you. Additionally, you must ensure that you deposit all the utility bills on time to the authority and avoid any kind of fine. At times you may find it stressful and irritating.
On the other side, renting frees you from these responsibilities and makes you stress less.
08. Enjoying Fixed Rent Amount
Till the tenure of the rent agreement, rent amounts are fixed. However, the landlord can raise the rent by giving a prior notice after 11 months. Then again, you can budget your money as you know the amount you need to pay.
After giving away the fixed rent, you can spend the additional money to acquire other valuable assets.
Buy or rent for staying in Dhaka
You always don’t have to believe what you hear. A bunch of mortgage companies can tempt you to buy a home for your own instead of renting. But renting may turn out to be a more beneficial option according to your financial condition. You can check our website and find the most alluring renting deals in Dhaka.
So you have to be honest about your financial condition to make an intelligent decision.
You can consider the above renting benefits to make the most out of your hard-earned money and make a better living.