5 Reasons Why Renting is Smarter than Homeownership

Homeownership is undoubtedly one of the major aspirations that people have, which, however, requires a substantial investment. Until buying home gets financially viable for people, renting is considered an ideal option; and has several advantages too. Renting is specifically a good option when you are unsure about buying a permanent home, relocating to another place after getting a job opportunity or simply not wanting to take the risk of a mortgage loan. In this blog post, we will discuss five reasons why renting is smarter than purchasing a home.

1. Cost of Living

The biggest advantage of renting an apartment is that you don’t have to worry about a huge down payment, taxes, or other miscellaneous expenses that come with homeownership. According to a graph released by the New York Times, many house and apartment owners don’t ask for more than one month of advance rental fee from their tenants. Furthermore, tenants don’t have to worry about any property maintenance costs.

2. Quality Amenities

The number of amenities offered in apartment complexes these days are no less superior, in fact, far more when compared to a house that you may own. Be it apartments for rent in Lake Jackson, Texas or other cities in the US, most apartment units include green lawns, private balconies and patios, swimming pools, access to covered parking, and laundry facilities and more these days. Many rental apartments also offer tennis courts as well as a playground to sports-loving younger generation, especially college students.

3. Location Advantage, and Market

The thriving housing rental market in Texas and several other states provides ample choices to people when it comes to finding quality apartments for rent in desirable locations. On the contrary, finding a trending house may not be difficult, still budget restraints compel many people to settle for less when purchasing a property. In addition, when the market is a bit shaky, people tend to avoid mortgage loans and consider it safe to rent an apartment instead of purchasing it.

4. Mobility

One definite advantage that tenants have over homeowners is the freedom to leave the property anytime. Though usually most rental leases require tenants to stay for, at least, six months in the property, but it is still ideal to rent an apartment considering the much lesser financial obligation. If you are, for example, looking to explore new job opportunities and thinking to relocate to another city, you don’t have bother about paying for a mortgage loan every month.

5. Move-in and Move-out Process

It is easier to move in an apartment, as all you need to do is to sign the rent agreement and pay some advance. Buying a home, on the other hand, requires everything from filling a sale deed and sale agreement to tax returns, sales contract, and more.

Similarly, tenants are not expected to fill a long list of documents, except the rental agreement, and while leaving the property. Selling a house, however, means finding the right person willing to pay the right amount, fulfilling the legal formalities, and more, which require a lot of time and effort.

Conclusion

The pointers mentioned above confirm the fact that renting has its merits starting from affordable monthly rents to no maintenance costs. In addition, when the economy is sluggish, people with tight budgets usually avoid the risk of a mortgage loan. Overall, it is wise to analyze your current financial situations and needs, and then make the decision of whether to purchase or rent an apartment.