5 Independence and Freedom
Owning a home is like tying a really big ball and chain around your ankle. For folks who like to travel or take long vacations, owning a home requires some planning in order to do these things. Someone has to cut the grass, tend to the garden or shovel the driveway. You don’t want hooligans breaking in and stealing or squatting in the place either, so you’ll need a good security system, timers on lights and sprinklers, and you have to remember to stop all paper deliveries and have someone pick up your mail, so that it looks like someone’s home. That’s too much responsibility for those who are footloose.
4 Lower Risk
If you lose your job or can’t keep that paycheck coming in for any reason, owning a home can become a financial nightmare. The risk is high for homeowners, because if you miss mortgage payments, you risk losing your entire investment. If you rent an apartment, the risk of being evicted is still a possibility, but you don’t face the financial devastation that you would if you owned a home. People renting an apartment can simply find a new apartment with rent that better suits their budget.
3 Less Commitment
Committing to a relationship is child’s play when compared to the massive commitment home ownership requires. Renting an apartment leaves you free to move on to bigger and better when your lease expires, and you don’t have to wait for someone else to take over the property. If no one’s willing to buy your home, you’re stuck unless you have enough cash to just ditch it and buy another. Let’s face it, very few people can afford to go out and buy a second home when the notion takes them.
2 Lower Expenses
A major reason people prefer to rent an apartment instead of buying a home is money, and not just the cash a house eats up in basic upkeep. According to “Business Insider,” before you buy a home, you must ensure you have at least 20 percent of the cost of the home for a down payment. Sometimes you can get a mortgage with less, but you usually get lower interest rates with a higher down payment. To rent an apartment, you usually only need one to two months’ rent and a security deposit, and you get the deposit back as long as you don’t destroy the place.
1 Less Maintenance
Owning a home is a ton of work, and many people just don’t have the time. Broken water heaters, sewer lines, clogged sinks, old shingles; the list is endless and expensive when you own a home. In an apartment, you have other people to fix whatever is broken. The lawn, the pool and all that fun, backbreaking labor are also not your problem when you live in an apartment. In addition to the outdoor maintenance and general upkeep, apartments are a breeze to clean when compared to the work involved in cleaning an entire house.