There are many reasons for and against renting a property. The advantages of renting, say, in the Balwin rental lifestyle estate, Greenpark, are obvious; the healthy, indoor/outdoor living, the top-quality apartment, the onsite Lifestyle Centre, the beautiful surrounds plus so much more.
The obvious disadvantage of renting is losing out on the security and potential earnings of a long-term investment you can call your own.
But let’s look on the bright side. The advantages of renting are many:
- Renting means you’re flexible. This is especially good if you’re suddenly faced with change, such as a new job in another city. So it’s the right option if you don’t intend on staying for a long time.
- Renting allows you to live in an area or estate like Greenpark which you could not afford to buy. Purchasing a home is a great responsibility, with many different, sometimes hidden, costs.
- When renting the only insurance you need is coverage of your home’s contents. All maintenance work is for the owner’s account, as is homeowners’ insurance.
- Chances are that, after paying your rent, you’ll have additional money you can invest elsewhere, for example in the stock market or saving to purchase a home in the future. In this way, you overcome the clear downside to renting, which is that, in itself, it offers no wealth creation or return on investment.