Renting an apartment isn’t just a solution for those just starting out anymore. Many people are still choosing to rent apartments even if they can buy a home of their own. This is due to the significant savings and perks that come with renting an apartment that you wouldn’t normally get when renting or purchasing a home.
Let’s face it, crime is still rising in metropolitan areas and the cost of security systems is a luxury many cannot afford on top of a monthly mortgage. Many apartment complexes have built in security systems and even gates requiring all entry to be authorized. Added to that is the vast amount of neighbors that have your back.
2.) Cheaper Utilities
While some people will complain apartments are too small, they require less electricity and water to keep up which in turn reduces the utility bills significantly. Some complexes also include utilities like cable and Internet in their rent fees.
3.) Amenities & Perks
Many apartment complexes come with amenities like a pool, gym, etc. This again reduces monthly costs otherwise spent on monthly or annual memberships. Some apartment complexes also offer perks like cash back for referrals.
4.) Free Maintenance
Home owners and sometimes even renters are required to make repairs needed to their home. Apartment complexes handle this for you. On top of free maintenance, some complexes also provide free pest control. Depending on the type of home, maintenance fees can become costly, especially if there is year round maintenance such as septic draining.
5.) No Property Tax or Mortgages
Homeowners get sacked each year with property taxes. Renting an apartment means your name is not on the deed and you are not required to pay the taxes that come with the unit. While some mortgage payments may seem lower than the cost or renting, the actual cost over time is much more. Add to that the interest accrued on loans.
Today the ability to be flexible has never been more crucial. You have to go where the work is, and owning a home limits your ability to work to a specific area. Even if a company will pay to relocate you they do not cover nearly half the actual cost of what it would take to sell a pre-existing home or purchase a new one. Renting allows you to be where you want to be.
While renting an apartment may seem like throwing money away because you don’t get to own it at the end of the term, the money saved often outweighs that drawback significantly. Apartments can be the best option for those not wanting to be weighed down by high living costs and mortgages. Renting an apartment also gives you the freedom to change direction in your life by not tying you down to one place. Even if owning a home may be an aspiration at some point, renting an apartment will allow you to save in order to reach your goal of owning a home.