04 Oct 8 reasons why renting is better than buying
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It is drilled in to us to save our money to try in order to become a homeowner. But for some countries property ownership is not that common. Renting does have it perks and does not necessarily mean that we are throwing our money away. We have compiled a list of reasons as to why renting is attractive when looking for a new home.
Also read: 5 Tips to Succeed as a Real Estate Agent
1 No maintenance costs.
As a renter you are unlikely to be liable for any maintenance costs such as the building’s one that covers the upkeep of the communal areas such as the swimming pool and gym. Plus if the management team is not that reliable and efficient at carrying out remedial works, your landlord rather than yourself will have to deal with them.
Tenancy agreements tend to just be for one year meaning that you are not tied to that property for a long period of time as a mortgage would. This means that you can move if you secure a new job, fancy checking out a new part of town or even if you do not like your neighbour.
3 Central location.
Buying a condominium in central Bangkok comes at a cost. However, renting one in a prime location tends to be much more affordable. Plus you will not need to have a significant deposit as a down payment on the purchase of a property too. As such many purchasers wanting to reach the first rung of the property ladder have to consider moving further from the centre or even the BTS Station in order to afford it.
4 Try before you buy.
Renting gives you the opportunity to try out somewhere. If you are new to a city or aren’t quite sure where you want to buy a property, you can rent in the meantime to determine if the said location works for you.
5 Repair obligations.
Is the condominium upstairs leaking into yours? Or has the washing machine broken? Easy, just call the landlord or managing agent in order to fix it. These are costs that you will not have to incur or even have to source a reliable engineer to fix the problem. One headache that most are happy to do without.
6 Fixed outgoings.
Provided you have a fixed rent for the term of your tenancy you know exactly how much your outgoings are. You will not encounter any unexpected costs that often comes with owning a property. This means you can plan how to spend your other money whether that is a holiday or a new pair of shoes.
If you are new to Bangkok it could be that you do not know anyone here. One of the best ways to start socialising is to live with other people who already know the city and have a circle of friends you can hopefully tap into. Plus, it is cheaper way of living too as you will be able to split the costs of any bills.
8 Less risk.
The property market can go up, but it can also go down. This is one reason why owning property is not for everyone. They would rather not take the risk that comes with investment. So if you are a renter and the market takes a tumble, you won’t be out of pocket.
If you are looking to rent in Bangkok or anywhere else in Thailand, take a look at our comprehensive listings found online here.
Source: Thailand Property