It is difficult to make a choice between paying a rent and buying a house. Renting a property is more convenient if you are not sure about the duration of the stay in a particular city or area. It is not profitable to buy a property in a city where you are not going to live for a long time. Taking a property on rent is a worthwhile option for all those who wish to enjoy living in a luxurious apartment, but they might not have the ability to buy it. Renting room can save you money on maintenance and repair, and you don’t need to pay a big amount.
Why renting a room is better than buying a home?
Here are the reasons that prove why renting a room is better than buying a home:
- No maintenance costs or repair bills
When you rent a room, your landlord will pay for all the maintenance and repair costs as homeowners are responsible to pay all the charges for repairing, maintenance, and other bills.
- Access to amenities
Another benefit of renting a room is having access to all the amenities.
- No real estate taxes
Tenants don’t need to pay estate taxes, which are a hefty burden for the homeowners.
- No big down payment
Room tenants have no down payments; homeowners need to pay big down payments for their properties.
Which questions must you ask a room tenant?
To avoid finding yourself in a bad situation, always ask these questions while apartment hunting:
- What are the lease terms?
- What does it cost to move in?
- What’s your pet policy?
- How about your guest policy?
- Do you require tenant insurance?
- How do I pay the rent?
- In an emergency, how are repairs taken care of?
- How secure is the property?
- How often does rent go up? If yes, then by how much?
- What is the parking situation?
- Are there plans to upgrade the building?
Which things should you think about before renting your first room?
These are some important things to think about before you start searching for a room. By following these tips, you can save your time and can get a better room for rent. Here are some suggestions for you:
- Upfront costs
The upfront cost is the security deposit, apartment fees or society fees etc.
- Long-term costs
Long-term cost includes a daily routine budget for electricity, gas, internet etc.
- What you need
Check whether you get your needed facilities.
- What you don’t need
Discuss which things you don’t need and avoid paying for them.
- Get your priorities straight
Search rooms as per your priorities.
- Prepare your paperwork
Carefully complete your paperwork and prepare for it.
- Lease term
Know all the terms and conditions of the lease.
- Roommate worries
Search for good roommates with whom you will be comfortable.
Ask your landlord whether their rooms are pet friendly.
Choose a location as per your convenience.
You will shift to a new place with your closets and home appliances; choose a room by considering all these.
- Decoration scheme
Check whether you need to do decoration or any kind of repairing of a room or not.
How to search for a room on rent?
- Search online
You can search for a room online as it will give you various choices.
- Look with the local listings
You can also get information and help by reading local papers and listings.
- Post an ad in the local paper
If finding room is quite difficult for you then you can post an ad with your contact details in the local papers.
- Post an ad on the Internet
The Internet is the best medium for such a situation; you can post an ad on social media or can get details by searching on various websites.
- Drive or walk around your town or city
Search within nearby areas by a drive or by taking a walk so that you can ask anyone about room rents as well.
What is a shared space for renting a room?
- Renting a room can allow you to use your space comfortably, but a shared space can lead to some problems and inconveniences.
- Shared space means you have to share your washrooms, kitchen, laundry room, and even the living room.
- You have shared your parking space, backyard, and balcony also with your partners or co tenants.
- It might make you sometimes uncomfortable in your rented room.
- Renting a room is the best option than the shared space.