Renting vs. Buying: What’s Your Best Bet?
Why Rent? Lets look at the facts…
- LOWER DOWN PAYMENT – The number one benefit of renting an apartment is that you don’t have to save for a large down-payment. When buying a home, you will have to make a deposit of at least 5% of the purchase price. However, when renting an apartment, you only have to make a security deposit equal to half of one month’s rent.
- LOWER MONTHLY COST – When you buy a home, you have to pay for both the monthly mortgage payment, property taxes, and regular building upkeep. This is more than the rent you would pay if you were a resident..
- DON’T WORRY ABOUT MAINTENANCE – The cost of maintaining a property is paid for by the landlord. Maintenance is a big cost of owning a home, which you can avoid if you become a resident of Langley Apartments.
- APPLIANCES ARE FREE – Appliances can be very expensive. When you rent an apartment, appliances are included! However, if you buy a property then you have to purchase appliances such as a fridge, stove, and microwave and pay for the maintenance to repair or replace them as they age.
Stirling’s Dr Isaac Tabner, Senior Lecturer in Finance and Director of the MSc in Finance, said: “It is often thought that buying a house makes more financial sense in the long run: however, renting is frequently more worthwhile than buying for financially-constrained households, as well as households likely to relocate within 10 years.
Read more at: https://phys.org/news/2017-01-benefits-renting-home-underrated.html#jCp
