Today’s guest post is from Zumper, a one stop shop website for finding your next great apartment.
Have you weighed up all the factors involved in renting vs buying? These top 10 benefits of renting that may change your perspective.
Owning a home is still the American dream for many. But if house prices are out of your reach, don’t despair, renting has plenty of advantages over buying. Don’t believe us? Check out these top 10 benefits of renting that may change your mind.
You’ll have more money
If you like to have a decent amount of cash to play with each week, then paying rent benefits you in this regard because it’s generally cheaper than a mortgage. You also don’t have to worry about paying additional fees, like property taxes or house insurance, because those are the landlord’s responsibility.
Lower utility bills
Why rent a home or apartment? One of the major benefits of renting is that you’ll pay less in utility bills for a small rental home or apartment than it will cost to run a larger home. Sometimes landlords will even include utilities in the rent. But if you’re renting it’s best to set up utility accounts in your own name, this way you save money by cutting back on what you don’t use.
Pay less money upfront
A big advantage of renting vs buying is that you don’t need to save as much money to move in. You will need a certain lump sum for agency fees and a security deposit, but this is significantly less than saving 20% of a home’s value for a down payment. Other rent benefits include the fact that you’ll get your security deposit back when you move out if the property is left in good condition.
No worries about maintenance
Homeowners are constantly worried about roof leaks, appliances breaking down or other costly repairs. But renters don’t have these worries because it’s not their responsibility. They simply call up the landlord or property manager to get it fixed. Peace of mind about maintenance is a one of the main benefits of renting instead of buying.
You can enjoy further rent benefits when you lease an apartment with on-site amenities. Many apartment blocks offer residents free use of their amenities such as an inground pool, tennis courts, gym or sauna. You won’t get to enjoy such luxuries with owning a home unless they’re already included. To match this you’d have to install your own backyard pool or home gym in a spare bedroom or garage, neither of which is cheap to do.
Renting an apartment in a multi-unit dwelling is ultimately safer than owning a stand alone home. An apartment that’s on a higher floor is difficult for burglars to reach from the outside, and residents access only, plus the close proximity of neighbors, are deterrents for breaking into a building. Always check that an apartment has a good level of security before you move in.
Flexibility to move out
Renting gives you the flexibility to move to a more affordable apartment if your circumstances change. It’s not as easy to downsize if you own an expensive home, as there are fees involved with buying and selling. With renting all you have to worry about is giving the property a good clean to get your security deposit back.
If you’re weighing up renting vs buying, but aren’t sure if you’ll stay at your current job or can’t decide on a location you like, then renting is a great short-term option. It gives you a chance to try out different neighborhoods and offers flexibility if you want to relocate for a better job opportunity.
It’s less of a commitment
When you buy a home you need to be mentally prepared to commit to a mortgage that you’ll be paying off for a good chunk of your life. When renting you don’t have this responsibility hanging over your head, you have more freedom to save your money for things like travel, rather than a rainy day fund for emergency repairs.
Renters usually have a wider range of lifestyle options available to them because it means they can afford to live closer to the center of a city. With restaurants, cafes, bars and shops within walking distance, you’re likely to be more social than if you were living in your own home in the suburbs. One of the top rent benefits you can also enjoy is being close to public transport links so you can save money on car maintenance, gas and car parking.
Are you convinced of the benefits of renting? Before yohttps://drive.google.com/drive/u/1/my-drive?ogsrc=32u make any hasty decisions to move into your own home it pays to weigh up all the factors involved in renting vs buying. It may just turn out that renting an apartment is the best option for you.
Author’s Bio: Angela Pearse is a blogger for Zumper who frequently combines travel with freelance writing. She’s passionate about Art Deco hotels, historical novels, Netflix, hiking and healthy living.