The Ability to Save Money
Being able to save up a great deal of money for the purpose of making a down payment on a dream home is just one of the many great advantages to renting a property. Many homeowners were able to realize their dream of homeownership only after living in a rental property for a certain amount of time. Although renting is often criticized as throwing money away because it does not result in equity, the ability to save money while renting is unparalleled
Rent for an apartment is usually considerably less expensive than the monthly mortgage on a home. The home is also typically much bigger than the rental property, but in cases where the renter is renting for the sole purpose of saving money, the value of renting cannot be denied. Depending on how long the renter stays in the apartment, they may save hundreds or even thousands of dollars during the course of the rental agreement.
Another advantage to renting a property is there is typically little or no maintenance required by the renter. This is especially true in an apartment situation. The renter may be responsible for small items such as changing light bulbs, but more extensive repairs, such as leaks in plumbing or clogs in drains, are typically handled by the maintenance staff of the rental property.
Additionally, common areas such as grassy areas or gardens are maintained by the maintenance staff. The exception is usually when the renter rents a home as opposed to an apartment. In these cases, the renter may still not be responsible for small repairs, but might be obligated to take care of items such as maintaining the grass.
Another advantage to apartment living is often the amenities offered to residents. Such amenities might include use of the pool, an exercise room, meeting spaces and a theater room. In most cases, these amenities are offered free of charge to residents and their guests. Many renters who might be able to purchase a home would not likely be able to purchase a home with amenities such as a pool, fully equipped exercise room, and a home theater.
These items are often considered luxuries and are not available in the majority of homes which are on the market at any particular time. In fact, searching for homes which specifically have these features may severely limit the number of search results and may result in no search results at all when these features are searched in conjunction with a particular price range. However, those who rent can enjoy access to these amenities. They may pay more in rent than those in a comparable apartment complex without these amenities, but they are also still likely saving a considerable amount of money each month as long as they are budgeting wisely and have chosen a rental property within their price range.
Bayview Management offers residential, office, and commercial real estate for rent in the Greater Baltimore Area. To find out more about Bayview Management in Towson, Maryland, please call (443) 279-2200.