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Owning your place is often described as part of the American Dream. However, in reality, Insider notes that there are several financial reasons why renting a home or apartment can be better for you than buying. Safely Finance outlines four benefits going the rental route gives you.
Renting saves you money in several ways. First, moving in may be more affordable as you might only need to pay a deposit and start paying rent. According to a recent study by the National Association of Insurance Commissioners, your insurance cost is generally lower, averaging $179 a year, because it only needs to cover your belongings. You also aren't responsible for property taxes. These are great perks if money is tight or you live in an area with a high cost of living.
Buying your own place requires a hefty down payment of about 20% of the property's value. In addition, homeowner's insurance typically costs $1,200 or more per year. Finally, property taxes are based on the estimated value of the home and land and could add up to thousands of dollars a year.
If you aren't sure you want to live in a city permanently, renting gives you the flexibility to move and try out another city for a while. This works exceptionally well for remote workers, such as virtual assistants. Rentals are also an advantage if you are moving to a new location you love but want to take your time in choosing the right home or apartment to purchase.
Buying a home or apartment limits your flexibility as, should you decide to move, you still need to sell your place or arrange to rent it out. Both of those outcomes may not happen on your desired timeline.
If you know a move is in your future due to an upcoming life change, such as a career transition or a new school for your child, renting makes it easier to relocate. Then, when the transition time comes, you won't be going through the hassle of listing and trying to sell your place if you owned it.
If you find you need moving services to your new location, it is worth your time to check out what local movers in your area have to offer you. First, evaluate several companies by reading through their online reviews. Then, select three with the highest reviews on service directory sites and schedule a meeting to discuss your needs and get a firm price quote on the move. Finally, decide on the one company that gives the best service at a price you can afford.
One of the top advantages of renting a house or apartment is eliminating repair and significant maintenance bills. If an appliance in a rental place breaks down, you call your landlord to get it fixed. When the roof needs repair or the exterior requires a new paint job, you're not the one responsible for the bill. Many long-time renters love the freedom of not being liable for these expenses.
If you own the home or apartment, all renovation, repair, and maintenance costs are on you. If several of these issues pop up simultaneously, the high bills can get hard to manage.
The bottom line is there are financial advantages to renting a home or apartment instead of purchasing if you desire flexibility in where you live, will be relocating soon, or want to save money on living expenses.