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As the world faces the economical crunch, more and more people are opting for staying in hired accommodations as they do not have enough money to purchase assets. Keeping in tune with the changing preferences of customers, assets investors are seeing greater profits in giving out homes for rent rather than for purchase. The system of hired accommodations is proving to be increasingly beneficial for both the investor and the client.
Viewing from the perspective of the investor, doing business with hired accommodations is proving to be highly advantageous in comparison to selling an asset. The reason is that when a property is sold the seller sells the accommodation at the current market value. On the other hand, if he lets out the asset on rent, he can recover his cost price in some months and keep getting revenue on it after that. Even after a few years if he decides to sell the asset he can always sell it at the market value that prevails at that point of time. Hence after recovering the cost price, the investors who let out homes for rent can make a huge profit on the assets that they give on hire.
Now, by viewing the system of hired accommodations from the perspective of the customer, in the present times hiring accommodations is advisable to purchasing them. The first reason is that the costs of assets are soaring and it is rather difficult for the common man to make huge investments on the assets. Even though banks and financial institutions arrange for financial aid, their interest rates are very high. Hence it is better for the common man to opt for homes for rent and keep some liquid cash with him to spend on other vital resources. He can save up money and buy the asset later when he has established himself well financially.
Nowadays, in some countries there are some very good schemes that allow people to hire accommodations first and buy them later. In this scheme a person can occupy an accommodation on hire and then purchase it. There is no obligation for the person occupying the accommodation to buy it. This scheme is beneficial to the people hiring the accommodation. A large amount of their money does not get locked up in the purchased asset. On opting for homes for rent a person gets to know the plus points and the minus points of the accommodation. Hence, he is in a better position to take a decision regarding the purchase of the property. In this way he does not risk buying an accommodation that can give him problems later on.
Another advantage of living in hired accommodations is that the occupant of the accommodation can move out of it whenever he wishes to without a lot of hassles. Many people buy an accommodation only to realize that they do not like it for some reason. But they stay on grudgingly in that accommodation because they have already invested a huge amount of money on these homes for rent and they do not have enough money to buy a new accommodation of their liking.
Hiring assets rather than buying them is advantageous in that the monetary value of assets keeps changing and there might be depreciation in the monetary value of an asset in which case hiring it is preferable to purchasing it.
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Disclamer: This entry is intended to promote our partner StorageMart and some or all participants received compensation.
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