Most people make the argument to buy a home rather than rent an apartment because they see it as a long-term investment. That’s easy to say when you actually have the money to invest, though. The smarter thing to do with your money may actually be to rent.
Renting allows you to do a lot more with a significantly less amount of money. It’s cheaper to pay for rent than to cover the cost of a mortgage each month, not to mention, renting can improve your quality of life as a whole.
Here are 3 ways that renting an apartment allows you to save money.
1. The Initial Investment is Small
If you were to buy a house right now, your down payment would be much higher than a deposit check for an apartment would be.
Whether an apartment complex is asking for one or two months of rent up-front, they’re still giving you an amazing deal in comparison to what a home purchase adds up to. More so, you have to remember the deposit you make up-front is actually money that goes right back into your pocket.
When you pay for the last month’s rent before you move in or you cover the first two months in advance, you don’t have to worry about these payments later on. What you’re really paying for is peace of mind.
2. Repairs Are Free
Aside from the savings you get when you compare the cost of renting vs. buying, there are additional savings to think of in terms of repairs. Any repairs in a home fall on the homeowner. They can’t call someone to fix their drain or see what’s wrong with the dishwasher.
But when you rent, you get most repairs done for free. Your landlord takes care of things like appliances, plumbing, and air conditioning. Instead of having to search for repairmen and pay out of pocket, you have all the home maintenance you need in one place.
3. You Get a Better Quality of Life at a Lower Cost
Repairs aren’t the only thing that is free when living in an apartment. Think about all the amenities you have access to, too! Between eco-friendly appliances, the option to move into a furnished apartment, and community activities, your rent check actually pays for a lot more than the apartment you live in. It directly contributes to your quality of life, which is an incredible value.
Rent and Save the Right Way
When you think about it, the best way to save money is to rent an apartment instead of rushing into a home purchase. It makes no sense to tie yourself into a mortgage you’re not sure how you’re going to afford if there are apartments available at a much lower rate.
Add in the additional ways that renting saves money, and the decision is a no-brainer. To rent and save means you can stretch your money a lot further and better enjoy life as a whole rather than worrying about making rent.
If you’re interested in additional ways to save money while renting, click here!