When faced with the rent vs. buy question, more and more people are turning to renting. More than 100 million people—making up 34 percent of America’s population—live in rented housing. With the benefits that renting can provide, it’s understandable that so many people would find renting to be the best answer.
There are a lot of reasons to rent vs. buy, whether you rent for a while until you decide to buy a home or you prefer renting over ownership. Finances, less upkeep, and the ability to move to new digs more often are all reasons people may steer clear of ownership. Keep reading to learn more.
Move On Your Timeline
Adults in the United States are expected to move an average of nine times. When you find yourself on the move every couple of years, owning a home can be an obstacle. A comparatively short lease offers more flexibility than a 30-year mortgage for people who need to move more often. The surprise addition of a little bundle of joy, or a new job opportunity in another area are great reasons to need to move. When moments like these catch you by surprise, it helps to have some wiggle room to move to a new place if you need to.
We hope to have you with us at Summerwood Apartments for as long as you need, but we understand that life often brings change. To help you when those changes come, we offer a loyalty bonus: If you move from Summerwood Apartments to another AMC property or vice versa, we’ll give you $250 to assist you with the transition.
Sometimes, life comes at you fast, like in the form of a baseball crashing through a bedroom window. When the unexpected happens, it’s good to know that you’re taken care of—that someone else is responsible for making repairs. For example, at Summerwood Apartments, we have knowledgeable and friendly staff who are trained and certified to make repairs. That’s much preferable to making a trip to the hardware store, isn’t it?
See Lower Costs
No matter where you live, your monthly payment to put a roof over your head will take a significant chunk out of your bank account. When you spend so much money on housing, it makes sense that you want to get the most bang for your buck. Renting and buying are both good options, but it is important to look closely at costs to determine which is best for you.
Buying a home requires a down payment of up to 20 percent of the total price. After you buy the home, you’ll have the added cost of property taxes, maintenance, and insurance along with your mortgage. Renters won’t need to worry about property taxes, and renters insurance costs about $180 a year instead of $1,200 for homeowners insurance. The initial costs of renting are also lower, consisting of a security deposit that may be refundable. Given the overall cost differences, it isn’t a surprise that 82 percent of renters said it was more affordable than owning in 2019.
Being able to move when you want, paying less over time, and spending less time on home maintenance are good reasons for people to rent vs. buy. At Summerwood Apartments, we want to make coming home the best part of your day; give us a visit and see what the benefits of renting can do for you.