This refers to occupying a home for a given time and paying a fee for your stay. Payment of rent under this contract involves having no variation of the period. the agreement under home renting contract is very specific about the amount payable and if any amount is payable in case of damage of resources and properties. Currently people prefer to rent a home than build one as renting tends to be cheaper than constructing. Home renting procedure has proved beneficial for individuals who are always away from home such as travelers and those working away from home. This trend has mainly been put into practice by mainly scholars and industrial employees who are unable to build a home due to costs involved. home owning has additional costs compared to house renting as insurance and real estate costs are evaded.
House renting has proved to be advantageous in various ways in that they post more benefits than drawbacks. The first benefit associated with home renting is that of evading the cost of repair and maintenance. As we all know, properties are all subjected to damage and regular maintenance which interns inquires a cost. 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. Expensive luxuries are available in case of home renting and which would tend difficult to install in case of home owning as they are very expensive. a good given of these luxuries include swimming pools,saunas and fitness centers. Such amenities are very expensive to install to a house owner but are offered for free in the case of house renting.
The next advantage of house renting revolves under cost as it is interns of real estate tax. Real estate tax are heavy by the government charges posed to house owners by the government. Real estate tax is must to all individuals owning property in a certain locality and it is levied by the government. 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 recorded advantage of home renting involves evading costs related to depreciation of properties in the home. Properties such as buildings, vehicles and equipment are all subject of depreciation i.e. loss of value with time. 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.