Throughout your life, it’s rare that you’ll spend it staying in one place. In fact, statistics show that the average American moves nearly 12 times throughout their lives. While the American dream was once owning a home, a lot of things have changed. In fact, statistics show that more people are renting than at any other time during the past 50 years. Before making your next move, it’s understandable to wonder why so many people are renting. Considering that, here are five major advantages of renting instead of buying property.
- Avoiding Expensive Down Payments
If you’re moving into a new property, you’ll typically need some type of deposit. However, you’ll need a much larger deposit to purchase a home. In most cases, apartment complexes will require new tenants to pay a deposit and the current month’s rent. On the other hand, purchasing a home requires a much larger deposit which is otherwise known as a down payment. Considering that down payments range from 10-20% of a home’s cost, you’re going to be spending a lot of money. If you want to avoid costly down payments, find apartments for rent.
- Never Worrying About Annual Property Taxes
Emptying your bank account for a down payment is bad enough. Unfortunately, this is far from the last payment homeowners must make to live in their properties. Homeowners must pay what is known as property taxes annually. Fortunately, renters don’t have to worry about paying property taxes.
- Not Having to Pay for Repairs
While you don’t want to think about it, no property stays in perfect condition forever. Whether living in an apartment rental or home, you’ll eventually need something inside of your property repaired. If you’re a homeowner, these repair costs are coming out of your pockets. However, those living in rental properties never have to worry about paying these costs. Landlords cover maintenance and repair costs for their tenants.
- Less Restrictive Contracts
Those who are wanting to purchase a home must sign lengthy contractual agreements. In most cases, these people will be paying for their property for 20-30 years or longer. While you’ll still need to sign some type of agreement, lease terms for apartments are much shorter. If you’re renting, there’s no worrying about being locked into a contract for the next few decades of your life.
- Being Unaffected by Fluctuating Property Values
If you know anyone owning a home, they properly talk a lot about property value. This value helps determine how much homeowners receive from selling their properties. Therefore, many homeowners must keep a close eye on property values. Unfortunately, these values can plummet without much notice. Thankfully, renters don’t have to worry about fluctuating property values.
In conclusion, there are several major advantages associated with finding apartments for rent. Apartment living is great for people from all walks of life. Statistics from 2016 found that millennials made up for 65% of households choosing to rent property. Renting is perfect for those not wanting to deal with down payments, property values, and the other perils of home ownership. If you’re wanting an inexpensive move, consider finding apartments for rent.