Rent an Apartment Instead of Owning Home
Renting a home can be cheaper, but the benefits are far from all-inclusive.
22:41 17 June 2022
There are many reasons to rent an apartment instead of owning a home. Renting a home can be cheaper, but the benefits are far from all-inclusive. Not only are you likely to get less customization than when buying a home, but it's also smaller and less expensive. You can also move easily if you change jobs or don't want to deal with selling your property. Regardless of the reasons, renting an apartment may be a better choice for you.
Cheaper than buying a home
According to a recent report by ATTOM Data Solutions, a leading property database, renting an apartment is cheaper than buying a house in 41 percent of the country's counties. A mortgage payment is fixed, but the cost of renting an apartment rises at 5% per year. After six years, the homeowner's mortgage payment will be cheaper than the renter's mortgage payment. For many aspiring homeowners, renting is a better option to achieve their dream of owning a home.
Whether to rent or buy a home depends on your financial situation. A good mortgage rate can make buying a home cheaper in certain cities. For example, in Birmingham, Alabama, a mortgage payment is cheaper than the median rent in that city. A mortgage at five percent interest costs $2,721 per month. This comparison is even more pronounced in New Orleans and Oklahoma City, where buying a home is less expensive than renting.
No pets when renting an apartment instead of owning the home policy should be carefully reviewed before moving in. Some apartments for rent allow pets if they are service animal or emotional support animals. It is important to ask for special consideration if the landlord does not allow pets. Even if a pet is allowed, landlords may require a higher deposit for damages. If you insist on bringing your pet, it is best to find another apartment or home.
Some landlords may allow a pet if the tenant has a disability, but if you are disabled or mentally ill, your landlord may not accept it. If this happens, you can make a claim for accommodation by providing proof of your disability. It is important to note that a landlord cannot waive a no-pet policy without a valid reason. A landlord can refuse to provide a disability-related accommodation if the tenant has a disability that interferes with their ability to perform major daily activities.
No security deposit
If you're renting an apartment instead of owning a home, you'll want to make sure you leave the property in good condition. You can't use the security deposit as your last month's rent unless your landlord agrees to do so. When you leave, make sure to take down any personal items and return the keys in the same condition as when you moved in. You should also do a walkthrough of the apartment to make sure everything is in great shape. Make sure you get a dated receipt when you return the keys. If you damage the property during the lease, you'll need to make repairs and inspect the apartment with your landlord to avoid losing your deposit.
If you have a pet, your landlord can keep your security deposit as long as the pet doesn't cause damage to the property. You can try to get your deposit back by writing your landlord a letter stating that you'd like your security deposit back. You'll also need to include the address where the check can be sent. The address doesn't have to be your current one.