Are you looking into renting an apartment or buying real estate but aren't sure which is the best choice for you? Buying is not always the best option for everyone, and renting does not have to be throwing money away, as some people would have you believe. Here are some benefits of renting instead of buying.
You Can Discover the Area
Renting gives you a good opportunity to discover an area that you would like to live in. Since buying a house is such a large financial commitment, it can be stressful to decide on an area to live in without doing some research. Renting will give you an opportunity to see if you like an area before you decide to make a big purchase.
Renting can help you discover what the daily commute is like to your job, what the neighbors are like, if public transportation is good, if you enjoy the selection of local businesses, and other things of that nature. These are all aspects of a neighborhood that you may not fully be able to evaluate until you live in the area for a while.
You Don't Need a Large Down Payment
One large financial commitment of buying a home is that it requires a large down payment. If you hope to get the best interest rate offers and avoid private mortgage insurance, you'll need at least 20% of the home's value as a down payment. You may not have the cash to do this, so you can hope to save up for a while until you can afford a 20% down payment.
Renting will usually only require a single month's worth of rent as a security deposit. This financial commitment is much more practical for someone just starting out their career without a lot of money in their savings account.
You Don't Want to Stay in the Apartment Very Long
Renting gives you the flexibility of being able to leave as soon as your lease is over. There is no cost associated with selling a home, no need to find a buyer, and no stress with leaving the apartment. You can pack up and move without having to decide what to do with your old place. This is perfect for people that don't want to stay in the same area for very long, whether that's because they will be changing jobs, moving in with a significant other, or planning to move someplace bigger to accommodate a family.
If these benefits interest you, start checking out apartments for rent today.
Once you sign the sale contract with your listing agent, there's a good chance that things will start moving quickly. Your agent will want you to stage your home for the listing photos, open houses, and showings. If you've never experienced the staging process, you may not know exactly what to do or where to start. The information on this site will help you to not only understand what's expected of staging but also offer tips for you to maximize your efforts without investing a lot of time. I hope the information here makes your home sale process a little bit less confusing and a little easier to manage.