Three Benefits of Apartment Rentals vs. Home Ownership


 

One of the greatest life decisions revolves around finding a place to live in the long term. For many people, this may mean home ownership, which is like a dream come true. A more affordable option is choosing apartment rentals, which you can find easily at Viewit. Either way, owning a house and renting an apartment or house come with their respective set of pros and cons. 

There are numerous factors to consider when it comes to apartment rentals vs. owning a house, and many of them revolve around one’s financial situation. Read on to learn more about the three top benefits of renting an apartment vs. owning a house.

1. No Pressure to Upgrade

When you are renting an apartment, you don’t face much pressure to upgrade. You can do fairly well with an outdated living area and a poorly designed kitchen as you are only renting a living space. 

On the other hand, homeowners face much pressure when it comes to upgrades as they are in for the long haul, and they cannot turn away from the pending upgrades. In fact, home upgrades are essential for homeowners who are looking for value at the time of selling their property. 

As a renter, you will feel satisfied with an outdated kitchen, as you know you are merely paying the monthly rent, and you are not there for the long run.

2. Less Responsibility

Are you the type of person who doesn’t like to sweat about the small stuff? Do you dislike putting in the effort of dealing with time-consuming chores, such as chipping paint and withering lawn plants? If so, then renting an apartment looks like a more feasible option for you. 

One essential benefit of renting is that you don’t have to worry much about such little things as the landlord will take care of such things and release you from the burden. The chances are high that you might even not take notice of such things. 

If you enjoy having a chill weekend and hanging out with your friends instead of mowing the lawn and cleaning the leaves from the gutter, then renting an apartment looks like a better option for you.

3.      Fixed Monthly Expenses

Another benefit of renting apartments is that you won’t have to deal with annual taxes as your landlord will be taking care of them. At the beginning of your rental tenure, you will be paying the security deposit besides the monthly rent. 

The security deposit is the amount equivalent to the amount of the monthly. Typically, the security deposit will be returned to you at the time you decide to move out of the rental house or apartment. If you have damaged the property in one way or the other, the due amount will be deducted from the security deposit.

You might have already understood by now that many benefits of renting homes vs. house ownership revolve around finances. The thing about homeownership is that it is a variable-cost venture. 

With rental apartments, your monthly expenses are very clear. You know the fixed amount that you will be spending on your monthly rents. The only variable cost you will face is the electricity, water, and heat expenses.

Final Thoughts

The final decision of whether you should rent a house or buy one boils down to your financial circumstances and whether you can afford it or not. If you feel more flexible with renting, you have nothing to lose while foregoing the ownership of a house. 

If your finances are exceptional, there is nothing wrong with claiming house ownership. When it comes to renting vs. owning a house, make the best decision for you and your money. In the end, it is your happiness and your peace of mind that matter the most.  

 

Jeff Campbell

Jeff Campbell is a husband, father, martial artist, budget-master, Disney-addict, musician, and recovering foodie having spent over 2 decades as a leader for Whole Foods Market. Click to learn more about me

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