Renting a home in Kota Kinabalu could be an ideal option for people who want fewer responsibilities and extra flexibility.
While you need to have some serious savings to purchase a home in Kota Kinabalu, renting can help you to maintain your your lifestyle as well as provide flexibility to live closer to the CBD and your work.
For those who focus on expensive housing markets, renting a house will be the simplest way for them to get the property they want without spending years of saving a down payment. While renting, you won't be tied down with any property taxes, extensive property repairs cost and property insurance.
In this article, we will discuss the Top 6 advantages of renting a property over purchasing one.
1. You don't need to come up with hefty sums of money for repair bills and property maintenance costs.
One of the major benefits of renting a property versus purchasing one is that you do not have to pay for any maintenance cost or repair bills. When renting, these sort of costs are usually borne by the landlord unless specified otherwise in the tenancy agreement. If your roof starts to leak or an appliance stops working due to no fault of yours, you can call the landlord and they are obligated to fix it for you without additional costs.
2. Renting is relatively less expensive than purchasing a house
The price of properties in Kota Kinabalu has been rising over the years, depending on the location and the space you are choosing. No matter how big or small a home you want to purchase, it will cost you a lot of money in the form of down-payment, the bank interest and other incidental cost like the sales & purchase agreement, legal costs and stamp duty. Whereas for renting, these costs are substantially lesser.
3. Access to amenities
Another financial advantage of renting a property like a condominium or a landed house in a gated community is that you'll have access to amenities like the swimming pool, fitness center for free. No need to pay extra for gym membership, whereas If you purchase a home, these amenities will be an enormous expense on top of the monthly loan repayments to the bank.
4. Renters do not have to pay for real estate taxes.
The best benefit of renting a property over purchasing one is that there are no property taxes to adhere to. Property taxes like quit rent and land tax can bring a hefty expense burden for homeowners, these are the hidden costs that not many first time home buyers know about and can seriously make a dink into their coffers.
5. Choosing to live where you want, when you want and for how long you want.
Want to live in the city center but the housing cost is way too high? No worries, you can rent a place instead. For a city like Kota Kinabalu, the cost of a rental is relatively lower than the repayment required for purchasing a house. Many of the condominium properties are yielding negative returns due to more supply then demand during a pandemic crisis like the one we are in now, where international and state borders are closed. Which mean for a renter - they have the pick of the crop.
6. You don't have to worry about down payment.
Unlike purchasing a property, where you need a deposit a down payment to purchase a house, renting a house won't require any down payment to continue. You just need to pay a security deposit that is equal to two months rental and half month for utilities, or you can choose to rent with us and provide no deposit.
To find out more about how you can rent without deposit, click here
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