Renting vs. Buying: Three Ways Renting Comes Out on Top
Considering renting? Over 100 million Americans are renting, so let’s talk about why. For renters, upfront and long-term costs are lower, maintenance is easier, and moving is more flexible. In the toss-up of renting vs. buying, renting might just come out on top! Keep reading to learn more.
Upfront and Long-Term Costs Are Lower
When you add up the upfront costs and costs over time for renting vs. buying, renting turns out to be more affordable. For starters, a mortgage usually requires a 20 percent down payment, while a rental lease only requires a security deposit, usually equal to one month’s rent. Then there are long-term costs, like property taxes (which renters don’t need to pay) and insurance. Here, renting takes the cake, too! According to a 2017 study by the Insurance Information Institute , the average renters insurance policy costs $180 per year, while the average homeowners policy costs $1,211.
Maintenance Is Easier
In the renting vs. buying debate, maintenance is a big point in favor of renting. When the unexpected happens, like something in your home breaking, it’s good to know that someone else is responsible for making repairs . For example, at Countrywood Apartment Homes, our knowledgeable and friendly staff sets to work to make repairs as soon as you report that something needs attention. No last-minute trips to the hardware store for you!
Moving Is More Flexible
Something great about renting is how short the leases are compared with the much-longer term of a mortgage. With a relatively short lease, renters are free to pack up and move whenever a new opportunity presents itself.
“Regardless of age, mobility is one of the top reasons people decide to rent,” writes Robert Pinnegar at The Washington Post . “For millennials just entering the workforce or in the process of building their careers, the ability to relocate is a major factor. Even if they are in a financial position to purchase a home, millennials may choose to rent to have the flexibility to take advantage of new job opportunities as they arise.”
To help make sure you can hit the ground running if you ever move away from Countrywood Apartment Homes, we instated our loyalty bonus: If you move from Countrywood Apartment Homes to another AMC property or vice versa, we’ll give you $250 to help make sure you are taken care of.
With lower costs, easier maintenance, and more flexibility with moving, it’s easy to see why more and more people are choosing to rent. At Countrywood Apartment Homes, we’re here to make renting a great experience for you! Stop by and visit us to see why renting might be the right choice for you in the renting vs. buying choice.
