The age-old question when it comes to housing is: to rent or to own? Depending on where you live, the housing market can vary greatly. In some cities, it’s much more affordable to rent. In others, when the prices of homes are so low, it can make more sense to buy.
But if you think about it, purchasing a home is a huge commitment and undertaking. You have to plan to be in the home for at least five years in order to regain at least some of the money you’re paying on it. Also, depending on your community, it can be really expensive to own a home.
Here are some benefits of renting an apartment that you may have never considered:
Flexibility
The first benefit that you’ll experience when renting an apartment, is the flexibility. Your lease is likely only for 12 or 24 months, so if you decide over the course of the year that you want to live somewhere else, or you’ve found a better neighborhood, you can make the change when you come to the end of your lease. Owning a home or condo will give you less flexibility for making those kinds of changes.
Maintenance
Renting an apartment also means you’re not financially obligated to fix it, Investopedia says that while homeowners are personally on the hook if a roof is leaking, or windows need to be replaced, a landlord will take care of those expenses on behalf of you, his tenant.
Cost Savings
Renting also gives you more flexibility with your money. You won’t have to put down a hefty down payment to move into a rented apartment, although your landlord might ask for a security deposit. If you’re buying a home, you’ll need to pay a down payment, plus the cost associated with closing, real estate agents, and more. Homeowners are also on the hook for estate tax—renters can cross that hefty bill off of their monthly list.
If you’re thinking about renting vs. owning, view our property listings at Glendale Communities for available units. We are based in Buffalo, NY and we have great housing options throughout Western New York and Rochester.