The Gardens at Twin Hickory Blog

RSS Grab The Garden's RSS Feed

Get e-mail notifications of new blog posts! Enter email address below.

Delivered by FeedBurner


Why Renting is Better than Buying

- Monday, November 26, 2012

Many still think they need to achieve homeownership. While 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 an apartment in Glen Allen, VA as opposed to buying a house. 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 a property, your landlord is responsible for all maintenance and repair costs. Homeowners, on the other hand, are responsible for all of their own repair, maintenance and renovation costs.

Access to Amenities
Another financial benefit to renting is having access to apartment amenities that would otherwise be a huge expense. Luxuries such as a pool or a fitness center come standard at many apartment communities with no additional charge to tenants.

No Real Estate Taxes
An obvious benefit that renters is that they do not have to pay real estate taxes. Real estate taxes can be a hefty burden for homeowners and vary by county. Property tax generally determined based on the estimated property value of your house.
No Big Down Payment
Renters have the better financial deal upon signing. There is no huge down payment to move into a rental property.

Shaky Market Creating More Renters
While many experts claim the housing market is making a full recovery, others aren't so sure. An article written by International Business Times claims that as of yet the word 'recovery' is unwarranted. As foreclosures continue, many are scared off of buying. By renting, you are avoiding potentially owing a mortgage that is more than the house's worth.

Decreasing Property Value
Property values go up and down, and while this may affect homeowners in a big way, it does not affect renters. In a rocky housing market, renters are not as adversely affected.
Flexibility to Downsize
Today 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 their lease. When you are a homeowner, it is much more difficult to break free of an expensive house.

Fixed Rent Amount
Rent amounts are fixed for the span of the lease agreement. While landlords can raise the rent with notice, you are able to budget more efficiently since you know the amount of rent you are required to pay. Meanwhile, mortgages and the amount of the property tax can fluctuate.

Lower Insurance Costs
Renter's insurance is much cheaper than a homeowners policy and it covers quite a lot. The average cost of renter's insurance is just $12 per month. The average homeowner's insurance policy cost ranges between $25 to $80 per month.

Lower Utility Costs
It is often much more affordable to heat and power an apartment as opposed to a larger home. Rental properties typically have a more compact floor plan, and renters can expect lower utility costs.

The Bottom Line
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 your own home is a personal one. Before making a hasty move, review the details and make the financial decision that is right for you and your family.

For information on renting an apartment at The Gardens, contact us.

