The Benefits of Apartment Renting Over Home Purchase
Many wonder whether buying a house or renting an apartment makes more sense. The answer depends on the location and how long you’ll live there. Renting offers a lower upfront financial commitment and reduced responsibilities. It also provides more flexibility as your lifestyle and job situation change. Here are five reasons to rent an apartment over buying a house.
Renting an apartment is less expensive, which is a benefit. Most money experts recommend that your housing costs be no more than 25 percent of your income. It is much less than buying a home.
Additionally, renters don’t have to pay real estate property taxes, which can be a substantial amount of money. Renters also don’t have to worry about paying for maintenance and repairs, which is typically the landlord’s responsibility in an apartment. Many people choose apartments for rent because they want to be able to move on short notice. It could be because of a new job, a bad relationship, or even to escape a neighborhood they’re not happy. It’s important to know your tenant rights if this is the case for you.
It’s More Flexible
Many renters need more time or patience to take on the upkeep that comes with homeownership. It takes hours to maintain a home, from mowing the lawn to repairing plumbing. Renters can avoid the hassle of property maintenance and instead spend their free time doing what they enjoy. You can also easily vacate a rented apartment with a one-month notice, allowing you to change your living situation as your needs and wants evolve. It provides a great deal of flexibility that homeowners need.
It’s More Secure
The average American relocates 11 times for various reasons, such as changing employment or ending a toxic relationship. Renting lets you test out several communities before purchasing a property and determine whether you want to live there permanently. A landlord will run background checks on rental applicants, which can help you understand how reliable and trustworthy someone might be if you rent from them. Plus, your landlord can only raise the rent if giving you a notice before the lease expires, which is more predictable than paying a mortgage that fluctuates. If you have a stable job, renting is a better choice. However, it’s important to remember that renting provides a different sense of stability than owning a house does.
It’s More Amenities
Apartment complexes often include amenities such as fitness centers, pools and sports courts that aren’t available to homeowners. Spencer says these amenities can save residents money because they don’t have to pay to use these services out-of-pocket. Property taxes, which may be a significant financial burden for purchasers, are also not a concern for renters. Moreover, they don’t have to bother with maintenance issues like repairing the garbage disposal. Landlords generally handle these costs and duties.
In addition, apartments are typically located closer to entertainment centers and convenience stores than houses are. They’re also usually easy to walk to work or school. These perks can make an apartment feel more like home. In contrast, buying a house can feel like a lifetime commitment.
It’s More Convenient
From a practical standpoint, apartment living saves you from dealing with property maintenance issues such as lawn mowing, weeding or painting. All of these tasks are usually the responsibility of the landlord. In addition, many rental apartments offer free utilities such as water and heat, which could otherwise cost you a lot of money. It makes renting an even more appealing option.
Although buying a home has its upsides, it also comes with risks. For example, house prices can rise significantly, but they can also plummet – which could result in financial loss. Additionally, homeowners are tied to their homes and cannot chase new career opportunities in different locations unless they sell their homes. Renting an apartment offers more flexibility and convenience for people accustomed to regularly moving around.