(5) Reasons It Can Be Better To Rent Than Buy A Home
WHEN DOWNSIZING MIGHT NOT BE NECESSARY
A day does not go by where the term “downsizing” is not heard in our industry. Even if someone is not looking to move from a larger abode to a smaller one in the near future, many are tossing around the idea. What is refreshing to us is that it’s not just us “older baby boomers” pondering living larger in smaller homes but also some pretty savvy younger groups.
Here’s a novel idea…what if we never “upsized” and therefore didn’t need to “downsize”? We know just a group who has this figured out. We are always excited to be asked to help them develop a plan to make their homes the perfect LBD for them!
WHO ARE WE TALKING ABOUT?
APARTMENT DWELLERS!
What?! Do people living in apartments use designers and decorators? You bet they do! They are some of our best DIY clients who use our services to help them be creative with plans on how to max out a space without doing major renovations. Pretty smart isn’t it? We think so and can’t wait to get a new opportunity to get to work. But how do you know if you can live in an apartment leased vs a home owned? Let’s take a look at how this could work for you and why we admire our living large in small spaces clients!
# 1
You are committed to your decision and you want to be in control of your time.
You acknowledge you’d rather sit in a cozy, off the beaten path, coffee house and enjoy this smooth beverage while reading a vintage novel than take care of a home. You savor your downtime from work in a place like this with jazzy blues in the background that are only interrupted by the clinking of real silverware on the real glass cups and saucers. You get the idea whether you are a coffee drinker or not.
You don’t want to be mowing grass, cleaning gutters, painting interior or exteriors, shoveling snow…the list of weeknight/weekend time suckers goes on and on with homeownership.
Homeowner Friends – “But apartments are small and don’t you want an outdoor space?”
Small, outdoor balconies can become extensions of the living area, very chic and oh so easy to maintain!
#2
You like knowing what your housing costs are going to be each year.
Yes, in many cities, a monthly mortgage payment can be less than the monthly rent. The difference is that a homeownership also comes with property taxes, higher insurance, and possible HOA responsibilities all of which can increase substantially each year. Rents can be negotiated and set annually. Landlords love a good renter and relationships can be mutually beneficial.
Homeowner Friends – “I couldn’t live with beige walls and carpet!”
Really?
Homeowner Friends – “ I wouldn’t know what to do with white walls.”
White walls equal endless possibilities! Area Rugs and Art will transform any space.
#3
You’ve got other plans for your hard earned cash.
An appliance stops working, furnace and air conditioning working in reverse, a pipe breaks causing costly repairs? You’d much rather make a phone call to the management company than make payments on a large ticket item or an appointment with a home equity loan officer.
Homeowner Friends – “You can’t change anything in an apartment.”
You’d be surprised…especially with private landlords. Ask about painting a neutral color and adding a statement light fixture. Of course you will pay for the upgrades, and possibly have to restore the unit back to original when you depart, but it can help you customize the space. Depending on your plans for staying in the unit, the cost could bring years of enjoyment. Happy tenant…happy landlord.
#4
You don’t like being a being a bad guy.
You neighbors dog left a present in the yard and the owner pretended not to notice. The teenage son of another neighbor had a loud party on a Tuesday while his folks were in Spain. Mr. Sweaty won’t wipe off the gym equipment when he is through! As a renter, you can make a call and vent in private letting someone else do the dirty work.
Homeowner Friends – “Hmm…I like this!”
#5
You get restless.
We’ve established because you are a renter you have more time than a homeowner and you’ve mastered your budget. Therefore, you will have the opportunity to travel and explore…maybe even in your own city. See a new neighborhood, or learn of a fantastic apartment coming up for lease, and you can make a move without too much trouble. Fall in love with a new city, or country and you are on your way!
Homeowner Friends – “Wow…this is an apartment?!”
So maybe apartment living means more time to do the things that make you “You”!
Don’t Forget The Art!
Does this “Art” Make My Wall Look “Big”?
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Thank you for a great article, your advice will be very helpful for me.
You are welcome!