Rent is on the Rise: This is How You Could Get a Nice Apartment Without Draining Your Bank Account
Renting a nice apartment in a good area doesn’t have to cost a fortune, doing your homework ahead of time will come along way if you do it the right way. Los Angeles, New York, and San Francisco are the cities known for the highest rent and home prices in the US.
LOS ANGELES, CA – Even with rents on the rise, and will continue rising, people tend to lean towards renting over buying. The mortgage costs and all the upfront fees of buying a home is one reason why many decide to take that route, but there are a few other reasons people decide renting is more for them.
In fact, only a third of the renters cannot afford or qualify for a mortgage. Listed here are a few other reasons why renters decided to make that choice:
More flexibility and amenities
Living in a more walkable area lets you take advantage of the convenience and rich culture of a city lifestyle.
Afford living in the nice neighborhoods
The cost of renting is often at times more spacious and less expensive in nicer areas. It also is a great way to start renting in areas that you are not sure whether or not will be spending a long-term vested future and gives you a feel of that neighborhood. Some people want to test the waters, so to speak.
That way when you are ready to invest, you will know exactly what area you want to be living in the long-term. “We are not sure we want to settle here, so we don’t want to invest in this area until we feel more comfortable in it,” Mendel says.
Realistic, reasonable long-term choice
Upsizing is more of reality, as opposed to when you decide to have more children and are living in a single-family home with not enough space, and gives you the ability to not be trapped in a 30-year mortgage payment. Also, a renter can save on all those upfront costs and fees that come with paying a mortgage and closing costs, agent fees, and property taxes.
Easier to move
Some think the upfront costs of buying a home can set you back financially if you plan to move too soon after buying. Especially when you work a job that forces you to move every few years. With job changes, and life changes happen.
For example, Baby Boomers who invested in larger homes with large families and their kids eventually grew up and moved out are left now with empty space and are now looking into downsizing. So when you are expecting a new change, renting seems to be more ideal.
Convenience of landlord taking care of repairs
Home maintenance is time-consuming and stressful; renters enjoy knowing that stress doesn’t fall on them. There’s less hassle of yard work with a maintenance-free patio.
Costly updates on the homes and repairs can be spent on vacations, retirement savings, or special prized furniture. It’s also nice to know that you don’t need to pay for surprise repair costs.
Have more time to yourself and more flexibility in exploring life
Instead of spending time focusing on fixing your home repairs, can be devoted to doing more things you really enjoy. More people are focused on investing in their education and training, or even investing elsewhere, such as bonds, or other assets.
Renting is an appealing lifestyle as many no longer seek the idea of homeownership, and see it as a symbol of becoming an adult.