They say that owning a home is a large part of fulfilling the American Dream. While that may still be true for many individuals, the reality is that making a purchase that large and acommitment to one property doesn’t make sense for everyone. If you are feeling indecisive about this matter, let’s go over a few of the perks of renting an apartment versus owning.
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Lower Cost
The truth is that most people choose to rent a space rather buy a property because of financial reasons. Purchasing a home typically requires a down payment, and that amount is usually at least a few thousand dollars. Plus, monthly mortgage payments tend to be higher than a monthly rental rate. If you don’t have a large amount of money saved up, it can be nearly impossible to even think about making a down payment on a house. Renting can be a little easier on your bank account, giving you the ability to build up your savings account for later on down the road.
No Worrying About Maintenance
If fixing things and conducting regular maintenance is not high on your list of priorities, renting can be a real blessing. When you own a house and something breaks, fixing or replacing it is all on you. But when you are renting, all of the maintenance responsibilities will typically fall on the landlord. If the dishwasher stops working or there is a leak in the ceiling, all you have to do is let the landlord know about the issue. The landlord is then usually responsible for finding a solution and covering all of the costs.
Less Commitment
If you are unsure of how long you will be living in one place, then renting is definitely the way to go. Buying and selling a property is too much of a hassle if there is a possibility that you will be moving within a short time frame. Renting gives you the flexibility to try out new neighborhoods and find out exactly where you would like to live. Whether you are moving to a new area or uncertain of your job security, renting comes with a limited commitment that allows you to flow with life changes more easily.
