Are you debating whether to buy or rent? This is more than a financial decision. Below are some advantages to renting an apartment in Glen Allen, VA.
- Unstable Economy – The worst case scenario for homeowners (other than foreclosure) is owing more than the value of a home in the marketplace. By renting a home, consumers can protect themselves from a shaky market and the very real possibility of accumulating more liability than capital gain. Rent is typically fixed for a certain term, and while that rent can increase with each new contracted term, it is still a fixed amount that the renter can depend on in their monthly budget.
- Lower Costs – Renting a home considerably decreases the costs of maintenance, insurance, and utility expenses. Quite often renters are also removed from responsibilities such as homeowner dues (but still can reap rewards of community enhancements that come with the rental property). Apartments can make the perfect home with the amenities they want. You can choose a desired area with a pool, exercise facilities, business center.
- No Down Payments – The down payments on purchasing a home usually deplete a large portion of a home buyer’s savings. By renting a property, consumers can slowly accumulate savings to later convert from a rental situation to a becoming a homeowner. During the rental period, you can improve your credit while gather savings for the down payment.
- No Property Taxes – Depending on your location, renters can usually reap the benefits of living in a higher rated community with better schools, while not paying the proportionately higher tax rate of the property area. An increase in property appraisals can directly affect your tax rate.
- Ability to Relocate – Many residents chose to rent rather than own to avoid feeling “tied down” to one location. Whether a transfer of employment location is possible, or a relationship with a partner is unstable, there are many reasons you may prefer to rent a home or apartment. People don’t want the hassle of owning a home – or they feel the market is unstable.