10 Reasons Why Renting Beats Buying
Despite what you might have heard, there are some real reasons to choose renting an apartment over buying a home.
In fact, I found an interesting article on Realtor.com that lists 10 reasons to do so. I’m going to list them here for you with my own two cents added on some of them. Hey, I might be poor, but I can always scrounge up a few pennies.
1. Selling a Home – OK, this one presupposes you already own a home, but I’m sure there are people out there who’ve bought a money pit and wish they hadn’t. Homes can be difficult to sell in any market, especially a down one; finding a buyer can be trying. But if you rent and want to move, once your lease is up, you can walk without much hassle.
2. Property Taxes – If you don’t own a home, you don’t pay them. Pretty simple.
[ Related: 5 Reasons to Rent an Apartment in Frederick ]
3. Maintenance – This is one of the best reasons to rent. If your toilet is stopped up or the shower only produces cold water, guess who has to fix it on their dime? (Unless of course you have members of Guns N’ Roses circa 1987 living with you, where breaking stuff on purpose was probably pretty normal, and it being 2014, you can’t.) The landlord has to fix it. Living in that beautiful house on the hill, the plumber’s bill is all yours.
4. Flexibility – Not this kind of flexibility (though according to my mom, the man has nice legs). Just the fact that you have a lease means you have the flexibility to move in a quicker and much less stressful manner than if you own (usually). A side note. No one knows when a life-altering event will make moving right now a necessity, so before you decide to rent a place, read the rental contract closely to see what penalty breaking your lease will incur.
5. Amenities – Some places greatly sweeten the deal for apartment renters by adding amenities such as a gym, pool and playgrounds for kids. These can add up to money saved on gym memberships and even headaches saved if your kid wants to play all the time.
6. Security – Some apartments provide 24-hour security or are gated. Adding security devices to your own home will be expensive.
7. HOA Fees – Simply put, if you rent, there are no home owners association fees. Neighborhood upkeep is on the landlord’s tab, not yours.
8. Big-City Living – Try house-hunting in Washington, D.C.: The sticker price will be shocking and higher the nicer the neighborhood (that goes equally for the suburbs). It’s just not an option for many people. However, you can rent a small apartment in the city and actually enjoy all the privileges thereof: nightlife, restaurants, hustle-bustle.
9. Social Scene – If you lack one of these, renting affords you the opportunity to horn in on someone else’s. Really, if you live in a good-sized complex, there will be plenty of different types of people for you to meet and get to know … and hopefully, you can make some new friends.
10. Cash Bonuses – Many apartment complexes will give a discount on your rent or a cash bonus if you refer new tenants.
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