SF Gate

Recent Posts


ozone in Richmond Octoberfest Richmond moving pets, VA during a tornado fishing Richmond Fall Festivals Glen Allen wine tastings New Year's Eve Events halloween costume safety tips Richmond events festivals Halloween parade gift ideas Richmond area wine tasting, VA to do in Richmond new community Craft Beer Festival renting in Glen Allen, VA arts and entertainment calendar 4th of July parade catch and release day CHOCOHOLIC! apartment amentities Glen Allen, VA James River Cellars Winery renting potluck dinner tornado safety Virginia public schools apartment events Food Truck Court healthy kids maintenance and repair expenses car insurance rates buy or rent Anthem Moonlight Ride, Richmond rent tax deductions Richmond Bacon Fest AC care location renting or buying Ashland Stawberry Faire improve apartment air quality Thanksgiving pies Earth Day things to do in Glen Allen apartment in Glen Allen, VA free kid activities apartment safe place professional class lifestyle Festivals around Richmond lower car insurance rates Halloween festivals looking for apartments near Richomond potluck fitness room Summer Sounds free concert series buy a home now or rent Lewis Ginter Botanical Garden Valentine’s Day take a walk jazz festivals Great American Indian Exposition and Pow Wow rent an apartment St. Patricks Day Richmond Coastal Virginia Wine Fest private mortgage insurance Valentine's Dinner perfect home new apartment home christmas tree recycling Great American Indian Pow Wow apartment homes best jazz festivals on the East Coast free rent proximity to Richmond gas prices, VA St Patrick's Day events, Richmond, VA community event apartment decorating ideas Glenn Allen, VA live music in Richmond Chocolate events Rose Fest HHHunt Apartment Homes Arbor Day apartment decorating tips pub crawl Richmond tax deductions apartment community buy or rent a home Octoberfests in Richmond central virginia wine festival take a hike richmond va The Gardens New Year's Eve Events, Richmond Shokoe on the half shell festival Fouth of July make friends the right kind of exercise for dogs All Brass Kick Off Bash apartments in Richmond, VA New Years in Richmond, VA Richmond American Indian Pow Wow MOCA Art Show What is the cost to maintain a home St. Patrick's day Richmond hurricane Irene festivals near Richmond apartment living quality of life fall festivals, Richmond $25.00 gift card pet friendly apartments, VA Fall Line Fest Shamrock The Block 2011 Earth Day Festival apartment amenities June festivals in Richmond glen allen va Easter, Richmond moving to Richmond, VA apartment floor plans, VA Summer Sounds, Richmond Carytown Craft Beer Fest apartment living for dogs St. Patrick's Day Richmond Tacky Lights Christmas Tour relaxing The Gardens at Twin Hickory Apartment Homes bingo oysters St Patrick's Day in Richmond, VA Memorial Day, Richmond dining apartments near Richomond dogs for apartments where to eat Richmond, VA ways to stay cool, Richmond, VA Richmond Earth Day events in Richmond, VA Green Oyster Roast & Festival shopping centers Mother's Day gift ideas setting your AC things to do take charge of happiness Restaurants open for Thanksgiving Dinner pet friendly apartments apartments in Richmond financial tips Generation Rent Memorial Day recipes cooling centers things to do, Glen Allen apartments in Glenn Allen, VA things to do Richmond Richmond Folk Festival heat index in Richmond Cajun Fried Turkey Recipe neighbors voter registration application Fireworks Richmond va apartments James River Fish Fest cost to maintain a home do i need renter's insurance apartment amenities, VA where to buy Thanksgiving pies bands from Richmond car pooling, VA va valentines day richmond renter's insurance how to improve credit score memorial day weekend Richmond 's local bands Vibe Frost walking Richmond craft beer events kids health Central Virginia Food Truck Rodeo Virginia Memorial Day Hardywood Bluegrass Festival apartments reviews, Glen Allen, VA kids in Richmond Christmas Ride and Tacky Light Tour transferring to Glen Allen, VA heat warnings in Richmond Western Caribbean renting in Richmond festivals in Richmond three bedroom apartments in Ridgeland, SC carpooling, VA school bus safety 9th Annual Seafood Splash Virginia Wine Expo halloween events, Richmond housing market craft beer events in Richmond Dishcrawl Richmond air quality in Richmond Virginia Horse Festival moving to Glen Allen, VA moving closer to the city washing windows America's best roommate apartment fitness center 12 month leases First Fridays art walk Chesterfield County Fair festivals Richmond new home apartments in Glen Allen, VA announcements Dominion Riverrock, richmond summer vacation home office deductions keeping new years resolutions improve credit score increase happiness rent is tax deductible richmond fireworks best roommate Valentine’s Day, Richmond renting vs owning setting your thermostat luxury apartments pet friendly home ownership pets relocating to Richmond walking group renting vs buying fishing day PMI pool Glen Allen events Tacky Lights Christmas Tour Richmond Film Festival dogs in apartments tax deductions for renters exercise for the family seasonal decorating ideas events in Richmond Fireworks Virginia Beach Chill Fest Richmond singles making friends Richmond races catch and release fishing day two bedroom apartments in Ridgeland, SC decorating ideas November festivals, Richmond Night Out at the Diamond RVA Fit Party 4th of July waterparks, Richmond, VA air purifiers mother's day in Richmond rental decorating ideas free bowling cleaning the inside of your windows Richmond International Film Festival hurricane apartment air quality rent or own pool party apartment home living what to do around Richmond recreation Richmond Earth Day Festival free concert series, Richmond cruise for two apartment decorating March festivals Mother's Day outings lookiing for apartments in Glen Allen, VA tornado shelter clean and streak free inexpensive decorating ideas home office Valentine's day in Richmond running of the bulls tornadoes Restaurant Week candy corn recipes trees most patriotic city Halloween activities Valentine’s Day, Glen Allen three bedroom apartments in Glen Allen, VA craft brews Richmond Festivals Valentine’s Day Restaurants oystoberfest indoor air quality Richmond holiday events Earth Day 5K deciding whether to rent or buy Easter on Parade, Richmond Richmond Jazz Festival The Flying Squirrels Ice skating Crabbie's week in Richmond hurricane safety decision to buy or rent a home The Color Run March festivals, Richmond indoor air two bedroom apartments in Glen Allen, VA urban scavenger race St Patrick's Day events news renter tax deductions rent Halloween events relocating Glen Allen labor day events hiking trails near Richmond before a tornado meet neighbors Crabbie's Ginger Beer Food Truck Rodeo Richmond Wedding Expo Botanical Garden Glen Allen, VA Richmond area festivals art events in Richmond wine festivals get fit family event arts and culture xpo choosing a pet property and maintenance staff Richmond's Flying Squirrels apartment news Snow Days Festival the gardens at twin hickory holiday spirit things to do around Richmond date ideas Richmond Restaurant Week exercise find a home hurricane recovery tips luxury apartment community new years resolutions Richmond, VA benefits in Richmond, VA summer activities for kids Earth Day Festival one bedroom apartments in Glen Allen, VA Richmond oktoberfest Israeli Film Festival Halloween recipes why rent transferring to Richmond, VA things to do, Richmond renting or buyiing floor plans, VA cupcakes renting in retirement one bedroom apartments in Ridgeland, SC grilled burgers recipes renters market reviews of apartments in Glen Allen, VA halloween safety tips increase gas mileage, VA renting in Richmond, VA Richmond jazz fest apartment hunting in Glen Allen, VA things to do in Richmond state parks near Richmond valentines day date ideas Jewish Food Festival Richmond holiday lights richmond apartments glen allen apartments Valentine’s Day Dinner Great American Indian Festival Richmond food truck court Mother's Day ideas #HowYouLive home maintenance and repair expenses Support Virginia Green Oyster Roast & Festival rent or buy Beer, Bourbon & BBQ Festival Octoberfest in Richmond city for professionals Christmas events in Richmond best place in VA to raise a family Richmond 's top local bands recycle Christmas Trees St. Patrick's day events Richmond