If you’re looking for a property for rent in Bangkok, you have probably weighed your options between buying and renting. Both options have their share of advantages and disadvantages, but a rental may be more beneficial for you if you’d rather not be tied to one property for a long time or an entire lifetime. Plus, there are many aspects of renting that work in a tenant’s favour but not so much for property owners.
Maintenance or Repair Costs
Not having to worry about maintenance or repairs throughout the duration of your tenancy is one of the major advantages of renting.
- Any costs for maintenance, improvement, or repair work are your landlord’s responsibility. You only need to report a problem, and the landlord assumes full responsibility.
- Make sure to read your rental contract carefully to check that related costs are not shifted to you, as some landlords tend to do.
- Rent a property that is managed professionally by a property manager or property management team. Having a professional firm handle such concerns often means a prompt response to your requests.
Real Estate Taxes
Tax responsibility is a burden that many homeowners must face, but tenants can escape from.
- Renters don’t need to pay for property taxes, which can be hefty depending on various factors, including the estimated value of the house and land the property is built on.
- As property values increase, so will the real estate taxes imposed, something you won’t have to think about as a tenant.
Homeownership Costs
Apart from property taxes, there are other expenses that homeowners have to shoulder, making renting a more affordable option.
- Tenants don’t have to pay for insurance, closing costs, and other fees that go into buying and closing a home, such as land transfer tax and home inspection fees.
- No need to pay for legal and administrative costs that can go as high as 10% of a property’s purchase price.
Upfront Cost
- Renters don’t need to pay for a down payment, which is usually around 20% of the property value.
- In Thailand, tenants have to pay a total of four months’ rent before occupancy, one month of which is the advanced rental and the remaining three for the security deposit.
- A month after a contract expires, deposits are refunded without interest. Any unpaid bills will be deducted from the security deposit.
- The deposit can’t be used to pay the rent for your last month’s stay, and it will be forfeited if you terminate the contract early.
Flexibility
One of the most appealing aspects of renting is the ability to live practically anywhere you want. As you probably know, location matters, whether you’re looking for a property to invest in or to rent, and having the capacity to choose where to stay can be liberating.
- Renters are only restricted by the rental amount they can afford. They can live in an expensive city or in the heart of the metropolis for as long as they can afford it.
- You can rent any property you want based on several factors, such as needs and lifestyle. You can upsize or downsize on demand.
- It’s easier to break a lease than to sell a property. You may need to renovate your home before you can even list it on the market.
Home ownership and renting are two different situations that suit different types of individuals. If you lean towards flexibility and affordability, being a tenant would work best for you. If you want to rent a property in Bangkok, Kasemkij is a provider of residential and commercial rental properties you can rely on.
