5 Advantages of Renting an Apartment Over Buying a House

To rent a house means to live in a house owned by someone and pay for it monthly or fortnightly. The person who rents the house is called the tenant and the person who owns the house is called the landlord. There are several advantages when it comes to renting a house than owning it.

Advantage 1 - Pay Only The Rent Forget About Maintenance

One of the biggest advantages in renting a house is that the tenant needs to pay just the rent and all the maintenance costs of the house is born by the landlord. Many a times it can be a burden if the water supply is lost or if there is a problem with electricity in the house. Some landlords are kind enough to maintain the garden if the house has one!

Advantage 2 - Freedom of Movement

This is a huge advantage if one rents a house and not own it. Many a time it may be required to move for work or business related purposes. In such occasions it is easier to relocate while staying on a rented house. The farther one travels from an owned house the more difficult it gets. For example if one has to undertake overseas travel for a business assignment then paying mortgage back home town can be a real burden.

Advantage 3 - Save on Your Income Tax

Most jobs offer a component in the salary called House Rent Allowance or for short HRA. This amount is exempted of income tax and can help reduce the tax burden. This can only be claimed while staying on rent.

Advantage 4 - Low Down payment