A big part of growing up is moving out and living on your own. Finding a place to live can be stressful and the idea can be daunting, but it does not have to be! You will face the challenging question of whether it is better to rent your first place or to buy. While there are certainly pros to both of these options, find out more about the benefits of renting!
One of the perks of renting is the low maintenance that comes along with it. When you own a home, if something breaks or goes wrong, you are responsible for hiring a professional to fix it or you have to purchase the supplies to resolve the problem yourself. This can become costly. When you rent, there is a maintenance team for you to depend on if something goes wrong. Having this feature available helps decrease the stress that homeownership can cause, especially if you are trying to save.
While it can vary, another pro of renting is the monthly cost of rent is typically less than a mortgage payment plus applicable fees. This gives you the opportunity to save up your money to eventually own a home, go on that dream vacation, or add to your retirement fund.
With renting often comes flexibility. Life happens and sometimes things come up such as new job opportunities, family emergencies, downsizing, etc. Renting gives you that relief of flexibility. Most leases are 12 months commitments, so find out if there are lease break fees and/or opt in options to take advantage of so you are not locked in for a full year unnecessarily. Of course, the benefit to being “locked in” is that the rate won’t be changing in the middle of the lease term! Flexible renting is much less of a hassle and will not make you feel as tied down or stuck in one place.
If you rent an apartment, a big perk are the amenities that come with your apartment community. Your community may have a fitness center, a pool, a playground, etc. Gym and pool memberships can be expensive. It is definitely a money saver to have those features included in the rent. Not to mention, this is a great way to meet your neighbors and enhance that feeling of community. Take advantage of the community atmosphere created for renters, and attend their monthly resident functions… what a great way to meet your neighbors!
Low maintenance, flexibility, amenities, and saving money are all awesome perks that come with renting. Aside from these reasons, renting has many other positives. Find time to conduct your research, write a pro/con list, and give yourself time to figure out what is the best for you and your situation. Whether you are renting an apartment, a condo, or a house, make sure it is somewhere you feel comfortable calling home!