Why Renting is Better than Buying

Why Renting Is Better Than Buying

There’s age old wisdom that says you should buy a home as soon as possible; renting might be referred to as paying someone else’s mortgage, or a waste of money. There’s also age old wisdom that says you should apply leeches to a person to treat their fever; needless to say, just because wisdom is old, doesn’t make it right. There are tangible advantages to renting over buying; these advantages are making more and more millenials say yes to apartment living.

The Amenities

You’re about to buy a starter home; does it come with a pool, a sauna and a balcony? This new home, does it come with a gardener, landscaper and snowplow? How about a plethora of contractors ready to fix the electrical, water, broken handrail and HVAC unit? Perhaps your new dwelling comes with an onsite restaurant and grocery store? Honestly, if you have the money to buy a home like that, more power to you, but it’s not too likely such a place even exists. High-scale apartments come with more amenities than even the priciest homes, and far less upkeep; if you value time and experiences, upscale apartment living is a great choice.

The Flexibility

The housing market isn’t always as stable as it seems, as we’ve seen with the housing crisis in Vancouver and the Great Recession in 2008. You might think buying a house is a great idea, in the hopes homes end up the price they are in Vancouver, but they can quickly fall in the other direction. When a home’s value does go up, that can mean more property taxes and changes in mortgage payments; these unexpected costs can make it harder to afford your home, and in a market where homes are expensive, you might find it hard to sell. Renting an apartment gives you a fixed lease, so you always know exactly how much you’ll have to pay; even if you get notice your rent is going up, you should have enough time to find a new place should the need arise. With the housing market, it may be a bit more difficult to simply pack up and move.

The Cost

Apartment living is way less expensive than homeownership, for a myriad of reasons. The monthly payments are usually lower and there’s no property taxes. You’ll also have lower rates on your insurance, as it won’t need to cover the building, and your utilities are often paid as part of the rent. Accutane brand and generic Accutane effectiveness reviews read on . Additionally, you won’t have to pay any staff for maintenance or repairs! The down payment you’ll have to make is also substantially less, which frees up your capital for other experiences you might like to have.

Living in an apartment used to be thought of as something you did when you couldn’t afford better; now it’s something you can do because it will save you time and money, and net you a better living experience than otherwise. Looking for new apartments is a rewarding exercise; you’ll find a wide assortment of amenities in attractively designed spaces, located in the best neighborhoods.