Deciding between renting an apartment and buying a house? Of course, buying a home gives the stability of a mortgage. And renting a house or apartment allows for tremendous flexibility of location and residency duration. But there must be more, right? Is flexibility the only reason to rent?
Many pro-and-con lists are created for this type of decision. Realtor.Com has a convincing video for the pros of renting. For example, if you rent, you may have access to amenities that, as a homeowner, would not typically be in your reach. Similarly, renters often do not make home repairs. Rather, property managers and landlords take care of them. What renters lack in ownership they gain in freedom. If you don’t like your neighborhood, feel an itch to move, or want to explore the world, renting is a good option for flexible people. Leases aren’t mortgages. With renting, you aren’t locked in for 30 years.
The Khan Academy has published a video on the difference, mathematically, between renting and buying. They challenge the notion that “buying is always better than renting.” Many people have also challenged the claim. If you haven’t heard, renting is on the up-and-up. According to Appfolio.Com, “2 million new renter-occupied households were added in 2014, while the number of owner-occupied households decreased by more than 350,000.”
Renting has many appeals, from communal living to practically maintenance-free appliances. And renters don’t need to acquire realtors. Many apartment complexes have their own websites. If websites are the “For Rent” signs of the internet, you no longer need to drive milest Utilizing the tool ApartmentsForUs.Com proves the many advantages renters have over traditional home buyers because of the rise of digital marketing.
Amenities are an often overlooked but important aspect of renting a unit in an apartment complex. If you buy a house, not many conveniences are included. Gyms typically require a $30-$50 a month payment plan. You may have to drive to a far location to play tennis or basketball, or swim. And, almost certainly, your home will not come with a playground. Imagine all these expenses as monthly fees in addition to your mortgage. However, many apartment complexes include such amenities and more.
The last thing you want, after closing a house for hundreds of thousands of dollars, is to hear your water heater or roof leaks, and your foundation is shifting, etc. With renting, you have nothing to fear. Everyday maintenance issues are taken care of by property owners or landlords. Furthermore, you may wake up to an upgraded Wi-Fi network, new central air unit, or a renovated carpeted hallway.
The decision to rent or buy is one of the more important decisions you’ll have to make. The worst thing to do is listen to clichés. As we have seen, renting isn’t just for people who want flexible living arrangements. There are reasons to rent long-term. It is not accidental that rental properties are thriving.
Photo credit: frankieleon via Foter.com / CC BY