Are you a renter or a buyer? More than a third of US households live in rental housing. That’s over 100 million people renting homes, apartments, and other properties around the country. And that number is growing.
When deciding between renting vs. buying, it’s important to know all the facts. If you are looking for an option that is less expensive with fewer responsibilities and more freedom, renting is for you! Keep reading to learn more.
Buying a home comes with a lot of expenses, some more unexpected than others. From regular maintenance to insurance to taxes to utilities, the costs add up and sometimes fluctuate.
Renting, however, is more consistent. The costs are the same month to month, and your upfront costs with renting are lower. Typically, you are required to submit a deposit equal to a full month’s worth of rent that you will have returned to you when you move out (assuming you haven’t damaged anything). When buying a house with a mortgage, you usually are required to submit a 20 percent down payment. Additionally, with renting, your long-term costs are lower, especially when it comes to insurance. One 2017 study by the Insurance Information Institute found that the average renter’s insurance policy costs $180 per year, while the average homeowner’s policy costs $1,211.
Life’s surprises come in all shapes and sizes. Sometimes they are in the form of a broken water heater (who doesn’t love a cold shower?), and other times they come crashing through your window in the form of a baseball (broken glass and a window replacement? Fun!). If you’re renting, though, you aren’t responsible for the repairs when the unexpected happens. You can sit back and let your apartment take care of it!
At Park Del Amo Apartment Homes, our staff is prepared to help with repairs. When you report that something needs attention, we will work to take care of it so that your home stays in pristine shape.
More Flexible Moving Dates
One of the greatest differences between renting vs. buying is the freedom that renting gives you. A house mortgage can tie you down for 30 years, while signing an apartment lease can tie you down for a year or so.
“Regardless of age, mobility is one of the top reasons people decide to rent,” says Robert Pinnegar at The Washington Post. “For millennials just entering the workforce or in the process of building their careers, the ability to relocate is a major factor. Even if they are in a financial position to purchase a home, millennials may choose to rent to have the flexibility to take advantage of new job opportunities as they arise.”
At Park Del Amo Apartment Homes, we want to take care of our residents. We are always sad to see you leave, but we have implemented a loyalty program to help you in your next move. If you move from Park Del Amo to another AMC property or vice versa, we’ll give you $250 to help support you in your move.
With fewer costs, less responsibility, and more freedom, it’s easy to see the differences between renting vs. buying. At Park Del Amo Apartment Homes, our goal is to make coming home the best part of your day. Call us today to see what renting can do for you.