If you’re in search of your next home, you have a big decision to make; will you choose to rent or buy?
While buying a home can be a great investment, it carries its fair share of drawbacks.
Keep reading to learn 5 important reasons why choosing to rent is often the smarter option.
1. No Maintenance or Upkeep
One of the biggest costs of owning a home is the costs of maintenance and upkeep.
Roofs get holes that need patching. Appliances malfunction or go out with age. Carpets get wear spots and hardwood floors needs refinishing.
The list of maintenance costs is endless.
But renting a home rather than buying reduces these costs, because the renter is rarely responsible for them. Instead, when something breaks or needs replacing, you can call up your landlord and get it fixed, with no cost to you.
2. Reduced Expenses
Besides maintenance, renting allows you to cut other costs associated with home ownership.
Renting an apartment or condo can help you avoid costs like yard maintenance or the high cost of heating or cooling a larger home.
Even if you choose to rent a home, you’ll avoid costs like higher insurance and real estate taxes.
3. Included Amenities
When you choose to rent an apartment or condo, you’ll likely also get access to a variety of amenities.
From laundry and game rooms to workout centers and pools, there are tons of amenities that renters get access to, often at no additional cost. If you already pay for a gym or pool pass, this can mean additional cost savings when you rent a property that includes those.
4. Lower Down Payment
The average down payment on a home is 20 percent of the home’s cost. If you’re looking at a home valued at $100,000, that’s a $20,000 downpayment.
Alternatively, the down payment on a rental is often no more than one month’s rent. And that downpayment is usually a security deposit, which means you’ll get it back when you move out.
If you’re not in a financial situation to put up a large downpayment, renting makes perfect sense.
Plus, less money spent on a down payment or maintenance costs means more money to spend decorating your new space.
5. The Ability to Easily Move
The average American will move 11 times in his or her lifetime.
One of the biggest decisions to make when choosing renting vs buying is whether or not you may move within a few months or even years.
If you buy a home and then have to move for work or other reasons, you’ll have to get a realtor, list your home, and hope it sells. If it doesn’t sell fast enough, you might face having to pay your mortgage on your old home while also paying for another one in your new home city.
But when you rent, moving is as easy as waiting for your lease to be up. You may even be able to pay or negotiate to break your lease even sooner if needed.
Making the Decision to Rent
Now that you know why choosing to rent rather than buy a home is such a great choice, it’s time to choose the perfect rental property for you.
If you’re ready to start your search, check out these tips next to learn what to look for in a luxury apartment rental.