Many people are torn between the decision to continue renting or buy a home. While buying does present several benefits since it is an investment, for many people, renting is actually a better option and presents just as many potential benefits. Here are some of the best benefits to renting an apartment rather than taking the plunge and purchasing a home of your own.
Less commitment, more flexibility. Buying a home is a huge commitment. You are committing to staying in a specific location for at least a few years. If you aren’t ready to settle down, want to explore, or if work moves you around frequently, buying is likely not a good option for you. Renting provides you with flexibility to choose 6 month or year long leases. Some apartment complexes will even allow you to rent from month to month if you are uncertain about your living situation or where exactly you will end up. Short Term Rentals in Washington DC are an option if you plan to stay in the area only for a short time, for example.
Fewer unexpected costs for maintenance or repairs. As a renter, your landlord takes care of all maintenance, repairs and issues. You pay for a lot of this upfront when you pay rent each month. So, if your toilet is clogged, the roof is damaged, or a something breaks, you simply tell your landlord and they call the necessary people and pay them to correct the issue. As a homeowner, however, you become your own landlord, essentially! You would have to pay out of pocket for any repairs and call the necessary handy person to come to your home and fix the issue. This means more work for you and less predictability regarding your month to month home maintenance expenses.