If you’ve been thinking about buying a home lately, think again. Imagine all the other things you’d be able to do with that much money! You could take a big vacation, save up for a new car, or just put the money aside for a rainy day. Plus, you can do all of this without compromising your quality of life.
Instead of rushing into the life of being a homeowner, make the most of your time as an apartment dweller. Get serious about finding the ideal apartment community, then let yourself enjoy all the benefits of renting that are available to you wherever you sign a lease.
There are plenty of reasons that renting is the way to go. Keep reading to discover five of the most important things that renting an apartment can do for you that buying a home cannot.
1. Saves Money
Buying a house is one of the biggest purchases a person can ever make and it comes with a lot of additional costs. If you were to buy right now, you’d be paying for:
- The down payment
- The cost of a real estate agent
- Closing costs
- A monthly mortgage
- The application fee for the mortgage
- Any updates or upgrades the home needs
You’d also have to think about homeowner’s insurance and you’d arguably need more furniture to furnish an entire house versus an apartment.
Paying for rent and a security deposit is the much cheaper alternative. It helps you save your money for other things without putting so much financial pressure on keeping a roof over your head.
2. Keeps You From Paying Property Taxes
There’s one more expense of being a homeowner to consider, and this one is reoccurring. As if all the fees of buying a home and paying a mortgage aren’t enough, you’d also have to pay taxes on your property every year.
Or, you can bypass this expense altogether by living in an apartment. This one decision has a huge impact on your personal finances. It’s worth considering no matter what kind of tax bracket you’re in.
3. Helps You Take Care of Repairs
Homeowners are responsible for every inch of their home. They have no one to lean on when there’s a leaky faucet, an air conditioning issue, or trouble with the roof.
Apartment living is a completely different story. Whenever you need to do maintenance in an apartment, all you have to do is put in a work order! Not to mention, if there’s ever a big issue like a flood, it’s much easier to handle when renting an apartment than if you’re a homeowner.
4. Comes with Amenities
Keep in mind that your rent pays for more than your apartment. It also gives you access to amenities like the apartment community’s outdoor space and community events. Whatever amenities an apartment community offers, you won’t ever have to worry about paying more for them.
Homeowners, on the other hand, only get their home. If their neighborhood has amenities, they have to pay an additional membership or Homeowner’s Association fee to enjoy them.
5. Gives You a Sense of Freedom
At the end of the day, there aren’t many things more valuable in life than your own freedom. You have more freedom as an apartment dweller than a homeowner.
When you own a home, you’re constantly tied to it. You don’t have as much freedom to travel or move as you do with an apartment. If you rent where you live, though, it’s much easier to uproot at any time you’d like, which is something that doesn’t have a price.
How to Get the Most Out of All the Benefits of Renting
It’s one thing to understand the benefits of renting an apartment and another to find the right apartment community for you. This is the best way to get the most out of all the benefits listed. When you find an apartment community that meets all of your needs, what you’re really doing is creating the lifestyle you want to have right now.
If you’re interested in living in the Fort Wayne area, visit us to see what apartments we have to offer.