Apartments For Rent in Michigan
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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.
Free amenities
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.
Flexibility
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.
H/T: INVESTOPEDIA
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Great points! Some things like pools or parks and other amenities are also available through homeowner’s associations sometimes. Always worth looking into when considering a property.
Wow I’m really surprised by this! I’ve always been told to own a home, rather than rent. Good reasons here to rent instead of buy.
As a homeowner who has rented before, one reason we decided we’d never rent again was having our rent go up because we requested for something to be fixed. After several times of that happening, my husband fixed everything himself and our rent stayed the same for awhile. Sure you can have a decrease in value of your property, but we made 80,000 in two years of home ownership which allowed us to upgrade our home and move. We also didn’t have to worry about loud neighbors or neighbors thinking my kids were too loud. I also have to mention that the three-bedroom apartments across the street from us are more expensive than our mortgage on a five-bedroom home. I just don’t think that’s right. It should be less expensive to rent than to buy in my opinion especially if you share walls with neighbors. Renting an apartment should be cheaper than buying a home, not the opposite in my opinion. I also know that as long as I stay in my home, one day it can be paid off, I’ll never pay off a home I rent, it will always be an expense and to those approaching retirement, they are looking forward to mortgage-free days because retirement benefits most likely will not be enough to live off of. Obviously to each their own and in many instances renting is what you have to do and need to do. You just have to pick which things you care more about.
Renting has some serious advantages! But all of this really leads up to buying a home if you have the opportunity.
Renting would be the best route to take for people who are starting out as a family. However, personally, I think owning a house should be the ultimate goal of every gainfully employed person.
True to the post. I think i like the point here especially the flexibility part of it. Will look into this when next i need to make a rent.
Renting does make a lot of sense, especially if you aren’t ready to buy, are new to an area, or don’t plan on living someplace for very long. Its also nice to have maintenance and other amenities included in your rent, as opposed to paying extra.
Such a good advice, I always think to buy an own home but now I realize it’s good to rent than to buy