Blog Post Top 10 Reasons Why Renting an Apartment Is Better than Buying a Home

Top 10 Reasons Why Renting an Apartment Is Better than Buying a Home
Sep

24

2016

Top 10 Reasons Why Renting an Apartment Is Better than Buying a Home

  It is always said that renting an apartment instead of owning it is a waste of money, but this is not actually true in many cases. In fact, depending on the situation, an apartment in the right building can be a very good move, not only for economic reasons, but for comfort.
Below are ten reasons why renting an apartment is better than buying a home and highly advised to be considered:
  1. Cheap Transportation
Apartments available for rent are most of the times situated near areas where public transit is easily accessible. This will help you reduce your carbon footprint and to save on gas.
  1. Minimal Risk
Failing to pay your rent because of loss of employment or financial problems is definitely something serious. However, the risk of eviction from your rented apartment pales in comparison to not paying your mortgage where the consequences can be catastrophic. There could be a foreclosure where you lose your home and all the capital invested in it. There are social service programs and other packages that help or support those who incur rental arrears, but this is not the same for house owners who default on their mortgage – as we all know, banks are not lenient.
  1. Prevention of Loss
People always say that owning a house is a good investment. But there is no guarantee that real estate properties will keep growing in value. In fact, in some cases, there has been depreciation in the value of real estate with destructive consequences. With a rented apartment, you would not have to fear any lose.
  1. Ability To Plan Your Budget
If you own a house or condo you would have to deal with various fees and bills without having control over changing interest rates or growing condo fees. Though, in renting, you do not have power over any increase in annual rent, but at least, you can budget for them because they are controlled.
  1. Cost
When you rent an apartment, you would not have to bother about maintenance costs, mortgage insurance, property tax, and you would not have to be afraid if the housing market collapses. There is no inspection, legal or construction costs. In addition, borrowing costs are avoided.
  1. Traveling Freedom
If you are the type of person who travels a lot for work or takes long vacations, it is better to rent an apartment because you would not have to bother about engaging people to mow your lawn in your absence. Therefore, renting an apartment gives you freedom to move.
  1. Good Amenities
Many of the luxurious suites include amenities such as a pool or gym membership.
  1. Flexibility
With renting, it is very easy for you to leave anytime you want after the expiration of the contract (monthly or annually). There is no need to sell your House while examining the housing market and interest rates with apprehension. If you don’t plan to stay somewhere for more than three years, renting a House, an apartment or a condo is financially beneficial than to buy a house.
  1. Urban Life
If you want to avoid the suburbs and enjoy the city, it better to rent an apartment.
  1. The Simple Life
An apartment bill covers repairs and maintenance. You don’t have to stress yourself working around the house, or missing your weekends because you have to weed the garden or doing any other thing around the house. On the other hand, residential buildings haves staff who are there to maintain the building at all times.
Finally, to rent or to buy a home depends on the circumstances. Nevertheless, as listed above, it is clear that there are a lot of situations where renting an apartment is more beneficial to buying a house.
Feel free to call TakeOverLease at 1-800-895-2550 anytime in the day for more information, or contact us through the message box.  

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