5 Benefits Of Renting An Apartment Instead Of Buying
Your lease is up soon and you are leaning toward finding a new apartment to rent. Perhaps certain family members or friends have been pressuring you to buy a home instead, telling you that you are "throwing away money" by renting. When deciding what to do, it's important to consider the benefits of renting instead of buying. Here are five of them:
Not Responsible for Maintenance or Repairs
When you own your home, anytime the roof leaks, the plumbing starts acting up, or an appliance stops working, you are the one responsible for taking care of it. Home repairs and maintenance are not only time consuming, but they can be quite costly and strike at the worst possible time. When you rent an apartment and something goes wrong, you can simply call your landlord or apartment manager, and they will fix it for you.
No Huge Down Payment
Even if you find a home with a monthly mortgage that is comparable to what you pay in rent, buying a home typically involves also paying a hefty down payment. When you move into a new apartment, you will probably pay a deposit and possibly first and last month's rent, but this is normally a much smaller amount of money than what you'd be expected to come up with for a home's down payment.
Buying and selling a home takes time, preparation, and fees. For these reasons, most homeowners don't buy a home unless they are planning to stay put for at least a few years. If you aren't sure you plan to stay in your current city long-term and don't want to feel tied down, an apartment is probably a better option.
Access to Great Amenities
When you find a nice apartment in your price range, a common perk is for the apartment complex to come with great amenities. These can include a gym, a swimming pool, a rooftop patio, and barbecue grills. Some apartment communities even come with their own movie theaters and dog parks. Someday when you buy a home, you may find you really miss these perks.
Lower Insurance and Taxes
In addition to a down payment, mortgages involve additional expenses including annual property taxes and homeowner's insurance. In comparison, renter's insurance is usually quite affordable and will protect all of your belongings if there is a break-in or other emergency.
Only you know if you are ready to buy a home, so don't let anyone pressure you in that direction if you feel more comfortable renting. By renting an apartment, you will continue to experience these benefits for yourself. For more information, contact a professional in your area or visit a website like http://www.rentseeker.ca.