Most everyone is faced with the choice at some point in their life to rent or buy. While the choice can be a difficult one, we are here to help shed some light on the upside to renting and why, in more ways than one, it could be exactly what you need. Read below for pointers on the renting vs buying dilemma.
- Build Your Credit - We all know that credit plays an important role in your life. But what you may not know is that paying your rent on time every month for a minimum of two years actually increases your credit score. This is turn increases your chances of getting a lower interest rate when it does come time to take out a mortgage loan.
- No Debt And A Chance To Save Money - Renting an apartment will require you to be responsible for your rent and utilities every month. However, a lease only lasts a set time period, while paying a mortgage will entail taking out a loan that you will be responsible to pay long term. Renting also saves you from countless other fees, such as closing costs, realtor fees, property taxes, and interests payments. Not having to factor in these extra expenses allows you to save money until you are ready to buy.
- Worry Less, Enjoy More - Every apartment complex comes with a maintenance team that stays on top of broken down amenities. They also take care of any renovations and upgrades, allowing you to worry about less. Plus, the extra perks of a gated community, a gym that you don’t have to spend a monthly fee on, and a pool to enjoy in warmer weather, all give you a higher level of comfort in life.
- Afford The Better Locations - Buying a home in one of the most desired areas of the city might be out of reach for your budget. However, renting an apartment in the same location can be affordable and will give you access to better schools and closer/easier work commutes etc.
- Downsize Or Upsize According To Your Needs - Buying a small starter home might seem like a smart idea, until children come into the picture. Renting an apartment allows you to prepare for life’s changes easier. Upgrade to more bedrooms, or move down to less, depending on your needs.
We hope you found these tips helpful when making the decision to rent an apartment. If you are looking for a new apartment to call home, A Plus Apartment Locators would love to help. We help hundreds of people find the apartment of their dreams every month! Our seasoned apartment locators answer phones 7 days a week and our locating service is free! Call 512 231 1400 today!