You’ve probably been told before that renting an apartment is a waste of your money, as opposed to buying a condo unit. The usual argument given by those who advocate buying over renting property is that you’re practically just giving away your money when you rent whereas you’re actually investing it when you buy property. But there are actually situations where renting is, in fact, a better option. It may be a good idea for you to learn about the advantages of renting an apartment unit rather than buying one.
Apartment Rental Benefits
You probably already know what the disadvantages are of renting an apartment. It’s time to check out the advantages.
It generally costs a lot less to rent an apartment as opposed to renting a house. Rental fees are also generally a lot lower than the cost of buying an apartment, especially if you’re looking for a place in a major city like Cagayan de Oro. Note as well that the cost of renting an apartment unit is significantly lower than the cost of buying a condo unit. It is also more cost-effective, since apartments are usually more spacious than condo units. And the down payment you need to shell out is considerably less than the down payment required for buying property.
When you rent an apartment, you also save yourself from having to pay for such things as building inspections, insurance, and other legal requirements. There are even apartment complexes where the cost of utilities is included in the rental fee, which makes it more convenient for you, as you will no longer have to worry about such additional costs.
2. Tax Benefits
When you buy property, you’ll have to take care of transfer taxes; not so when you’re just renting. When you already own the property, you’ll have to pay an annual property tax; not so with a rented apartment. So, you see, the property may not belong to you regardless of how long you live there, but you’re still saving a significant amount of money when you choose to rent rather than buy.
Perhaps one of the biggest advantages of renting an apartment is that you’re free to leave whenever you want, provided all your obligations are taken care of. If you find a better place or an apartment nearer your workplace, you can transfer anytime you want. If your work takes you to another city, you can vacate your rented apartment immediately and look for a rental in the new city where you’ll work. You won’t have to worry about selling the place or agonize over such stuff as current market value.
When to Look for a Cagayan de Oro Apartment for Rent
Of course, there are situations where it is better to buy a house or condo unit than rent an apartment. You’ll have to carefully weigh your situation to determine which option will work best for you. As a general rule, it is advisable for you to opt for finding a Cagayan de Oro apartment for rent if any if the following applies: Continue reading “Cagayan de Oro Apartment for Rent – Is Renting a Good Idea or Not?”