8 Financial Reasons Renting Is Better Than Buying
Nowadays, renting an apartment is becoming the more practical choice. Because of its tremendous financial benefits, more and more people now choose to rent than buy a house of their own.
Below are some of the best reasons why apartment renting is financially beneficial as opposed to home ownership.
No maintenance costs
When you rent an apartment, the apartment manager or landlord is responsible for all the maintenance and repair costs. If your roof starts to leak and some appliance stops working, you don’t have to shell out any amount of money for its repair. Just report it to the landlord and they will take care of it.
Some apartment complexes or communities have their own swimming pool and fitness center as exclusive amenities. They are offered for free for renters or tenants of the apartment community. You can’t get this kind of amenities without shelling out good amount of money if you are into homeownership.
Zero real estate taxes
Because you don’t own the property, you don’t have to worry about real estate taxes that can go really high for some cities. You don’t have to worry about filing your taxes and calculating the amount you need to pay.
No huge down payment
When you purchase a house with a mortgage, you are required to pay a huge amount of down payment. In renting a home or apartment, you only need to pay a fraction of it! Not to mention that most apartment managers and landlords offers discounts and freebies upon moving-in.
Decreasing value of the property
Value of the property fluctuates a lot. Depending on the city or community, it might go really high or way below the standards. The value of the property also has a direct effect on the real estate taxes that homeowners have to pay. If you are renting an apartment, you don’t have to worry about these changes.
By renting an apartment, you have the flexibility to downsize anytime you wanted. You can opt to move into a much smaller space that comes with a more affordable rent. In home ownership, you can’t do this that easy.
Fixed monthly fee
With apartment renting, you know how much you have to spend on a monthly basis. You can easily calculate your budget since you know the amount of rent you are required to pay.
Lower utility costs
The utility costs on small rental homes or apartments are more affordable and manageable. Since apartment rental units have more compact floor plan, renters can expect lower utility fees.
These are just few of the many financial advantages or benefits that apartment renting has to offer. With this info mind, you can now decide whether apartment renting is suitable for you or not.
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