Advantages and Disadvantages of Renting

Question 1

What is the 1st advantage of renting?

Answer 1

• a tenant pays a fixed amount over a specific period

Question 2

What is the 2nd advantage of renting?

Answer 2

• a tenant does not pay land and property tax

Question 3

What is the 3rd advantage of renting?

Answer 3

• a tenant is not responsible for the maintenance of the property

Question 4

What is the 4th advantage of renting?

Answer 4

• a tenant can run a business from the unit if he or she obtains permission from the property owner and the municipality

Question 5

What is the 5th advantage of renting?

Answer 5

• from the start, both parties know the conditions of the lease agreement

Question 6

What is the 6th advantage of renting?

Answer 6

• it is easy to move after giving due notice

Question 7

What is the 7th advantage of renting?

Answer 7

• a tenant can have fewer monthly expenses than a house owner, for example, tenants do not have to pay homeowners’ insurance

Question 8

What is the 8th advantage of renting?

Answer 8

• renting is more affordable for people who cannot afford to buy or build a house

Question 9

What is the 1st disadvantage of renting?

Answer 9

• after paying rent for years, the tenant still does not own the property

Question 10

What is the 2nd disadvantage of renting?

Answer 10

• the tenant’s assets do not increase
• in the long run, they help the property owner to become wealthy instead of accumulating wealth themselves

Question 11

What is the 3rd disadvantage of renting?

Answer 11

• if the tenant spends money on the property, the property owner can decide if he or she wants to pay back the money

Question 12

What is the 4th disadvantage of renting?

Answer 12

• it can be difficult to find a suitable property to rent

Question 13

What is the 5th disadvantage of renting?

Answer 13

• tenants do not take the same pride in maintaining a rented property as they would if the property belonged to them

Question 14

What is the 6th disadvantage of renting?

Answer 14

• the rent usually increases every year

Question 15

What is the 7th disadvantage of renting?

Answer 15

• the tenant cannot use the rented property as security for a loan

Question 16

What is the 8th disadvantage of renting?

Answer 16

• the tenant must comply with the conditions of the contract, for example, they must get written approval from the landlord before making changes to the rented unit