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. This agreement is governed by terms and conditions which govern the amount payable, date of paying rent and compensation in case properties in the home are destroyed. It has become a trend for individuals to adapt to this method of home renting as it is cost effective and efficient. individuals working away from home or those always traveling have record maximum utilization of this program. 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.
the program of home renting has posed more benefits than home owning. To start with, hose practice is cost efficient as one does not inquire the cost of repair and maintenance. As we all know, properties are all subjected to damage and regular maintenance which interns inquires a cost. During the initiation of home renting contract, it I agreed that maintenance and repairs are to be catted for by home owner and by this, cost is reduced. Another advantage when using the home renting procedure is access to amenities that would be very expensive in the case of buying a home. Saunas, swimming pools and fitness centers are good given example of facilities offered in home renting. the facilities mentioned above are very expensive when it comes to home owning but easily accessible to those under home renting program.
The next advantage of home renting is concerned with how inexpensive the method is in terms of 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 renting provides an advantage as the burden of depreciation is transferred to the land lord. Home renting proves to be more advantageous and should be adapted as it is cost effective.