You have probably heard that renting an apartment instead of owning one is like throwing your money away. That isn’t always true, however. In fact, there are many reasons to rent cheap apartment to consider. If there weren’t, then why would people all over the country – if not the world – do it?
Reasons to Rent Cheap Apartment:
- Cost. If you rent, you don’t have to pay maintenance costs, mortgage insurance, or property taxes. You don’t have to worry about finding yourself in negative equity. You don’t have to come up with a huge down payment, and you’re not throwing money away paying interest rates either.
- Loss prevention. Yes, ownership is a good investment, generally. However, as we saw in 2008, it can all come crashing down as well. When you rent, this won’t be of any concern to you.
- Budget planning. You know exactly how much you have to pay each month, and everything will be taken care of. In fact, a lot of people say that one of their main reasons to rent cheap apartment is because additional costs such as utilities and maintenance are included in their monthly rent. When you own a home, you have to pay everything yourself, and separately, making it very easy to forget something.
- Minimal risk. If you experience financial hardship and you fall behind on your rent, that is a serious problem. However, it is easier to avoid eviction in a rented apartment than in a purchased home. You won’t be foreclosed on, which would mean that you lose both your home and any equity you had already put in. Instead, you can access a variety of social services programs to help you get back on your feet. And missed rent payments don’t look as bad on your credit file as what a foreclosure does.
- Flexibility. If you rent, you can simply leave at the end of your lease. You don’t have to make improvements and hope someone will buy it. All you have to do is end your lease, pack up, and go.
- Independence. If you travel for work or pleasure, renting an apartment means that you don’t have to worry about who will look after your lawn in your absence, or how you will make your apartment look lived in. You have the freedom to come and go as you please.
- Easy living. When you rent, repairs and maintenance are all included in the rental price. This means you don’t have to break down walls, hire electricians, worry about weeds, shovel snow, or anything like that. Instead, there is a maintenance team available that will sort everything our for you.
- Amenities. It is quite common for apartments, even cheaper ones, to come with a wealth of amenities such as a pool, laundry room, and tennis court.
- Urban living. You have the opportunity to live right in the heart of a city. The added bonus is that this means you will be close to all public transportation networks as well.