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Even though ownership of a house is an “All American Dream,” the advantages of renting an apartment, far exceeds that dream. When it concerns making the decision weather to rent an apartment or buying a house, it may seem like a game of tug-of-war. That kind of big life decision can leave potential renters and buyers with many unanswered questions and uncertainty.
This paper will provide some insight into those questions, which includes financial gain and stability.
Once all the information is taken into consideration, the outcome will show that renting an apartment has numerous benefits and advantages. Renting an apartment has given many individuals the freedom and the advantage to live in a relaxed atmosphere with a variety of amenities and community features, along with a maintenance-free living environment. Some of the amenities that are at a high demand are; in-wall washer and dryer and air conditioning, which are the most desirable community features.
Another huge benefit of renting an apartment is the ability to have maintenance on demand.
For instance; say a renters bathroom sink breaks down, all the renter has to do is contact the landlord, and they will have a plumber come out and fix the sink, which the landlord will pay for. A homeowner does not have that luxury. If something breaks down in the house, homeowners’ are financially responsible for those repairs.
More than likely the homeowner will have a hefty plumber’s bill to pay. Without the worries of attending to common household repairs and lawn care, renters will have more free time to engage in other activists of enjoyment.
Living in a desired neighborhood will also be more affordable if an individual decide to rent instead of buying, which benefit the renter. Renters are more likely to find an apartment in a community that they do not mind residing in because of the low cost rent. As for homeowners’ finding a house in their price range may be a bit difficult. Renters also have the opportunity to observer the neighborhood, and move rather quickly, if they are not comfortable there. When is concerns; homeowners’ they have only two options if they decide that the neighborhood is not what they expected.
They can choose to stay in the house and be unhappy with the area they are living in or they can deal with the hassle of trying to sell their house and move into a new neighborhood. When a buyer decides to move rather quickly, they are basically starting all over. When individuals rent they also have the option to live closer to where, they work, giving them more free time and shortening their commute! The flexibility of relocation on a short notice and the lack of a long-term commitment in an apartment is the primary reason individuals choose to rent.
Having the ability to relocate is a great option for professionals and individuals who often transfers or moves. Another good advantage of renting an apartment is it provides flexibility and allows individuals to change their lifestyle easily. For an example; say an individual is single and then decide to get married; it will be easier to move without worrying about the hassles that comes with selling a house. Some would say that if an individual do not attend to live in one place for five years or more, then it would make the most financial sense to rent instead of buying.
The freedom to invest in a variety of stocks, bonds, and mutual funds can provide a higher return on investment as opposed to home-ownership, which in turn will have a strong financial gain on one’s financial future. Some homeowners believe that owning a house is somehow going to make them wealthy. Although renting an apartment is not a guaranteed tax advantage, home-ownerships in some case is not always a guaranteed tax advantage as well. In some cases homeowners may not be allowed to deduct more than the standard deduction.
The smart thing about renting an apartment is that individuals’ wealth is not tied up in a single investment. The cost of buying and selling a home can total 10% or more of the price of the home. Deciding to rent instead of buying a house will keep individuals from the experiencing the stress of a long-term loan. When homeowners’ that have a loan, will always owe somebody money and must pay every month. When individuals decide to rent an apartment, they do not owe anything, they just pay their monthly rent, and at the end of their lease, they have the freedom to do whatever they want.
Individuals, who choose to rent an apartment, can make a great investment toward their financial future by investing the money they save into something that will have a higher increase in value over years. Along with all the great amenities and saving money, renting an apartment can also provide individuals with some form of stability. For instance; if individuals are at risk of losing their jobs, they do not have to worry about facing foreclosure on the home or trying to sell it. Renting an apartment makes it much easier to move in case of an emergency.
All the renter has to do is submit a 30-day notice to the landlord. Renters also do not have to deal with the worries of having property insurance. Renters have to only worry about is having insurance their personal belongings, which means that their insurances payments will be cheaper than insurances payments on a house. Renting an apartment may not seem to be the best option to some individuals because they believe that owning a home is a better outlet for financial gain and stability. In some cases that may be true but not in all, especially if an individual have only the down payment, and the monthly mortgage.
Potential renters and buyers need to take in consideration the monthly utilities that will need to be paid. They also need to consider the taxes that will need to be paid on the home, along with the costly expensive for repairs and maintaining the lawn care in addition to having proper home insurances. When individuals take their time and take all the information provided into consideration, they often realize that renting an apartment will be a better route to take. .
Reference Classified Ventures, LLC. (2009, July). Why rent? Retrieved from http://living. apartments. com/apartment-basic/how-to-buy-renters-insurance/