When deciding whether to rent or own, it’s important to consider what type of arrangement works best for your lifestyle. How much you have in savings and how long you plan to stay are inarguably the two biggest factors. Here are a few more questions to consider before making the commitment.
Who handles maintenance and repairs?
As a homeowner, you’re responsible for handling everything from plumbing and HVAC to pest control and landscaping. If you aren’t very handy yourself (no shame-- many of us aren’t!), do you have time to coordinate service provider visits? Renters, on the other hand, aren’t responsible for maintenance or repairs. If you have a lot going on, having a dedicated professional to coordinate these services may offer much-needed peace of mind.
What is my return on investment (ROI)?
When deciding whether to rent or own, you should ask yourself if making a long-term investment in a property is going to pay off. According to MoneyUnder30, owning a home requires ongoing costs that often outweigh the returns. Real estate taxes, homeowners insurance, and major repairs like roofing, siding, and flooring can work against you in the long run. Timing is everything, and appreciation isn’t guaranteed.
Where do I want to put my money?
Paying a security deposit and first month’s rent rather than a sizeable down payment frees up your savings for other expenses. According to Nerd Wallet, a down payment of 20% improves the likelihood of securing loan approval at a lower interest rate. But even if you have the funds, that might not be where you want to put all your hard-earned cash. Many people nowadays say having the freedom to travel is more important than owning a home.
What are the perks?
Access to an exclusive volleyball court, clubhouse, fitness center, and pool are amenities the majority of homeowners go without. When you’re a member of an apartment community, you have the privilege of coming home to these perks without the hassle of maintaining them.
For anyone with a busy schedule who prefers the ease of low-maintenance living, renting makes more sense than owning a home. The Pointe - Hillard, Ohio offers amenities and conveniences exclusive to our renters. If you are excited to learn more, call us at (614) 876-8904 today.