4 Reasons Renting an Apartment is Better Than Buying a House

by / Thursday, 01 October 2015 / Published in Blog

When it comes down to either renting an apartment or buy a house, many people find themselves at odds with their decision. We might be a little biased, but we see a lot of perks to renting over buying. Here are our top reasons to look for an apartment instead of buying a house!

No loans for apartments

When you rent an apartment, you never have to take out a loan. No mortgages means no long term financial commitments that come with being a homeowner. Apartments are leased on a year-by-year basis, so if you want to leave after the lease is up on your apartment, you can just pick up and go! With a home, many people sign a contract to live in the home for a minimum amount of time. With an apartment, you only have to stay for the duration of your lease.

You don’t have to pay maintenance at an apartment

When you buy a home, all of the maintenance work on the house and property comes out of your own pocket, but when you rent an apartment, maintenance is done by the complex’s team of maintenance personnel. Not only do homeowners have to pay for their maintenance costs, but they also have to spend time either fixing the problem or hiring someone to come out to take care of it. Renting an apartment saves time and money when it comes to maintaining your living space.

Apartments have amazing amenities

The amenities that apartment communities offer are unprecedented to those most homeowners would have. Most apartment communities have pools and community spaces that are available to all residents and special events for community members. There are not many homes, especially in the Midwest, that come with huge pools! When you have a community pool at your disposal, you also don’t have to pay for a season pass or admission fee!

Taxes work in renters’ favor

When you own a home, you get property taxes taken out each year, which is about 1.5 percent of your pay. Apartment renters do not pay property taxes, which means they pay less in taxes each year. The 1.5 percent that apartment renters don’t spend on property tax can be spent on other things, such as rent and other living costs.

TOP
Schottenstein Real Estate Group