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


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