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Mar
07

Why Renting an Apartment Is Better than Owning a Home

needboxesThere has been a very long debate between individuals about whether or not it is better to rent an apartment or buy a home. Owning a home often seems like a dream but can become a nightmare. Here are some reasons why renting an apartment remains the best option for securing housing.

Apartments Allow People More Flexibility with Their Careers

People that rent apartments are not tied down to where they live so this allows for more flexibility than a person who owns a home. People who own homes have a huge financial stake in the sale of their homes when they move. This often dissuades them from exploring other career options that could be more lucrative and allow them to advance their job status.

Apartment leases are very easy to terminate and most renters do not suffer a huge penalty when they break their lease. People can move whenever necessary so that they can have the career that they want in the location that they desire.

There Are Fewer Headaches Regarding Repairs

When people rent an apartment, they are not liable for any repairs that are needed. Most apartment complexes have 24 hour maintenance service on site and landlords that do not are required to make the repairs themselves.

There Are No Property Taxes

Homeowners have to suffer with the responsibility of property taxes. This can be a huge financial burden to have to deal with. When people rent an apartment this is not something that they have to handle which can save them a lot of money. Home values often make homes worth less than their purchase price which can leave many people trapped in their homes financially for years.

Being an apartment owner can allow people to avoid many financial expenses these include:
• Homeowner’s insurance coverage
• Water bills
• Maintenance costs
• Snow and garbage removal fees

People Can Move Often

People who own homes often become bored with them and want to change them up through renovations which can be very costly. Owning an apartment allows individuals to move often so that they can find a place that they like and want to live in for a while. This is a great advantage to have since people often change their style and the number of children that they have.

Household Income Fluctuations Are Easier to Absorb

When people own a home, their mortgage payment stays the same. However, if a person suddenly loses their job then they could lose all of the equity that they have built in their home over time if they default on their payments. Home foreclosures happen all the time which can leave many people homeless and without anything to show for their financial investment.

People who rent can move if they know that they will not be able to meet their monthly obligations which allows them to preserve their credit rating and have a place to live. This allows people to have a sense of security that home ownership does not give someone until their entire mortgage is paid off. In a time where many families are struggling, it pays for people to rent a place to live rather than purchase a home.

Jacob Pettit is a real estate blogger dealing mostly with property investments and ways to maximise their potential. Currently, he is doing a research with a little help from his Removalist Brisbane friends.

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