Jun
11

The Advantages of Renting vs. Buying

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The Townhouse Apartments in StamfordFor many people, owning their own home is the ultimate manifestation of a successful life: they did all the right things, made all the right moves and managed to save up enough money to afford a down payment and mortgage. However, deciding to rent a home instead of buying can still be an attractive option for those who are successful but want to be smart about perhaps one of the biggest decisions one has to make in life. And now, despite all the housing experts encouraging everyone to buy, buy, buy, there are still many advantages to renting.

For one, the cost of living is significantly lower than owning a home; there are no maintenance costs or repair bills, since the landlord is typically responsible for such occurrences. Additionally, the cost of utilities is lower, and sometimes these bills are even included in the rental price, so renters aren’t surprised by their bills each month.

Speaking of surprises, renters don’t have to worry about unforeseen changes to the market. For their home-owning counterparts, however, the property value on a home is always at risk of decreasing, which can potentially cause them to owe a mortgage that is more than the house is worth (also known as an “underwater mortgage”).

Renters also don’t need to be concerned over paying direct real estate taxes and obtaining a large sum of money for a down payment and closing costs. Except for first month’s rent and security deposit, the landlord will have already included all applicable taxes and fees in the agreed-upon cost.

Besides the lower costs, renters also enjoy more amenities such as child day care, spa facilities and concierge services. Furthermore, they may also experience a greater sense of community than those who choose to buy; many rental properties offer resident activity programs that help neighbors interact and get to know one another, which can create a feeling of security in knowing that everyone is looking out for one another.

When it comes down to it, the decision to rent versus buy is completely up to the individual. While the low-maintenance, less stressful alternative of renting may work for some, others may find that buying a home is the best option. And, if you’re still not sure if now is the right time to buy, you can always choose a flexible rent plan to allow time to save up for that down payment and decide where you eventually want to settle.

If you’ve chosen to rent, The Townhouse apartments are the place to be in downtown Stamford. These high-rise apartment buildings offer apartments complete with gourmet kitchens offering granite countertops, in-home washer and dryers, hardwood floors, oversized bathtubs and much more. To learn more about The Townhouse apartments, stop by the leasing center at 112 Hoyt Street, call 203-325-3848 or text or call Desiree at 203-223-1665.

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Categories : Apartment News, News

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