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#1. More Economical The amount of money you would pay on a rental unit is likely to be less than mortgage payments would be for a comparably sized home. This is partly due to interest rates right now. Though there are always deals out there, in a down economy, most sellers seek top dollar for their homes. Even the majority of bank-owned homes sold as foreclosures are near market value to cover the thousands of dollars spent in the foreclosure process and the likelihood that the repossession took place while the mortgage balance was at or above its original purchase price. Rental deposits are usually returned, whereas the thousands of dollars you would pay in closing costs are non-refundable. #2. More Flexible If the situation arises that you need to relocate, dependent upon your lease agreement and the time remaining, you are able to just pack your unit and go. Not so with homeownership. There would be costs in readying your home for the market, realtor costs and even seller’s closing costs. Not to mention the time it would take to sell, as the average days on the market is around 80 days in most parts of the country. #3. More Free Time Ask any homeowner you know and they will agree that much of their free time is spent on lawn work, small repairs, and upkeep and general maintenance of their home. A homeowner can’t call a super for free repairs, but a renter can! With less time spent on odd jobs comes more free time to spend how you wish. #4. More Options Apartment communities offer a diverse variety of amenities even within one community. Renting offers more options in a specific price range. When buying a home, those available in the area in a certain price category usually offer basically the same extras and options. Appraisals and realtor’s pricing methods are actually done by comparing other homes of the same size with the same amenities! #5. More Community Renters in an apartment community find a greater sense of fellowship and community with their neighbors. With a greater number of residents close by, you can experience a feeling of belonging and develop more friendships. Shared laundry rooms and especially pools and recreation areas offer opportunity for an enhanced social experience. Looking for apartments in New Orleans? For more information on renting, visit your favorite local apartment community today http://www.1stlake.com/.
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