10 Reasons To Rent Instead of Buy

December 27, 2022

You’ll Be Surprised at the Advantages

You’ll Be Surprised at the Advantages

Some people may make it a goal to own their own home. Owning a home can be extremely costly, making renting an apartment really advantageous. The following 10 reasons to rent may persuade you to put that purchase on the back burner.

1. Maintenance Costs and Repair Bills Aren’t Your Problem

We at Autumn Park apartments have full responsibility for all repairs, improvements, and maintenance. If a toilet leaks, you call us. We are required to fix it or replace it. Having no repair costs could save you hundreds, if not thousands, of dollars each year.

2. Indulge in the Amenities of Autumn Park of Medford, NJ

The amenities here at Autumn Park of Medford are enough to make the current homeowner sell their home. For no additional charge we offer an inground swimming pool with plenty of lounge chairs, a beautiful fitness center, grilling stations, and playground.

Enjoy a luxury clubhouse that touts a cozy fireplace, co-working space, coffee bar,  TV and kitchen area. These amenities would cost thousands of dollars for a homeowner.

3. No Taxes

A huge cost savings is property taxes – there are none! Property tax calculations are based on the value of the house and the amount of land you own. Think of the savings.

4. No Down Payment Needed

Renters have to pay a security deposit that is generally one month’s rent which is returned to them when they leave, providing there is no damage to the apartment.

On the other hand, purchasing a home typically requires a downpayment of 20% of the property value, not to mention the closing costs.

5. Location Flexibility

Buying a home may restrict potential homeowners only to areas they can afford. Living in big cities such as San Francisco or New York may never allow someone to afford a home or a flat; however, rent may be doable.

6. No Concerns Around Decreasing Property Value or Increasing Taxes

The value of real estate can fluctuate, but renters feel the effects far less if at all. If you buy a house and the value decreases, you’re losing money; on the other hand, if it increases, your taxes will increase right along with it.

7. The Flexibility to Downsize

Renters can downsize or upsize when their lease is up. But, if you own a home, selling can be a grueling process.

8. Fixed Rent Payment

Your rent payment is fixed for the entire length of your lease. If there is an increase at the end of your lease, you have forewarning and can budget as needed.

This also applies to homeowners with fixed-rate mortgages; however, if you have an adjustable-rate mortgage (ARM) it can fluctuate, which means your mortgage payment will increase. Again, something apartment dwellers need not worry about.

9. Lower Insurance Premiums

Renter’s insurance is much cheaper than homeowners insurance and covers just about everything – furniture, computers, and valuables. The average cost for homeowners insurance is approximately $1,250 per year, while renters insurance is a mere $180.

10. Lower Utility Bills

Most apartments are cozier than large homes making utility bills far less costly. Heat and electric bills will be a welcome surprise to the once-homeowner.

Bottom line – for those of us that don’t want the hassles of owning a home, the costs associated with upkeep, property taxes, and all the other money-eating issues that come with it, check out Autumn Park Apartments at Medford, NJ. Our beautifully-designed apartments are sure to please you. Contact us today!