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


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