When asking the question is it better to rent or buy, it is almost like asking which came first, the chicken or the egg. The answer to this question, of course depends on where you live and who you are. When it comes to big cities however, the benefits of renting can far outweigh those of buying. In places like New York City, where rental apartments offer tenants unique facilities, luxurious spaces, stunning views, and in-the-heart-of-it-all accessibility, Manhattan rental apartments can be all the rage. Here are ten reasons to rent instead of buy:
1. Mortgage Free Means Worry Free: When it comes to renting, you don’t have to worry about the changing market leaving you with a house you can’t sell or a mortgage you cannot pay. Instead of trying to predict the future of the housing market, you can get piece of mind in renting.
2. No Maintenance Costs: When you own, you are responsible for everything. When you rent, you only need to pick up a phone and contact the property owner when something goes wrong. There are even rental apartment spaces where the maintenance is so incredibly good, that you don’t even need to change a light bulb.
3. Clean and New: Property owners often make upgrades to their rental apartments to attract new tenants. When renting, improvements that have been made become part of the rental fee, unlike the money that comes out of your own pocket to make upgrades when you buy.
4. Ability to Get Up and Go: If you are the non-committal type or move often because of work, renting is the obvious choice. It is good to remember too that renting means you can keep moving up to more accommodating and deluxe digs.
5. Cheaper Insurance and No Property Taxes: Renters insurance is exceedingly cheaper than homeowners insurance. Factor in the cost of property taxes, which are covered by the property owner, and that means more money in your pocket.
6. Community: Of course we can get to know our neighbors in our neighborhood when we own a house, but in a rental apartment, you have many more chances to socialize and meet people then you otherwise would.
7. Amenities: Access to amenities that you would not normally have access to, is a great benefit of renting. Fitness centers, pools, lounges, surround-sound theaters, and even playrooms for kids, all in one convenient location and right outside your door is a huge advantage to rental apartments.
8. Location, Location, Location: If you can’t find a house in the neighborhood where you want to buy, most likely you can find an apartment. Location is everything and renting an apartment means you can be where you want to be.
9. Parking and Taxi Service: Finding off street parking and driving in any major city can be a headache. Rental apartments often offer parking packages and your own designated space. In addition, front door taxi service makes getting around town comfortable and easily accessible.
10. Freedom to Invest Elsewhere: As an alternative to the money pit a home can be, you can consider other potential investments. Instead of using your savings to pay for that new water heater or to fix the leaky roof, you can find new and exciting entrepreneurial ventures, or even become a backer in your friend’s brilliant business venture.