This refers to occupying a home for a given time and paying a fee for your stay. This agreement involves the payment of a particular amount of rent at a given date. under home renting, the amount payable as rent is very clear and constant as per the start of the contract and in ambiguities are involved. It has become a trend for individuals to adapt to this method of home renting as it is cost effective and efficient. This trend is very suitable for individuals who are always traveling and those working away from their place of residence. Among those in the population who have utilized this procedure include students and industrial workers who cannot afford the high cost of owning a home. example of such home owning cost include insurance and real estate taxes.
the program of home renting has posed more benefits than home owning. The first benefit associated with home renting is that of evading the cost of repair and maintenance. In the utilization of properties, the aspect of damage is recorded and is recorded and cannot be evaded. During the initiation of home renting contract, it I agreed that maintenance and repairs are to be catted for by home owner and by this, cost is reduced. Another advantage recorded in home renting involves the availability of expensive luxuries which are very expensive to install in case of home owning. Saunas, swimming pools and fitness centers are good given example of facilities offered in home renting. The given examples are very expensive to install in case of house owning and are offered for free when it comes to home renting.
Home renting program is very cost effective as one does not inquire real estate tax. Real estate tax are heavy by the government charges posed to house owners by the government. This heavy charges are compulsory and evading them is recorded as a crime. the advantage builds in to the home renders as they do not pay this tax compared to home owners, as per the home renting contract, this tax is supposed to paid by the land lord and failure to do so leads to heavy penalties to the land lord and not the individual renting the house. In home renting, one is saved from the burden of cost lost through depreciation. Properties such as buildings, vehicles and equipment are all subject of depreciation i.e. loss of value with time. Home renters are saved from this burden which reduces the value of properties as time goes by. Home renting proves to be more advantageous and should be adapted as it is cost effective.