4 Reasons Why Renting Is For You
Many people grow up carrying with them the dream of buying a house and lot. But in reality, houses can be extravagantly expensive. While saving up for your “dream house”, you can, for the meantime, choose to live with your relatives, stay in a company housing complex — or better yet, start living independently by renting your own space.
Renting a space can be a convenient and practical residential solution. It can also serve as a path towards accomplishing your life goals, and as well as achieving the lifestyle you want to live. Renting may also be a challenge, but it’s still worth taking a risk.
Here are the reasons why:
1. You can have personal freedom.
Renting gives you the freedom to pursue the life you once only fantasized about.
Want to live independently? Renting lets you have your own space, so you can live by your own rules. Want to be able to make new friends? You can rent a shared space and experience communal living.
You can either indulge yourself with a swanky loft, or save money by favoring a practical and affordable living space. This is one of the best benefits of renting — it gives you a diverse array of options — and the final choice is yours!
Surely, renting a place frees you from the hassle of dealing with the worst, productivity-obstructing traffic. Many people rent spaces close to their offices or schools specifically to cut down on commute time. So next time, instead of experiencing the worst case scenario of taking four precious hours on the road, renting allows you to spend just a fraction of that. From traveling for two hours, who knows, you might commute to your destination for a good 15 minutes.
Most of all, time spent on the road is time you could have spent resting, because how can you expect yourself to work well without resting well? This “break” could come in the forms of cooking better meals for yourself, spending more time with friends, or getting to finish a movie (you have long postponed due to busyness) at the end of the day.
In conclusion, renting offers you the freedom to spend your limited hours in a day, the way you want to.
2. You can be flexible.
When making decisions whose effects will significantly impact our lives, experiencing great “changes” become inevitable.
For instance, you got the job offer you’ve eyed for the longest time, or you’ve decided to continue studying in a different school as a transferee. Maybe you’re getting married in the next couple of months, and you’re recognizing the need to provide a private, yet close-knit space for your future small, yet growing family.
Renting gives you the ultimate flexibility of not being tied down to any living space.
In comparison with a house, you are limited in terms of location — your house won’t be picking itself up, and moving around as you do. And while you can remodel a house along with your ever-evolving needs, this option might hurt your bank accounts.
Depending on your financial status and needs, it is more often than not, far more convenient to rent, so that as your needs change, so can your living space adapt.
3. You can live better.
Have you ever imagined being able to go swimming in a pool everyday? Why struggle looking for a venue for all twelve members of your start-up company / RPG group / K-Pop cover band to convene, when you can just ask your management permission to use the recreation room or events area!
Renting gives you a pass to amenities and perks that would usually be inaccessible and more expensive otherwise.
Instead of getting a gym membership, you can inquire if the apartment complex you’re renting at has its own sports facilities. Don’t bother having to go across town to shop for food, when your apartment is built on top of a grocery!
Remember, the best suitable space for you will also have the amenities that you need, for the lifestyle that’s unique to you.
4. You can save money.
Renting enables you to better pursue your financial goals.
How much do you need to save to make a down payment on that dream house (or that car, or that insurance premium, or that seed capital for a start-up)?
With your “tailored” goals in mind, you can choose to rent a shared room, or a bedspace in a dormitory to maximize the optimum amount of money you can save. If none of these apply to you, you may recognize your need to own a place for yourself — to better sleep at night, so you can recharge, then hustle again to meet your financial goals. In that case, you can rent a private room or your own place.
Either way, renting remains a far more affordable option than purchasing a property. With renting, you don’t have to put a huge portion of your own money up for maintenance. In a condo or an apartment, you may be able to ask for the help of the resident handyman. In a private or shared room, there may already be appliances like a fridge, or stove, so you don’t have to purchase your own. Utility costs may also be lower, depending on your arrangement with your landlord.
Renting also allows you to save on transportation costs. Compare living in an area that is only a jeepney ride away from where you work, with staying at a place where you have to take a tricycle, then MRT, and then a jeepney, and then another jeepney to arrive without getting late. Plus, taxi and private vehicle rides may not be the most ideal transportation mode for budget-conscious young professionals.
The money you save can instead be allocated into your emergency fund and retirement plans, or can be used to pay off debts.
With savings, you can also make your money work for you. You can put your excess funds in the stock market, take an investment-linked insurance policy, or focus on investing in yourself by buying an HMO, or availing premium subscriptions to your entertainment platforms.
When you have a clearer picture of what your goals look like, only then can you scale your rental options, and plan your processes to meet them.