Why People Prefer Renting Apartments More Than Buying Houses?

by | Oct 11, 2011 | real-estate

Why People Prefer Renting Apartments More Than Buying Houses?

Are you confused deciding buying a home or renting an apartment? Well, having your own home will surely make you feel happy. However, if you consider today’s real estate market, then investing so much money is next to gambling. You never know what is going to happen to your hard earned money. If you plan to sell it in future, you may not get the right value. On the other hand, there are a lot of advantages of renting apartments. Let’s take a quick look at them:

* It gives you flexibility: People prefer renting apartments mainly for the flexibility they offer. Perhaps you had to move to a new city for your career requirements. If you have a home, you have to maintain it or sell it, which is simply a daunting task. On the other hand, if you live in a rented building, you can simply leave it without getting into any hassle. Even if you have to move before your lease has expired, you will lose less money than you would do when selling your home in today’s stumbling real estate market.

* No unexpected costs: People who buy houses often overlook the overall expenses. For example, they take mortgage loans, pay for homeowners insurance, home repairs, and property taxes. If you add up all these costs together, you will get shocked to see the amount you are going to pay. On the other hand, if you prefer to live in a rented apartment, you will just have to pay the rent. So, that helps you save a lot of money.

* Live in modern life style: People who buy properties for the first time often have to look for older houses simply to stay within their budget. Such houses often need repairing and lack modern facilities. If you want to live in a stylish home that has all the modern appliances, then you must rent an apartment rather than planning to buy a house and furnish it.

* No repairing or fixing from your pocket: Air conditioning system is not working properly? Broken dishwasher? Well, you don’t need to worry about that, call your landlord or the owner of the apartment and he will take care of such things. So, you don’t have to pay for anything. Even if you have to pay for something, it will be added with your next rent.

So, now you know some of the major benefits of renting apartments. New York is a busy city where renting a house is more affordable than buying. However, do not forget to check out the location and the amenities you are going to have before renting.


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