Rent vs buy.
It’s a choice almost everyone is faced with in their life. While it can be a difficult choice, there are definite advantages to renting. Read on to find out why renting could be perfect for you and your budget and settle that rent vs buy debate for yourself.
Build Your Credit
Credit plays an important role in your life. By paying your rent on time for a minimum of two years, you increase your credit score. That in turn makes it easier to get a lower interest rate when you do decide to take out a mortgage loan. That’s just one reason why choosing to rent in the rent vs buy dilemma can make buying easier later.
No Debt & A Chance to Save Money
Renting an apartment will require you to pay your rent and utilities each month. However, a lease only lasts for a set period of time. Buying requires you to take out a mortgage you will be responsible for up to 30 years. Renting also avoids other expenses such as closing costs, realtor fees, property tax, and interest payments. Renting allows you to save more money until you are ready to buy. Use a savings calculator to determine exactly how long it will take you to save your downpayment.
Worry Less, Enjoy More
Every apartment complex comes with a maintenance team that stays on top of repairs. They also handle any renovations and upgrades, allowing you to worry less. That’s a definite advantage of electing to rent vs buy. You’ll also likely have access to a fitness center, saving money on a gym, and a pool, which means no admission fees.
Afford a Better Location
Purchasing a home in one of the most desirable areas of the city may be out of your budget. However, renting an apartment in the same area is more likely to be affordable. Plus when you rent vs buy, you can still enjoy access to better schools, a shorter commute, and other things in the neighborhood.
Downsize or Upsize According to Your Needs
Buying a small starter home may seem like a great idea, until children come into the picture. If you have decided to rent vs buy, you can prepare for life’s changes more easily. You can relocate to a unit with more or less bedrooms, depending on your needs, without much hassle.
Ready to make the move to a new apartment that fits your needs? Our experienced Austin apartment locators are ready to help! Call or text Austin Apartment Specialists at 512-241-1150 today!
Learn more about the cost of renting in Austin: