The Gardens at Twin Hickory

4700 The Gardens Drive, Glen Allen, VA 23059
Call: 888-621-8872 (804) 364-3649 Email UsTheGardens.CommunityWebsite.HHHunt@aptleasing.info View Map

Opens: Monday-Friday: 9A-6P | Saturday: 10A-5P | Sunday: 1P-5P

The Gardens at Twin Hickory Blog

Renting is Better than Buying

Joseph Coupal - Tuesday, July 25, 2017

The Gardens, Glen Allen, VAWhile both renting and buying have their own sets of financial advantages, renting does appear to have an edge when the economy is poor. There are tremendous financial benefits to renting as opposed to buying a house of your own. Here is a look at 10 reasons why renters have the better financial deal over homeowners.

No Maintenance Costs or Repair Bills

A definite advantage that renters have is that they have no maintenance costs or repair bills to pay off. When you rent, your landlord is responsible for all maintenance and repair costs. If an appliance stops working or your roof starts to leak, you do not have any financial responsibility to have these things fixed.

Access to Amenities

Another financial benefit to renting over buying a house of your own is having access to amenities that would otherwise be a huge expense. Luxuries such as an in-ground pool or a fitness center come standard at many midscale to upscale apartment complexes with no additional charge to tenants.

No Real Estate Taxes

An obvious benefit that renters have over homeowners is that they do not have to pay real estate taxes. Real estate taxes can be a hefty burden for homeowners.

No Big Down Payment

Another area where renters have the better financial deal is upon signing. You do not have to have a huge down payment saved up to move into a rental property. While the exact amount you need to move in varies from case to case, the total amount is significantly less than you would need to buy a house.

Shaky Market Creating More Renters

While many experts claim the U.S. Housing market is making a full recovery, others aren't so sure. An article written by International Business Times claims that the market is just now stabilizing and the word 'recovery' is unwarranted.

Decreasing Property Value

Property values go up and down, and while this may affect homeowners in a big way, it does not affect renters. Home value determines the amount of property taxes you pay, the amount of your mortgage and more. In a rocky housing market, renters are not as adversely affected.

Flexibility to Downsize

In today's economy, many people struggle to make ends meet. By renting, you have the option to downgrade into a more affordable living space at the end of the lease. When you are a homeowner, it is much more difficult to break free of an expensive house because of the fees involved with buying and selling a home.

Fixed Rent Amount

Rent amounts are fixed for the span of the lease agreement. This means you are able to budget more efficiently since you know the amount of rent you are required to pay. Mortgages and the amount of the property tax can fluctuate.

Lower Insurance Costs

While homeowners need to maintain a homeowner's insurance policy, renters would be wise to invest in a renter's insurance policy. Luckily for renters, renter's insurance is much cheaper and it covers quite a lot. The average cost of renter's insurance is just $12 per month.

Lower Utility Costs

It is much more affordable to heat and power an apartment or small rental home as opposed to a larger home. Rentals typically have a more compact floor plan, and renters can expect lower utility costs.

The Bottom Line

While owning a home may be beneficial over a long period of time, for many people renting is the better option. There are plenty of examples that show how renting can save consumers a considerable amount of money. The choice of whether to rent or buy is a personal one. Before making a hasty move, make the financial decision that is right for you and your family.

For more information on apartments in Glen Allen, VA, contact The Gardens.

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The Gardens at Twin Hickory

4700 The Gardens Drive, Glen Allen, VA 23059

Call: 888-621-8872
Email UsTheGardens.CommunityWebsite.HHHunt@aptleasing.info
View Map

Opens: Monday-Friday: 9A-6P | Saturday: 10A-5P | Sunday: 1P-5P

$1,049-$1,481