Benefits of Renting an Apartment over Purchasing a House
Owning a home in most cases is considered to be a symbol of great success. However, purchasing a house is not everyone’s aspiration rather a substantial percentage of people will prefer to rent an apartment at a relatively affordable rate of rent and diversify the rest of the money for buying a house to other income-generating investments. The following are the advantages that will come with you renting a house instead of buying
Firstly, purchasing a home is an expensive affair because you need to have the total cash to fully own the home. You will be forced to buy the house on a mortgage or by paying a large part of the buying price for the house upfront as a down payment. Renting an apartment, as opposed to buying, you will be required to pay the landlord a two months rent and perhaps a security deposit depending on the agreement between you and the landlord and you get the apartment right away. The advantage of renting a house at this point is the best idea because there is no down payment needed. Besides, the money that you will need to pay upfront when buying a home is more than enough to comfortably cover your renting needs.
Secondly, when you rent an apartment, you will not have to worry about paying real estate taxes or buying insurance coverage for your home as opposed to buying a house. Besides paying for the mortgage every month, there are real estate taxes that you will be required to take care of as well as paying for the expensive insurance for homeowners. However, you might consider buying insurance that will insulate your belongings from theft or fire because its cost is way much more affordable compared to that of a home owner’s insurance.
Thirdly, renting a house exempts you from both physical and financial maintenance obligations. If any appliance is damaged, it is your landlord’s responsibility to have it fixed. The task to maintain and fix the surroundings of your rented apartment is borne by the landlord whether it is mowing or fixing a leaking roof in your apartment. This saves you time and money that you would otherwise spend on carrying out maintenance measures. Owning a home, on the other hand, will see you shouldering single-handedly the maintenance of your home, in your own free time.
Fourthly, renting an apartment will provide a great opportunity to grow your social circle. This is because most of the apartments incorporate amenities that encourage the tenants to come together and socialize. Amenities such as swimming pools, picnic, and
barbeque areas offer a good ground for apartment occupants to socialize and grow meaningful friendships that beat solitude. Renting an apartment will build a sense of belonging and improves safety in a way. Although both Homeowners and landlords invest hugely in security features installation and renting an apartment, the safety aspect is amplified by the sense of community cultivated in apartments as opposed to owning a home in an area with limited or no neighborhood at all.