For many Americans, owning their own home is an important goal they want to achieve in their lifetime. Unfortunately, with the state of the economy, buying a house isn’t a feasible goal for a wide number of these people. Additionally, owning a home comes with a number of unexpected pitfalls: for example, the majority of homeowners receive no annual tax benefits from owning a house, which can make paying off a mortgage feel even more demanding.
For this reason, as many as 35% of American adults are now choosing to rent an apartment rather than buy a home. With the wide range of apartment floor plans and apartment lease agreements available, it can be relatively easy to find an apartment that meets a certain budget while also offering a luxurious, high quality living space. Should you start apartment hunting to see if there’s a great apartment out there for you? Read on to find out! Here are the top five reasons to rent an apartment instead of buying a home.
- You Don’t Have to Worry About Buying or Selling– Because home prices often fluctuate, it can be challenging to recover money invested in a property when you sell a home, and equally difficult to afford a new property. With an apartment, you agree to spend a certain amount of money each month without making a long-term commitment, allowing you to take advantage of local prices and market changes.
- You Typically Pay Less– Not only are rent payments typically more affordable than mortgages, but homeowners also have to pay a variety of other costs. From property taxes and maintenance work to security and HOA fees, owning a home is an expensive endeavor. However, if you rent an apartment, you can skip certain payments, such as property taxes, and get many of the services, such as security and maintenance, as part of your living situation.
- Amenities Are Often Included–As a homeowner, having access to a pool, gym and other luxuries often means opening your wallet to pay for club memberships or to install equipment on your property. While not every apartment building will have a pool or gym, it is relatively easy to find a unit that has access to these features, and typically at a more affordable price than accessing these amenities in another setting.
- You Have More Flexibility–By purchasing a home, you are effectively rooted in one place and tied to a specific property. By renting an apartment, however, you can move for work or other reasons if necessary or even switch to a different unit if you get tired of one apartment.
- Location, Location, Location– If you look at the way urban environments are structured, you’ll typically see that houses are typically few and far between near the center of a city, which means that any available properties are extremely expensive. Apartments, however, are much more common and typically located around popular community features, like parks, or conveniently near commercial sectors. This makes it easy to take advantage of local activities and attractions, or simply commute to work, without having to drive out of your way to get there.
If you want to experience a number of benefits, from available amenities to community features, at an affordable price, renting an apartment is probably the best choice for you. Start your apartment hunt today to see what housing options your area can offer!
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