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Renting an Apartment Has Its Benefits
Are you deciding between buying a home or renting an apartment? There’s a lot to be said for being able to put equity into your own home. But there are many advantages to signing a lease instead of a mortgage. Here are some of the benefits of renting an apartment.
Renting gives you flexibility
A key benefit of renting is flexibility. This flexibility helps if you’re in a career that might require you to change locations, as is often true for people just starting out. Even if you have to move before your lease is up, you’ll probably lose less money than you would trying to quickly sell a house.
Renting does not bring many unexpected costs
New homeowners may be prepared to pay a mortgage, but they frequently get blindsided by such additional costs as homeowner’s insurance, flood insurance, private mortgage insurance (PMI), property taxes and home repairs. When you’re renting, your monthly costs should be limited to rent, utilities, and renter’s insurance.
You can rent a more modern space.
First-time homebuyers frequently have to look at older houses which may need updating or lack more modern fixtures. If you prefer a more clean-looking, modern space with all updated appliances, you’re probably better off renting than trying to furnish a house or paying for a house where the kitchen and bathrooms have already been renovated.
You don’t have to fix it yourself when you rent
Broken dishwasher? Air conditioning system in need of a new filter? One benefit to renting is that calling your landlord to get these things taken care of can be much more convenient — and inexpensive — than fixing it yourself. Homeowners are frequently advised to expect to spend 1% to 2% of the purchase price of their house in annual maintenance. As an apartment renter, you don’t have to assume maintenance costs — and if you do end up having to pay for the handyman, you should be able to deduct it from your next rent payment.
You can take advantage of apartment amenities
Many apartment communities include such amenities as a fitness center, which can save you gym membership fees; a swimming pool; covered parking to protect your car; and a club room to host parties. For many renters the amenities of an apartment community add convenience.
You’re not at the mercy of the market
You may sign a lease and discover soon after that your apartment is overpriced for the surrounding area. But that’s small potatoes compared to being “underwater” on your mortgage because your home has dropped so dramatically in value, as has happened to millions of American homeowners in recent years.
You don’t have to sell when you leave
As many homeowners will tell you, getting a house in shape to sell can be difficult and painful. When you’re finished renting, you just have to make sure the place is clean and the keys are turned in, and your obligations are finished.
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Why are you moving?
- For financial reasons (37%, 15 Votes)
- To start a new job (29%, 12 Votes)
- For a change of scene (27%, 11 Votes)
- To join or follow a loved one (5%, 2 Votes)
- To live closer to family (2%, 1 Votes)
Total Voters: 41
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