It’s official! 2017 is the year of the renter. And if you agree with The New York Times that this is your year to become a renter, you’ll find that making the choice between renting and buying isn’t always as simple as a news headline makes it sound. Before you sign on any dotted lines, read on to learn why paying a rent over a mortgage may be right for you.
Choices, Choices, Choices
A house is like a Redwood. It’s planted pretty firmly in the ground, and you either take it as it is or you leave it.
If you prefer to have more options when choosing where to live, such as location, building type, and amenities, renting could be the perfect match. When you rent, everything is a possibility. You simply keep combing through the listings until you find one that matches as closely or perfectly as your dream living situation.
When You Gotta Go…
Congratulations! You just got into medical school. Or met the love of your life. Or got the job of your dreams. Only problem? They’re all the way across the country and they need you there NOW. When you’re renting, that’s hardly a problem. The worst thing you’ll encounter is having to break a lease (usually loss of the equivalent of one month’s rent).
When you own a home, your roots are as firmly planted as a tree. You’ve got to sell and let’s face it, this isn’t a great time for home sales.
Can you risk missing out on school, love, jobs? Times are so uncertain, so the fluidity of being a renter just works with our shifting world.
Renting: The Newest Social Network?
While it’s true that many larger apartment communities do have some form of intranet or online group for residents, we don’t mean to say that rentals are going to surpass Facebook or Instagram.
But, renters often get to enjoy a bit of community in their neighborhood. Depending on where you move in, you may find activities like:
- Pizza parties
- Pool events
- Movie nights
- Holiday parties and giveaways
- Message boards to advertise (or respond to) babysitting, adoptable pets, and walking partners
Papers and Signing and Checks, Oh My!
Quick show of hands: How many of us have known people who moved into apartments on the same day they rented them? Yep, almost everyone.
You really can’t do that with a house. There’s the whole thing of “escrow,” which involves a lot of time sitting around a table with lots of lawyers, lots of papers to sign, and lots of checks.
Despite how ready you are and if all your boxes are packed, there are things like inspections, evaluations, property and deed transfers, and so much more that goes into owning a home.
Buying is not a quick process. Becoming a renter, though, can be.
You Can Do So Much with So Little
So you’ve gotten bit by the small space living bug. Who hasn’t?! But so much of the glory has gone to the small space home kits, which you have to buy, build, and then you own.
Well, guess what?
You can still enjoy the benefits of renting when you rent small. In fact, the Massachusetts Institute of Technology calls small apartment spaces the “Apartment of the Future.” And because this is your space, you get to decide what to do with it. Take advantage of some of the super trendy tricks out there to make your space look huge or keep it as cozy as you prefer.
Get Ready to Rent!
Now you know why so many people choose to rent an apartment vs buying a home. Ready to sign your lease on the dotted line? Great! We are available to help and answer questions about rentals at any time. Get in touch with us. You can send us a form, email, call, or even fill out a rental application. We hope to have you in an apartment soon!