Homeownership is a long-term goal for many people. It’s often associated with adulthood and “living the American dream”. However, times are changing, and many are starting to realize that buying a home may not always be the best choice depending on your situation. In today’s blog from the Elements at Prairie Center, we’re going to talk about some of the biggest benefits of renting versus buying. Keep reading, and if you’re looking for pet-friendly Brighton apartments to rent, give us a call to schedule a tour.
Buying a Home Requires a Significant Amount of Money
Perhaps one of the biggest benefits of renting is that you don’t have to worry about coming up with a huge sum of money to cover your down payment, closing costs, insurance, and more. Colorado is known as being one of the most desirable states to live in, but living here comes at a high price tag — especially in the Denver-Metro area. The average single-family home price now exceeds $600,000. That’s a huge number that’s well out of reach for many people.
Although there are many different types of home loans, most conventional loans require you to put down 20% of the home’s purchase price, otherwise, you’ll have to pay the added expense of private mortgage insurance. That means you’ll need to hand over well over $100,000 to get your dream home and forego PMI.
If you can somehow manage to save your pennies and come up with the funds needed for a down payment, remember that there are several other things you’ll need to pay for before someone hands over the key to your new abode. Realtor fees, home inspection fees, HOA dues, insurance, appraisal fees, and property taxes are just a few of them. If that’s not enough, in some situations, you may find that you need to pay for some repairs before or immediately after moving into your home. If an inspector finds something that needs to be addressed right away, you might try to have the current homeowner fix it before you’ll agree to buy, but with the extremely competitive housing market in Northern Colorado, making such demands might not work in your favor.
In summary, if you plan to buy a home, know what you’re getting into. In addition to coming up with the funds needed for your down payment, expect to have to pay quite a bit more when you factor in all of the other “extras” that go along with it.
Enjoy Maintenance-Free Living In an Apartment
Many people have a romanticized view of what it’s like to own a home but are faced with a harsh reality when they come to realize just how much work it is to maintain one. Even if you purchase a newer home, there is always something that needs to be fixed, repaired, or replaced. To make sure you get the most out of your investment, you’ll also want to make sure that you’re keeping up with recommended maintenance on things like the water heater and HVAC system — and we haven’t even started talking about the yard.
If you don’t want to be tied to your house with almost no free time to yourself, you might want to consider renting an apartment instead. Apartment dwellers have the freedom to come and go as they please, plan extended vacations, and just enjoy doing the things they love to do more because maintenance is taken care of. Have a broken faucet? Air conditioner won’t work? Call up maintenance and someone will come over to fix or replace it at no charge to you. Not only will you save a long weekend of trying to figure out how to fix something you know nothing about, but you’ll save a significant amount of money in either having to buy tools and materials or paying someone else to fix your problems.
Buying a home is a big responsibility that requires you to prioritize some things over others. For instance, if you’re looking to put down roots and want to stay in a particular area for several years, then buying a home may not be a bad thing. However, if you want the flexibility to be able to take a job in another area, making such a big, long-term investment may not be the wisest choice.
Even if you’re satisfied with your job and don’t expect to make a move any time soon, tying up such a significant amount of funds in a home can limit your options in other areas. For instance, it might be harder to save up for a wedding or growing family. If you like to travel, you may find that you no longer have the time or money to be able to get away as often as you like. Putting all of your savings into a home can also be risky if you have unexpected expenses or are just starting in your career.
When you rent an apartment, you have more control over your savings and greater flexibility to move at a moment’s notice (or ideally, once your lease is up). Many apartments even offer flexible lease options, so if you think you may only be in the area for a few months, you won’t be committing to pay rent for a full year.
Access To Included “Extras”
Perhaps one of the biggest benefits of renting an apartment over buying a home is the access to amenities you’ll get at no additional cost. If you’re looking for Brighton apartments for rent, we invite you to take a look at The Elements at Prairie Center to see all that we have to offer. A swimming pool and hot tub, community clubhouse, 24-hour fitness center, patio with barbecue area, and a community garden are just a few of the amenities you’ll get when you choose to live here.
When you add up how much you would pay to have these same amenities in your own home, the cost is astronomical. A standard in-ground swimming pool will run you close to $30,000 on average!
Explore the Many Benefits of Renting at The Elements at Prairie Center
If you’re thinking twice about whether or not homeownership is right for you, consider renting until you know for sure that you are truly ready. Homeownership has its perks as well, but you should never jump into such a big responsibility without giving it careful thought.
If you’d rather not have to worry about saving up for a down payment and spending all of your free time doing home maintenance projects, we encourage you to take a look at our Brighton apartments. At The Elements at Prairie Center, we offer everything you need to enjoy comfortable living in one of the most desirable locations in the country. Contact us today to schedule a tour or to inquire about availability.