To rent or not to rent? The answers can be quite straightforward in certain cases but uncertain in others. If you are thinking of staying in one place but not planning on settling down in that place for the long term, renting is a clear choice. Renting offers the advantages of mobility, lower initial costs and lesser responsibilities.
You can move anytime when a new job forces you to relocate. As a renter, you also have fewer responsibilities as you do not worry about maintenance or repairs. If you desperately need a place to live but have limited funds to buy a property, renting makes sense. Later, when you have sufficient funds to own a property, you can switch to becoming a homeowner instead of a renter. There are several factors you need to consider before deciding on a place to rent.
- Is it situated in your preferred location?
- Is there a good public transportation system in placed?
- Are there any shops, schools, clinics, etc., nearby?
- What about security – is the place safe with no records of bad incidents within the neighborhood?
- Who are your neighbors – small or big families or young working adults?
- How much is the rent? Is it within your budget?
- How long is the lease?
- Can you sublet the extra room?
- How much deposit do you need to pay?
Condition of the place
- Check the building exterior – is it well maintained?
- Are there parking facilities and recreation areas provided?
- What about the interior – is it clean and habitable?
- What are the furnishings included in your rental? Do you need to bring in or buy new things to furnish the place?
Well, different people will have different priorities when it comes to choosing a suitable place to rent. If your main concern is the rental costs, you’ll be motivated to look for the cheapest rental you can afford. If what you want is a place near your workplace, you’ll be looking for a place that will save you on transportation costs and presents minimal commuting hassles.
Jacquelyn is the co-author of the books “Teaching Your Kids About Money” and “Top 93 Personal Finance FAQs in Malaysia” with KC Lau. Jacquelyn is the pseudonym used by Amy Sipagal.