If you’ve recently moved, chances are you looked at apartments, especially if your new area was especially expensive. With over 43 million renter-occupied units in the country, renting is clearly a popular choice. Home ownership is often seen as the gold standard, but there are plenty of reasons why home ownership might not be your best bet.
Here are four reasons why renting might win over buying.
Because there are so many rental units spread throughout the country, renters can live almost anywhere. But according to Investopedia, “homeowners are restricted to areas where they can afford to buy. Living in an expensive city such as New York may be out of reach for most home buyers, but it is entirely possible for renters.” When you value location over ownership, renting is perfect.
There are rarely homes in large cities; most are located in suburbs, which means long commutes into the city. If you value your time, living in an apartment a few blocks from your workplace could save you hundreds of hours a year. And time is money! Even if rent is the same as or even slightly higher than a comparable mortgage, most people never factor in time costs, or even fuel and transportation costs from living farther away from where they work. Before you make a final decision, consider all these variables.
Have you ever bought something you thought you’d use more than you do? Imagine doing that with something as large and involved as a swimming pool. Renting an apartment often comes with access to great amenities that you can use for free! There’s no need to pay for installation, upkeep, or maintenance, and you can use the amenity as often or as little as you’d like! This is often what draws most people to renting.
Renting also comes with access to amenities many consider essential, such as a washer and dryer. These large appliances make daily life so much easier, but can be a source of headaches if they stop working or malfunction. If you own your home, you’re on the hook for all maintenance and repair costs, and any damage caused by the appliances. As a renter, you simply contact your landlord or property manager to take care of any issues you have. Benefits without responsibilities is a major draw for many renters, and apartment managers know it! Newer apartments often offer outrageous amenities to attract potential renters. You’ll likely be able to find the exact amenities you’re looking for in an apartment.
Buying a home is one of the largest commitments of time, energy, and money that we make. Not everyone is ready for such a serious commitment. Renting can help you avoid taking on unwelcome responsibilities. Unlike a temporary contract, buying a home is final. Sure, you can always sell, but selling too early can cost you. You have to live in your home for a minimum of two years to avoid capital gains tax upon selling, and selling any sooner than two years after purchase will usually mean you love money on the sale due to closing costs, and that’s assuming the house has appreciated in those two years.
There’s a ton of things you have to consider when buying a home. If you don’t like where you live, you’re stuck until you can sell your home. If you’re renting an apartment, just don’t renew your lease and you’re free to go wherever you want. This is especially nice with the increase of remote work opportunities. If you value flexibility, renting is most likely the best situation for you.
- A sense of community
Just about everything in life can be done remotely. From paying bills to ordering groceries, there’s no need to go anywhere in person anymore. This can be extremely lonely. If you’re someone who struggles with getting out and meeting people, being a part of an apartment community can help. Apartment complexes often host parties and activities where you can meet your neighbors and others who live nearby. Even if you’re not interested in any social activities, you’ll still rub shoulders with your neighbors now and again as you go about your day.
Renting can be better than buying because renting allows you to choose the location where you want to live, offers great amenities, gives you flexibility, and helps you be part of a community. If you’re looking for apartments in Riverside, California, consider Mission Lofts Apartments!