Sometimes renting a house is riskier than buying it
We are here to talk about whether renting a house is easy or buying a house is easy. Some say renting is better while others go for buying it. Majority of us go for renting a house instead of buying it because we think that buying a property will make you suffer financially. This statement might be true because we all have to fulfill our financial as well as medical needs for a better living. In order to do so we go for renting a house so that we could stay away from financial hardships. Have you ever thought that renting can also cause trouble for you? For example, if you buy a house you have to pay a fixed amount of price and then you can live there permanently but on the other hand if you rent a house then you have to pay again and again. Plus, you have to move constantly from one house to another.
Risks of renting a house
Risks of renting a house are a very important concern. In general, there are too many risks related to this topic but we will discuss only the main ones. Sometimes you rent a house and there are some issues with that house then you cannot get those issues fixed. It is totally up to the owner of the house that whether the issues need to be fixed or not. In cases where the owner goes for repairing the house, they can charge you more than the real cost of repairing. In both the cases, you suffer.
Another risk of renting a house is the increase in rent. Owner can increase the rent to his or her desired amount at any time and you have to pay it. If you are not able to pay the increased amount in rent then definitely you have to leave the house and rent another property. This thing goes on repeating until you get a desired rental property or buy a house.
Plus points of buying a house
People think buying a house is a difficult task and they will face different issues but the reality is opposite. Many of us are not able to buy a house due to financial issues but buying is much safer than renting. It is so because the mortgage payment remains the same and there is no increase in it. May be the insurance and taxes increase but the portion of the loan will remain the same. There will be fixed rate for the loan. You just need to pay the amount for your desired house and then you are good to go.
On the other hand, renters go on increasing the rent of house and can kick you out of the house at any point of time. Sometimes they kick you out because they want to move in, or to sell it or because of a very minor dispute. You do not need to face these issues if you go on buying a house because the owner has a fixed amount in his or her mind regarding that house. You just need to pay that fixed price and the house is yours.
What happens when rent is not paid?
Sometimes people are unable to pay house rent and they miss it which can cause trouble for them. The landlord or owner can kick them out or he/she can go to court and take the renter there.
If we keep all these points in mind then we come to know that buying a house a much safer way than renting it. We think renting is a financially good option but this is not true. Buying is a much better option in this regard. If you own a house and there comes a trouble then you can easily deal with it with less damage as you are the owner of the house. But if you rent a house a house and there comes a trouble then you will suffer a lot.
We know not everyone is in a position to own a house as the prices are very high. In those cases renting a house makes much more sense and people need to go for that. But this article is for those who can afford a house but still go for renting it just because they think renting is a better way. You should now have a better understanding of what you need and what you do not want to face in the future. If you are planning to rent a house then you should consider the outcomes of not paying the rent. You can be taken to court the by the landlord. Buying is a much better way if you want to live peacefully, otherwise renting is going to give you a lot of stress. Now decision is yours and you can choose the best option for yourself according to your financial condition. Only remember one point that buying a house is a good option instead of renting it.
Related: Real Estate Agents in London · Property Auctions