Are you debating whether or not to buy a house or rent an apartment? While buying a home is the long-term dream of many, there’s a lot of advantages that come with renting instead of buying. If you are on the fence about which to do, check out this helpful guide to discover the best advantages of renting a cheap apartment instead of buying.
The Price of Buying a Home vs. Renting a Cheap Apartment
One of the most obvious benefits deciding to rent instead of buying is the total cost. While renting a cheap apartment might have its own set of hurdles, like utilities, security deposits, and application fees, these costs all combined still do not compare to the astronomical cost of making a down payment. Not to mention, monthly rent is usually much cheaper than the cost of a mortgage. Lets also not forget about the closing costs, plus the price of repairs, property taxes, and Homeowner’s Association expenses. If you are a homeowner, you also have to buy all of your own appliances, whereas almost all rental properties come with appliances that are already built-in.
Flexibility with a Cheap Apartment
Another reason to rent a cheap apartment instead of buying is because of flexibility. If you wish to pack up and move across the country, it is a lot easier to break or wait out a lease than to sell a home ultimately. Plus a majority of leases are for only a year, it is not as hard to find a lease for six months, three months, or month to month these days, making your living situation a bit more flexible.
As an apartment renter, you are responsible for paying your rent and utilities on time and not destroying the place. As a homeowner, you are responsible for a lot more. On top of mortgage payments, you’re also responsible for paying the property taxes, maintaining the house, and staying up to date on repairs. While this may not seem like a huge deal, these issues and repairs can end up costing you more in the long term.
Ready to Rent?
There is no doubt buying a house is a big life decision. But you have to know whether or not it is right for you. Of course, there isn’t a single correct answer for everyone, but if you are looking for a more affordable living experience, consider renting a cheap apartment.
Come Home to Comfort and Convenience at Prescott Square Apartments
Nestled in the wooded hills of Pikesville, yet just moments away from Baltimore, Reisterstown, Randallstown, Millford Mill, Gwynn Oak, Old Court, Owings Mills, Garrison, Lochearn, and Windsor Mill, Prescott Square Apartments offers spacious apartment living spaces for everyone! We offer two-bedroom homes with wall-to-wall carpeting/hardwood flooring, central A/C, access to oversized patios/balconies, and maintenance whenever you need it. To set up an appointment to take a look at our apartments, call us at 443-213-8584 or visit our website!