This simply refers to hiring or letting a house between a client and a home owner. 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. Currently people prefer to rent a home than build one as renting tends to be cheaper than constructing. This trend is very suitable for individuals who are always traveling and those working away from their place of residence. Individuals who can afford the cost of owning a home have utilized this available program to the level best due to additional costs associated with home owning. example of such home owning cost include insurance and real estate taxes.
House renting has proved to be advantageous in various ways in that they post more benefits than drawbacks. The first advantage recorded and confirmed by those practicing home renting is that one does not inquiry maintenance costs and repair bills. Property are subjected to damage and this cannot be avoided under any circumstances. In the home renting agreement, it is agreed that the cost of maintaining the home and other repairing cost is to be catered by the owner and this makes the method cost efficient. 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. Such amenities are very expensive to install to a house owner but are offered for free in the case of house renting.
Home renting program is very cost effective as one does not inquire real estate tax. Real estate tax are heavy taxes charged by the state to house owners who occupy a certain region in the country. The payment of real estate tax is compulsory and evading it is taken as a crime punishable in a court of law. hose renting proves another advantage compared to house owning as those under home renting do not inquire real estate tax which is a must as per laws of the country and failure to do so amounts to prosecution. Another advantage of home renting involves evidence of the principle of depreciation. Most properties are subjected to depreciation which refers to loss in value as time goes by. home renters are saved from the burden of depreciation. Home renting proves to be more advantageous and should be adapted as it is cost effective.