Letting a Property – The Benefits

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While there are some renters who view letting a property as a failure, there are others who see the benefits that are to be gained from renting a house or apartment as opposed to purchasing one.

Some of the benefits of renting include the ability to save money while renting for the purpose of purchasing a home, few maintenance requirements and the inclusion of amenities which the renter would not likely be able to afford if they were to purchase a home instead of renting. Although there are some negative aspects to renting an apartment, this article will focus exclusively on the benefits of renting a property.

The Ability to Save Money

Being able to save up a great deal of money for the purpose of making a down payment on a dream home is just one of the many great advantages to letting a property. Many existing homeowners were only able to achieve homeownership by adopting this same principle.

Although renting is often perceived as throwing good money away because it does not result in equity, the ability to save money while renting is unrivalled, especially in tougher economic times where prices are arguably still over inflated. Renting a flat/apartment is usually cheaper than the monthly mortgage on a home.

A first home is one that you would want to put your own stamp on. For this reason having the ability to save money to facilitate a deposit plus renovation/decoration works upon purchase is very useful. Therefore the value of letting a property cannot be denied. Depending on how long the renter stays in rented property, they may save hundreds or even thousands of pounds during the course of the rental agreement.

No Maintenance Properties

Another advantage to letting a property is there is typically little or no maintenance required by the tenant. This is especially true in an flat/apartment situation. The renter may be responsible for small items such as changing light bulbs but more extensive repairs such as leaks in plumbing or clogs in drains are typically handled by the maintenance staff of the rental property.

Communal areas such as gardens and coridoors are covered by a maintenance charge usually payable by the owner of the property. The exception is usually when a tenant rents a house as opposed to an apartment. In these cases the tenant may still not be responsible for small repairs but might be required to maintain external areas such as gardens etc.

Additional Amenities

Another advantage to apartment living is often the amenities offered to residents. Such amenities might include usage of the pool, an exercise room, meeting spaces, launderettes etc. In most cases these amenities are offered free of charge to residents and their guests. Many people looking to purchase a home would not likely be able to acquire one with amenities such as these.

These items are often considered luxurious and are not available in the majority of homes which are on the market at any particular time. In fact searching for homes which specifically have these features may severely limit the number of search results and may result in no search results at all when these features are searched in conjunction with a typical price range. However, those who rent can enjoy access to these amenities. They may pay more in rent than those in a comparable apartment complex without these amenities but they are also still likely saving a considerable amount of money each month as long as they are budgeting wisely and have chosen a rental property within their price range.

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