Why Renting is a Better Option Nowadays

In line with investing in properties, I’ve always known that renting will be a better option for individuals, or even families, in bigger cities because of the employment opportunities and amenities that it offers. Having a house in a remote area is manageable, but with the hectic city lifestyle, having the management of a condominium unit handle all the necessary things for the tenants is an advantage among other things.

1.    Makes it Easier to Move Around

If you think you will only be staying for around 3-5 years in your job, then renting will make it easier for you, or your family if you’re a family man, to move around different cities. In my experience, some small families who had rented homes on my end usually have a job of 3-5 years until they finally move out of the properties. Some who stayed had stable jobs in this area.

2.    Maintenance Costs

Taking care of the electricity, gas and water bills is better rather than maintaining the property by yourself. Some of my tenants tell me that it would take 1% of their total property value should they buy a house to make repairs and improvements in their home. With landlord (like me) handling all the expenses, it makes it easier for them to make a precise budget, despite the rental fees.

3.    Property Values Rise and Fall

Let’s admit it; the current market’s policies are skyrocketing prices everywhere. My property had been appraised several times because of the increase, but who can say its value will still be the same in the next few years? What if you purchased a house now, and then decided to move away later during a time the property prices are low? You wouldn’t even get half the investment you made should you sell it just a few months after you owned the property.

How My Landlord Took Me to Court (Or What I Learned About Financial Disputes)

There are times that we’ll learn things the hard way, or life’s way, in general and this story is a summary of my learnings with my recent dispute with my landlord. You see, I knew I paid for my rent this last February yet my landlord continued to insist I haven’t paid anything yet. The trouble was, we never issued receipts to each other simply because it was an informal arrangement. But it was actually brewing more trouble than I first thought.

With the receipt gone, we continued to dispute if I had paid for this month’s rent. Eventually, my landlord grew tired of disputing with me on a daily basis and finally, I received a letter that sent me to meet him and his legal representative. The legal representative cleared to both of us that it was a sticky situation simply because he never issued a receipt and I never asked for a receipt. Without proper documents, we had trouble. However, the landlord was pushy and, even against the advice of his legal rep, called to have me on court.

The court investigated the entire scenario and the tricky situation described by my landlord’s legal representative was actually sticky because the landlord was discovered not to have paid his stamp duty and his rental property taxes. He was overdue by 12 months. Eventually, I was held not responsible for the entire case and my landlord faced a great fine and interest rate to pay for the taxes.

As I moved out this March and landed here in Birmingham a month ago, I realized that I always have to ask for receipts. My former landlord was a very friendly man and we became chummy with each other to the point that receipts and forms were never needed. But sometimes, you just need something concrete for times when you need legal support.