Most people want to own a place of their own someday, but not everyone feels the same about home ownership. Depending on your lifestyle, age and the point you are in your life, renting could be a much better option than buying your own place. For some people, the benefits of renting outweigh the benefits of owning a home. Here are some reasons renting could be a better choice.
Options are Unlimited
There are usually more options for renters than homebuyers. That is because you’ll have multiple vacancies in apartment complexes, different types of units to consider, etc. — all in the same area. If you’re looking to buy a home, your options are not as open and you’re limited to what the market has to offer.
You Might Pay Less Renting
When you buy, you build equity, but you often have other costs too. Renters don’t have to deal with the costs of homeownership, such as maintenance or repairs. Some apartments pay a few utilities as part of your rent too — so you could save even more.
Also, a renter may have to pay a security deposit, but it isn’t even close to what a buyer has to pay in a down payment on their home.
Relocating is a Breeze
Renters have lease terms, but these are six to 12 months long. So if a renter wants to relocate, they can give notice to their property owners and find somewhere else. A homeowners can’t just pick up and move when they want. Instead,they need to list their home — and hopefully have enough equity to not lose money on the sale — wait for it to sell and then relocate.
All of the Work is Done by Someone Else
Homeowners have to do it all — repairs, keeping up the lawn, etc. All a renter is responsible for is their own unit. The property managers handle the lawn care, cleaning the swimming pool, maintaining the fitness center, etc.
It’s Easier to Meet People
Apartments are closer together, have more community areas, and make it easier for neighbors to meet. While you could meet a next door neighbor in a home you own, it’s hard to get to know the whole neighborhood.
You Get Perks
Renters get amenities that homeowners have to pay extra to add to their own home. Some of those can include a swimming pool, business center, community center, fitness center, private parking, event room, playground, dog walk area, barbecue grill, free Wi-Fi, etc.