If you’re thinking of moving, one of the most significant decisions you’ll face is renting versus owning an apartment. While our opinion may be slightly biased, we believe renting is almost always the better option, and we’re here to tell you why. In this post, we’ll discuss the pros of renting an apartment versus purchasing a property. Use these factors to help decide the right path for your next move.
Renting a home is usually cheaper than buying one. Renters don’t have to fork out a substantial down payment, and they aren’t required to cover the cost of maintenance or repairs. After you consider a monthly mortgage payment as well as property taxes and insurance, the cost of owning a home adds up quickly. Renting an apartment saves you money, making it a particularly good choice for those who are trying to save up their cash for the future. If you’re just starting out on your own and have a limited budget, renting is the way to go.
As mentioned above, maintenance is not your problem in a rented apartment, and you can save more than just money—You’ll save some time and effort, too. When something needs repair in your apartment, it is typically the responsibility of the property management company or landlord to fix the problem (unless you did something to damage the home in a major way). No need to lift a finger when something in your home goes array. You can leave it to the experts to fix the problem.
Unless you’re confident that you want to live somewhere for the long term, renting an apartment is far less of a commitment than owning property. Renting allows you try out different neighborhoods or even different cities within a short amount of time, depending on the length of your lease. Until you’re ready to settle in for the foreseeable future, it doesn’t make much sense to purchase a home.
One of the biggest pros of renting an apartment over owning a home is your access to awesome amenities. Many apartment buildings, including those owned by PPM, offer pools, private rooftops, onsite workout rooms, offices, and much more. If you wanted these luxurious in a property you own, you could expect to pay big bucks. Renting allows you to enjoy these amenities without spending a fortune.