If you are debating renting a home vs buying one, there are many things to consider. Here are some of the most significant benefits of renting your apartment or house instead of buying one.
When you purchase a home, you inevitably become responsible for all its quirks, issues, and malfunctions. If a tire bursts in your bathroom, it’s up to you to make an appointment with the plumber. If your refrigerator breaks down, the replacement appliance comes from your wallet.
These repairs don’t hinder your bank account. If you’re strapped for cash or have an extremely busy schedule, adding more responsibilities from a newly purchased home could multiply your stress.
If you’re still working on your career, honing your skills, taking classes, or looking to travel, owning a stagnant piece of property may be the opposite of what you want.
Many leases in the United States only last for a year, allowing people to move to a new apartment, neighborhood, or city if needed. For incredibly nomadic people, there are apartment buildings with month-to-month leases, letting individuals pick up their items and move on short notice. If you’re a transient person, renting is an easy way to maintain that lifestyle.
Some apartment buildings have incredible amenities for their renters. Especially in major cities, larger complexes can have access to fitness centers, recreational areas, indoor pools, and extensive storage for all to use.
Buying a gym membership or installing luxury amenities can cost a pretty penny when you own a home. But for renters, these affluent benefits are attainable at a far lower price point. If you want to continue a life of comfort and luxury, renting an apartment is an intelligent move.
The government expects you to pay property taxes when you own a home or condo. These taxes are priced by a few factors, including property value in the area, the value of the land itself, and any needed water, road, and sewer upkeep.
For renters, there’s no added tax for the property you live on. The only person or people who need to pay extra taxes are the physical owners of the building, which leaves renters with less burdensome payments.
For renters, the utility costs are usually expected throughout each month. You typically know how much you’ll pay in the winter and summer without severe spikes; for those who own property, especially full houses, heating multiple floors gets tremendously expensive.
Electric bills are higher for those who own larger property, which may be more difficult to complete on top of a lofty mortgage. Renters have the luxury of remaining unconcerned with growing heating and electric costs, which allows them to live less encumbered lives financially.
Down payments are often the trickiest part of securing a home. These upfront payments are typically 20% of a property’s value, which significantly adds up when a home is worth six figures or more.
For many people today, accruing the finances to take care of a down payment is difficult. Though this upfront payment helps to have and increase equity in your property, some people may have a less stressful experience paying monthly rent instead.
Owning a home may provide more burdens to unsuspecting individuals. If you are discontent with staying in one place or don’t have the means to pay increasing taxes and utility bills, renting a living space is the most beneficial and sustainable option.