This refers to occupying a home for a given time and paying a fee for your stay. The terms and condition in house renting require one to pay rent at a given time of the month or year as per the agreement. under home renting, the amount payable as rent is very clear and constant as per the start of the contract and in ambiguities are involved. in the current times, peoples prefer home renting to home buying in order to take advantage of the less cost inquired. This trend is very suitable for individuals who are always traveling and those working away from their place of residence. Individuals who can afford the cost of owning a home have utilized this available program to the level best due to additional costs associated with home owning. home owning has additional costs compared to house renting as insurance and real estate costs are evaded.
the program of home renting has posed more benefits than home owning. The first benefit associated with home renting is that of evading the cost of repair and maintenance. In the utilization of properties, the aspect of damage is recorded and is recorded and cannot be evaded. in home renting, the agreement states that maintenance and repair costs of properties is to be catered by the land lord making this method cost efficient Another advantage when using the home renting procedure is access to amenities that would be very expensive in the case of buying a home. a good given of these luxuries include swimming pools,saunas and fitness centers. the facilities mentioned above are very expensive when it comes to home owning but easily accessible to those under home renting program.
The next advantage of home renting is concerned with how inexpensive the method is in terms of real estate tax. Real estate tax are heavy taxes charged by the state to house owners who occupy a certain region in the country. The payment of real estate tax is compulsory and evading it is taken as a crime punishable in a court of law. the advantage builds in to the home renders as they do not pay this tax compared to home owners, as per the home renting contract, this tax is supposed to paid by the land lord and failure to do so leads to heavy penalties to the land lord and not the individual renting the house. Another advantage of home renting involves evidence of the principle of depreciation. Properties such as buildings, vehicles and equipment are all subject of depreciation i.e. loss of value with time. Home renting provides an advantage as the burden of depreciation is transferred to the land lord. Home renting as described above has posed many advantages in relation to cost and thus it is advisable to try to fit in to this program instead of home owning or home building.