Interior studio apartments, with bookshelves and hardwood floors.
Renting an apartment can be a great way to find the perfect place without having to make a long-term commitment.
When it comes to housing, it’s long been thought that owning a home is the way to go, but there are plenty of reasons you should rent before you buy.
Read on to discover seven key reasons renting can be better than actually buying a home.
1. Your Landlord Will Have to Pay for Repairs
When something breaks and you own your home, you’re the sole person left footing the bill. When you rent before you buy, the landlord is fully responsible for all major repairs.
Things like a broken HVAC system or a plumbing problem can cost you hundreds, or even thousands of dollars to fix. As a renter, you won’t need to worry about how you’re going to come up with that extra cash. A simple call to your landlord or property manager should fix the issue at no cost to you.
2. For True Freedom, Rent Before You Buy
As a renter, you have a whole lot more freedom and flexibility than you do as a homeowner. If you don’t like your location or your neighbors, you can simply wait for your lease to run out, or you can even decide to move out early.
Homeowners have the burden of being tied to their homes, and they’ll have to sell their current home before they can pull up stakes. An apartment-dweller has a lot more freedom to come and go as they please. This is also a perk for people who are in careers that require them to move or travel on a frequent basis.
3. More Amenities
Depending on where you live, renting can offer you a ton of fantastic amenities. Everything from a community gym and a rooftop party space to a pool can be found in certain apartment complexes.
In order to afford amenities like this while owning a home, you’ll have to pay a lot of money to add them to your property. You will also have to maintain everything yourself. Apartment complexes like Godrej nurture Electronic City are offering renters new, high-tech spaces with tons of fabulous amenities to enjoy as part of their monthly rent.
4. A Better Sense of Community
If you enjoy spending time with your neighbors, renting can be the better option. Some apartments and condominiums have a close-knit, community feel. They may even host events where everyone can get together and spend time with their neighbors.
Living in the suburbs or living out in the country and buying a home might make you a bit more isolated than you’d be in an apartment. If you don’t mind being away from people this can work well, but some people prefer to have a close relationship with your neighbors. If a sense of belonging and community is important to you, renting could be a better option.
5. You’ll Avoid the Hidden Costs of Homeownership
When you rent, there’s no real guarantee that your rent won’t increase if you renew your lease. However, as a homeowner, you’ll also end up paying a few hidden and often unexpected costs.
Property taxes can go up every year, making your mortgage payment higher as time goes on. When you own a home, you also have to pay for utilities like gas and water, whereas most renters don’t have this separate expense. Overall, renting tends to be more stable in terms of your total monthly housing costs which is a huge plus for a lot of people.
6. Insurance Costs are Lower
People who own their home must pay for homeowner’s insurance, which covers everything from structural damage to burglaries and liability. Renters can choose whether or not they want to get insurance, and the cost is significantly lower. On average, you’ll pay around $100-$150 per year for renter’s insurance while homeowners can be several hundred dollars into the thousands.
The landlord is usually responsible for the building itself if you’re a victim of a flood or natural disaster. The only thing you need to need to have insurance for as a renter is your personal belongings in case they get damaged or stolen. Homeowners must pay to cover the structure, their items, any outside structures like sheds, and liability if someone gets injured on their property.
7. It’s Cheaper to Get Your Foot in the Door
Buying a home requires a lot of money out of pocket just to get your foot in the door. Factor in things like closing costs and your down payment, and you’ve got a lot of money to shell out before you can even get your keys in hand.
When you rent, you usually only need to pay a deposit and your first month’s rent upfront. This is a fraction of what it costs to become a homeowner. For those who don’t have a ton of money saved, renting is by far a more viable financial move.
Make Your Move
With all these factors in mind, think about your next move to rent before you buy a home. While there are certainly some perks to owning a home, renting also has plenty of great benefits to enjoy.
If you need to move on a frequent basis or you don’t have the cash for a big down payment, renting can make a lot more sense for your housing needs.
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