Owning a home may be a lifelong goal for many people but it doesn’t mean it’s right for everyone.
There are plenty of benefits for renting a home. It’s a more financially feasible option that is beneficial for anyone who isn’t quite ready to set down. Whether you travel a lot for business or you just want to keep seeing more of the world, renting allows you to do that while also giving you a place to live with less responsibility. Keep reading
- Its Way Less Expensive Upfront. No Down Payment.
A larger portion of the hefty price tag comes in the form of a down payment, which you aren’t dealing with in a rental unit.
When you rent, you’ll probably pay a security deposit, usually not more than two months rent. On the other hand, a down payment on a home may run up to several thousand dollars, which is usually a lot of money for many people.
- Little or no Responsibility for Repairs.
While you might be expected to maintain your rental unit as best as you can, you aren’t on the hook for major repairs. Your landlord or management company is usually responsible for handling repairs such as a broken appliance or plumbing issue. There might a situation where you are on the k=hook for it, say if you broke something, but more often than not, it’s not your problem.
- Access To Amenities
Luxuries such as swimming pool or a fitness centre come standard at many mid-end to high -end apartment complexes with little or no additional charges to tenants.
- No Real Estate Taxes.
Real estate taxes can be hefty for homeowners, amounting to thousands of dollars annually. Sometimes they lead to properties being auctioned by the tax departments. With new constructions getting larger, property taxes can be a significant financial burden to homeowners.
- More Flexibility on Where to Live.
Renters can live practically anywhere. Living in an expensive neighbourhood can be an uphill task for homeowners but can be possible for renters. Rents can be high in areas where home values are also high, but renters can easily find an affordable monthly payment then a home buyer.
- Flexibility To Downsize
Renters can downsize to more affordable options at the end of their tenancy. In sae of retrenchment or retirement, a renter can easily downsize to a smaller alternative, less expensive home
- Lower Utility Costs
Rental apartments typically have a more company and efficient floor plan. This makes them more affordable to power than many houses. Some costs like security and common area power are also shared, making it more affordable to renters and still enjoy top notch services
- No Long-Term Commitment
Rental agreements run up to a couple of months. In many cases you can sign a year-to-year agreement, thus you have no obligation to stay in this rental more than you want. It’s a perfect situation for people who move around a lot.
- Fixed Rent Amount
No surprise, most of the benefits of renting are financial. The amount you pay for the term is fixed. At times, landlords may raise the rent with notice, but you can budget more efficiently because you know the amount of rent you are required to pay.
- Fewer concerns about decreasing property value.
Often, property values go up and down. This may affect homeowners in a big way, and affect renters substantially less, if at all.
Connect with us at GreenKenya investment corporation for a perfect rental home experience.
We are now letting executive 3-bedroom apartment plus SQ, at peony Estate, in the luxurious neighbourhood of Lavington, on Hatheru road. They come with a well services swimming pool and 24-hour security, dedicated parking for each unit and visitors parking, at affordable cost.
We have only two units remaining.
By. Nyaga N. Rosah
Chief letting Officer.
GreenKenya Investment Corporation
Adams Arcade, Ngong Road,
4th Floor, Suite 23, East Wing,
P.O. Box 21133-00505,
Whatsapp Business: 0724 111 174
Nairobi | Kenya