To rent or not to rent, that is the question.
If you’d ask Americans what their answer is, over one million people would probably vote for the first option. That’s how many people live in homes, apartments, and other rental properties around the county. And that number is growing.
There are so many benefits to renting an apartment instead of buying a house. If you’re looking for a place to call home, here are three good reasons why you should rent instead of buy.
Property Maintenance and Repairs Aren’t Your Responsibility
Sometimes, accidents happen. Dishwashers break, water heaters go out, and the bathroom floods. When those issues occur, it’s nice to know that someone else is responsible for making repairs. For example, at Park Plaza Apartment, our friendly staff is specially trained and certified to make repairs. When you submit a maintenance request, our team sets to work, ensuring that your home stays in impeccable shape. That’s much preferable to making a trip to the hardware store yourself, isn’t it?
There Are Fewer Costs
Buying a home comes with a lot of costs that tend to add up. These include property taxes, insurance, monthly maintenance and repairs, and a down payment that is typically 20 percent of the total purchase cost. On the other hand, when buying an apartment, your costs are fewer. Sure, you have to buy renter’s insurance, and you will have to submit a deposit (that you will get back once you move out, assuming nothing in the unit has been damaged), but these expenses are low when compared to the expenses for buying a home. In fact, according to a 2017 study by the Insurance Information Institute, the average renter’s insurance policy costs $180 per year, while the average homeowner’s policy costs $1,211.
There Is More Flexibility
Are you attending school or currently working for a company that you may not stick with long-term? Another reason why you should rent is that you reap a flexible lifestyle. You can move wherever you want when you want (after your short-term lease is up, of course) because you aren’t confined to a 30-year mortgage.
According to Robert Pinnegar at the Washington Post, “Mobility is one of the top reasons people decide to rent. . . . For millennials just entering the workforce or in the process of building their careers, the ability to relocate is a major factor. ”
While we aren’t eager to say goodbye at Park Plaza Apartments, we do want to be sure that you are taken care of wherever you go. That’s why we instated our loyalty bonus: If you move from Park Plaza to another AMC property or vice versa, we’ll give you $250 to help you hit the ground running.
With a difference in costs, less responsibility, and more freedom, it’s easy to see why you should rent instead of buy. At Park Plaza, we want to make coming home the best part of your day; give us a visit and see what the benefits of renting can do for you.