When you live at Catalyst, you’ll get all the benefits of condominium-style living without all the hassles of ownership. While there are some advantages to owning a home or condo, many people prefer to rent! Here are some of other advantages of renting instead vs. owning:
Owning a home is a major obligation; homeowners are locked into a mortgage for decades, and moving requires finding a willing buyer. For this reason, many realtors advise their clients to rent unless they plan on staying in the same house or condo for at least five years. Apartments, on the other hand, allow tenants to pack up and move once their year-long lease has ended.
Home owners must also take care of the maintenance of their homes, and homeowners often have to spend tens of thousands of dollars to repair problems that pop up. In addition, lawns must be mowed, the home’s exterior must be painted and the roof must be maintained. Renting frees tenants of these responsibilities.
While some homes are in subdivisions that offer gyms and swimming pools, most are not. Apartments, on the other hand, generally come with great pools and free gyms. Renters can save a considerable amount of money, get in shape and enjoy swimming and exercising.
4) Property taxes and insurance
Along with home ownership comes property taxes and insurance. Every year, homeowners must budget enough money to pay their property taxes and various forms of insurance their homes may need. By renting, tenants do not have to factor these costs into their budgets. This freedom can make planning budgets far simpler.
5) The fickle market
As many saw during the recent recession, home prices can be fickle. Real estate used to be considered one of the safest investments; today, it has become obvious that these investments were not as sound as many thought, and many owe more money on their homes that their homes are worth. Apartments allow tenants to invest elsewhere.
What do you think? Do you prefer renting or owning a home?