So you’ve just moved to a big city or a new town and you need a place to live. Unless you’re trying to settle down or are raising a family, most people aren’t going to go buy a house right off the bat (especially if you’re in a very urban area). The ideal situation for many young adults, younger couples, or even people in later stages of life is to rent an apartment. Renting an apartment may seem to oppose the idea of the American Dream, where everyone owns their own property, but renting can actually provide you with some surprising benefits.
Why Should I Rent?
As mentioned previously, renting an apartment can have many benefits. About 35% of adults in the United States currently rent. The common view of apartments are dingy, cramped spaces, but there are some beautiful apartment buildings in every city and you can hunt through the best apartments to find your perfect fit. Below are some reasons why renting may be your best option:
- Research suggests that almost 20% of people who bought a home would have actually saved money if they had rented. Similarly, Harvard University released a report that stated that in many cases in the last 15 years, renting was a more sensible choice financially than owning a home.
- If you’re thinking about using your real estate to pay for things down the road, consider this: if you buy a home, the first five years are simply spent paying money back to the bank. Almost one-third of homeowners move away in that five year span without building any equity.
- Many homeowners don’t get any yearly tax benefits from owning their home.
- By renting, you stay away from the fluctuation of other costs associated with owning a home, such as maintenance, insurance, and property taxes.
Ease of Living
- If you rent, there are fewer responsibilities maintenance-wise for you to worry about. Lawn care, shoveling, raking, etc., may be the landlord’s responsibility.
- You can maintain a luxurious and high quality living area for a reasonable price.
- Picking up and moving on is often easier when you rent, versus trying to sell your home and pack everything in your home up.
- Heat and hot water are often included in the rent, cutting down on your outside bills.
What To Look For In An Apartment
When you find an apartment that seems right for you, you’ll want to check off a few other items. Naturally, ever person has a different aesthetic or list of items that he or she is looking for, but there are a few key things to really look for.
- The apartment should have at least one smoke detector.
- Consider outside noise and the other residents in the building.
- Make sure the apartment is in a safe area.
- Know what utilities are already included and what you’ll be responsible for.
- Make sure all the appliances work.
All in all, renting an apartment can be an excellent, money-saving option if you’re looking to settle in a new place. After all: who says an apartment can’t feel like home?