For many years, young adults were encouraged to buy homes as soon as possible. Renting an apartment, it was said, is just throwing your money away while you could instead be paying into a mortgage. But while homeownership does have its benefits, there are times when renting really is a better choice. Here's a look at a few advantages of apartment dwelling over homeownership.
You can pick up and move a lot easier.
Especially when you're young and getting settled into a career, you may need to switch jobs a few times. These days, job-jumping is becoming more popular, as more people skip from one company to another to build their resumes and skills. If you own a home, you'll have a hard time picking up and moving to another state or county if a better job falls in your lap. You'll have to sell your home first! When you live in an apartment -- especially if you have a short-term lease -- you can pick up and move with much less notice and hassle, making it easier to get ahead in your career.
You won't have unexpected repair costs.
When you have a home, Murphy's Law says something big will break when you don't have the money set aside to replace it. This could be a roof leak, a broken furnace, or a broken window. These repairs add up, making the cost of homeownership much more than your monthly payment would suggest. As a renter, you don't have to pay for repairs -- your landlord does -- so you don't have to face unexpected expenses or emergency repairs. Not to mention, it's a lot easier to just call your landlord than to get estimates from three different roofing repair companies and try to schedule a roof replacement!
You don't have to do yardwork.
Maintaining a yard is a lot more work than you might imagine. You don't just have to mow the lawn. You need to trim bushes, power wash the driveway, rake up leaves, and weed garden beds. You'll pay an arm and a leg to hire a landscaping company to do this if you don't have the time to do it yourself as a homeowner. Luckily, when you rent, yardwork is typically the responsibility of the landlord.
Before you say "no" to renting, consider the advantages above. Contrary to what your grandparents might have told you, renting is not throwing your money away. It's paying the same amount or a little more to have greater freedom and a more predictable expenses. Consider looking for apartments or houses for rent rather than purchasing a home.