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Thursday, April 19, 2018

5 Good Reasons Why People Rent Instead Of Buy

5 Good Reasons Why People Rent Instead Of Buy


Renting a home or apartment is becoming the norm nowadays. For some people (especially the young adults), it’s the more practical choice than homeownership.

Let’s take a look at some of its amazing benefits or advantages that make people choose the renting route.

Less responsibility

When you rent, you have less responsibility when it comes to home maintenance and repairs. If your roof leaks, your pipe bursts or a cabinet door falls off its hinge, just call your landlord, and they will have it fixed right away. You don’t need to shell out some cash for it. The owner of the property will take full responsibility for it.

Less or no debt

When you rent, the only financial responsibility you have is your monthly rent and utility bills. On the other hand, when you buy a house, you might apply for a loan to finance it. Not to mention the minimum 20% down payment that you have to pay upon purchasing the property.

Freedom and flexibility

When you rent, you are likely tied to the place for just 6 months or a year. After that, you have the option to move out and live in a brand new area or neighborhood. This kind of freedom and flexibility will come in handy when you accepted a new job offer from a different city, or you want to get a different kind of view and scenery. When you buy a home, you are tied up to the property for the term of your loan.

Short term housing needs

If you need a short-term type of housing, renting is the best choice. If you accepted a project that requires you to move to a new city, rent an apartment. If you're transferred to a new school, rent an apartment.

Extra amenities

Swimming pool and fitness gym are some of the most common amenities that an apartment complex or community offers to its renters. You can get this for free or for a minimal fee. On the other hand, if you bought a home and you want to get this kind of amenity, you need to shell out a good amount of money for a small pool and gym equipment.

These are just a few of the many reasons why renting is better than buying for most people. But remember, the choice you’ll make (to buy or to rent) should depend on your financial capacity, lifestyle and your family needs as a whole.


About the Author

Ron is the webmaster of Apartments-For-Rent-In-Michigan.Com. He often writes tips and advice for homeowners, tenants, and landlords. You can visit this blog for more information.

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