The cost of housing is going up for both renting and owning your own home. Across the board, living in a home is becoming more and more expensive. Renting is actually a little more expensive than owning a home in the 100 largest metro areas in the United States. But there are definitely some reasons why renting is still preferable to owning your home.
1. Youíll have a lot more options.
A lot of areas in cities are more renter friendly than owner friendly. Certain popular or trendy areas tend to be geared more towards renters than to those looking to own their homes. Warehouse districts and beach communities typically only offer homes for rent. When youíre renting your home, you can find a home almost anywhere you can dream of.
2. Moving is SO much easier.
Moving from one home to another is already stressful on its own but itís more difficult when youíre forced to finalize piles of paperwork. When moving into a new rental, all you need to do is sign a lease usually. It also takes a lot of the stress off of your shoulders knowing that youíre not obligated to find someone else to move into your apartment before you can move out. Homeowners have to transfer ownership to someone else before they can be rid of their old home. Itís easy to just break your lease, pack your belongings up and get out of town. No worries about whoís going to take over for you.
3. Thereís less to worry about.
Owning your own home means dealing with your problems and malfunctions all on your own. If something breaks, you have to fix it or pay someone to do it. When you rent your apartment, typically your landlord takes care of that for you, whether they hire a contract to mend the problem or do it themselves. Cutting the grass? Thatís a hassle that has to be taken care of every few weeks when youíre a home owner. In a lot of apartments, landlords hire someone to take care of that for you. Some will even offer a discount on rent if youíll do it yourself.
4. Renting can have some major perks.
Some luxury apartment complexes offer some extra amenities that just donít come with a purchased home unless youíre paying for it. Some of those bonuses include fitness centers, basketball or tennis courts, free Wi-fi, swimming pools, play areas for kids and areas to hold events. These perks can really make a difference when choosing an apartment to move into not to mention whether deciding between owning and renting.
Renting your home can end up a little more expensive than owning your own house but there are definite benefits to renting. Chores like home and lawn maintenance are taken care of. You can pick up and leave at almost anytime, with little to no hoops to jump through. Your choices of neighborhoods are vast and virtually endless. Even with the extra money youíre paying, youíre getting some additional perks that make it all worth it!
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