Why Is Renting an Apartment Better Than Buying One?
Buying a home is a significant investment for most of us but that doesn’t mean it is for everyone. Due to the sky-rocketing property prices, a lot of people are opting for home rentals rather than buying an apartment. After all, renting an apartment involves just one recurring monthly cost: the rent. Homeownership, on the other hand, includes various expenses such as financing and registration costs, property tax, maintenance cost, and more. However, deciding whether to rent or buy an apartment is indeed a big decision as it not only affects your personal goals and lifestyle but most importantly, your financial health. They both need you to have a regular income so that you can afford the payments and associated costs.
Both renting and buying have their own advantages, but renting does appear to retain an edge.Although you need to pay a security deposit equal to one month’s rent, it is considerably less than a down payment. Moreover, renters have greater flexibility,lower utility bills, and access to amenities, such as parking lots, gyms, and pools that might otherwise be extremely expensive. In this blog, we will discuss some of the top reasons why renting an apartment could be a better option than buying one.
Top 5 Reasons Why Renting an Apartment Is Better Than Buying One
While buying an apartment involves some serious savings, renting can help you maintain your lifestyle and flexibility. Here are the top reasons why renting could be the smartest move.
- No Down Payment Is Needed
The down payment typically costs around 20% of the cost of the home, excluding the settlement fees. So, let’s say you are planning to buy a house in Kelowna or nearby areas and the cost of the house is around $200,000. This means that you will need to have over $50,000 in cash. Renters, too, need to save up some money for a security deposit but that is nothing when compared to the amount of cash you have to save for the down payment. Also, the security deposit will be returned to you when you move out, provided you have not damaged the rental property. Hence, opting for homes for rent in Kelowna might be an ideal option for you.
- Don’t Need to Pay Property Tax
Property taxes can be a significant financial burden to homeowners and are determined based on the amount of land on which it’s built and the estimated property value of the house. But when you are renting an apartment, apart from paying the rent and utility bills, you don’t need to worry about any other property-related costs.
- No Maintenance Costs
One of the top benefits of renting an apartment is that tenants don’t need to pay any repair bills or maintenance costs. If something needs fixing, such as a plumbing issue, you just have to call the landlord and ask him/her to fix it.
Should you be located in Kelowna or nearby areas and looking for places for rent, reach out to Homefinders. We can provide you with the largest selection of rental properties that fit your needs and preferences.
- Access to Amenities
When you rent an apartment, you can have access to numerous amenities that can otherwise be a huge expense. Some of these facilities include swimming pools, business centers, community rooms, parking lots, and fitness centers, among others.
The Bottom Line
Apart from these, there are lots of other reasons why renting an apartment is better than buying one. Renting an apartment provides you with the flexibility to move out whenever you want without any penalty. Moreover, it doesn’t need any significant financial investments. So, if you need assistance in finding affordable home rentals, you can get in touch with our team .At Homefinders, we go through hundreds of websites on a daily basis to provide our clients with the best rental properties to choose from.