Life is filled with philosophical questions. What came first, the chicken or the egg? Do you prefer Coca-Cola or Pepsi? The Beatles or the Stones? To be or not to be? Of course, the biggest question of all: Do you rent an apartment, or, speaking of eggs, do you tap into the nest egg, apply for a loan and buy a home? Arguments can be made either way, and it’s a decision that’s often based on what type of person you are and where you want to live. Homeowners, don’t take it personally. Here are the top 10 reasons to rent, and why renting an apartment trumps buying a home.
- There’s more get up and go freedom with renting an apartment. Whether you want to relocate for a job, a love interest or simply want to see what life is like on the opposite coast, renting provides more flexibility.
- Attempting to sell a house, especially in a down market, can be complicated and time consuming. Whether you have a year lease or a month-to-month, the logistics of renting are less confusing.
- Are you the type of person who hates mowing the lawn or shoveling snow? A landlord often provides these types of services. While homeowners are digging out from a snowstorm or battling crab grass, you can be skiing or relaxing in a deck chair.
- As a homeowner, you’re not only responsible for snow removal and lawn care. You’re responsible for everything. Whether it’s a broken hot water heater or a malfunctioning dishwasher, things are going to need to be upgraded or replaced. When you rent, you’re not responsible for maintenance costs. All you need to do is call the landlord when something goes wrong.
- Many apartment complexes have so many amenities the place resembles an all-inclusive resort. From tennis courts and swimming pools to fitness centers and children's playgrounds, many renters have these amenities on location. It’s safe to say that most affordable homes don’t come with a tennis court.
- If the monthly mortgage and maintenance costs weren't enough, homeowners are also saddled with property taxes. These taxes fluctuate depending on where you live. No property tax means more money in the bank, or at least more money in your pocket to do the things you want to do.
- Do you want to live in a luxurious neighborhood? You have a better chance of affording rent in a posh neighborhood than you do of buying a house.
- Some apartment complexes offer referral bonuses. Is there anything better than referring a friend, then getting a check in the mail. You get a cool neighbor and free money.
- There are often numerous apartments in an apartment building, and this increases your chances of meeting new people and making friends.
- Many apartment complexes are gated and have their own security and video surveillance. This will not only give you peace of mind, but save you from having to buy a high-end security system for your home.
What are your favorite reasons for renting? Let us know in the comments below!