There are many people living in rental properties around the world and this comes with its merits. Owning a property requires huge commitments in terms of the price which is why renting is very affordable. In addition, it might not be the best decision to buy a property when you are unsure where you will finally settle because you might have to move sooner than you hoped. The most obvious merit of renting is the fact that you do not need a high bank account in order to do that. With as low as $2000 you will be able to move into the average homes. This cannot even be accepted as a deposit in many places and you may have to find two times the amount in order to buy one single-family home. If you have a minimal bank balance it will be much better if you go for renting first and people with different accommodation options will find Akoya Damac Hills very conducive. Renting also offers you financial flexibility in that in case you get into financial trouble you will be able to easily get of the lease agreement to an affordable unit. When you are paying a mortgage you will not have that option and your house can become a foreclosure.
You will know exactly the kind of expenses to expect when you are renting which means you will have financial stability. Unexpected expenses can require up to thousands of dollars to take care of and it can be quite a disadvantage if you had not covered them in your emergency funds. If you are a tenant and the landlord is taking longer to fix the problem, you just have to move out to avoid the problem. When you are living in a rental property you will also have flexibility in matters to do with your career. It is not all your career-defining moments that will happen in your city. When all your money is going towards paying mortgage then it will be a difficult situation.
When buying a home you will taking up such risks like a change in home value which can be a blow when the change is significant. You won’t have to face such issues when you are a tenant and picking property in rent-controlled neighborhoods means you will not have to live in fear of the prices being revised any time. Also, the maintenance costs of the property are fully the problem of the landlord.