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Sincerely, Simpson | Simpson Housing & Simpson Property Group Blog | Apartment Hunting Tips | Saving Money
Renting vs. Owning

July 19, 2021

The age-old question that is always asked is, “Is renting better than buying a home?”. We all want to put our money towards the best and most cost-effective housing option. Here are reasons why renting is better than owning. Check out the list below!

 

  • Expenses for repairs or maintenance – What comes with renting an apartment is not having to fix or work on things that need to be repaired. Repairs and maintenance take time away from doing the things that you want or need to do. This also saves you money from fixing something yourself.
  • Up-front costs – The upfront costs of owning a home can add up! The closing costs from buying a home are expensive and so is the down payment on the house. With renting, you are not having to pay for closing costs or down payments, usually just a deposit prior to moving in!
  • Utility bills – Utility bills are a hassle and can be expensive when you own a house. Renting an apartment, the utility bills are smaller because the space is smaller!
  • Moving – When your lease expires on your apartment, moving is less stress and less heavy lifting than having to move an entire house of things!
  • No long-term investment – Living in an apartment is less of a commitment than owning a house. Most apartments are leased for about a year which allows for less of a commitment from the side of the resident. Whereas if you own a home, you are likely to be living there for more than a year and if you decide to move you are dealing with having to put your house on the market and sell.
  • No property taxes – Another perk of renting is not having to pay for property taxes! This will help you save money over the long-term.
  • Insurance – The insurance costs for renting are much lower than homeowner’s insurance costs. In this ValuePenguin article it states that, the average cost of homeowners insurance is $1,083 annually. But, ValuePenguin also states that, the average cost of renters insurance is $187 annually.

 

If you are looking for a new home, be sure to check out our communities here.

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