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4 Times When Rental Apartments Are Better Than Purchasing A House

Christine O'Kelly
Aug 23, 2008
The depressed housing market in the majority of the country is convincing most people that now may be the perfect time to buy a house. Others, however, are realizing that rental condominiums or apartments are a better deal in the long run. Here are four instances when renting may be better than buying:

Living In Rental Apartments Before Or After A Move

Buying a house immediately following a move to a new part of the country might sound like a good idea. Instead, look for rental condos or apartments for a year or so. By waiting to buy a house in your new area, you'll be able to know exactly what part of town you want to live in.

If you want to buy a house down the road, living in rental condominiums or apartments will let you get to know your new town. You'll know the schools, shopping centers and how far the commute is to your job before laying down permanent roots in an area you don't know well.

If you know your career comes with frequent moves, renting means it'll be easier to pick up and go when your company asks you to move. In many industries, a promotion means moving to a new location and living in rental condos or apartments will make it easier to pick up and move when it's time for a promotion.

Less Than Perfect Credit

The current buyer's market can be a great time to buy, but what if your credit is less than perfect? More and more mortgage lenders are imposing stricter standards than in the past when it comes to qualifying for a home loan. If you're looking for 100% financing, it may be a better idea to wait a while before buying and look for rental condominiums or apartments.

Living in rental condominiums or apartments for a couple years will give you a chance to save for the down payment or repair any black marks on your credit report. Doing this could save you thousands of dollars in interest over the course of a mortgage loan when it is time to buy a house.

Rental Condos Mean No Maintenance

Many people dislike home repairs and general maintenance. If this is you, rental condos or apartments will be great, maintenance-free places to live. Renting means someone else takes care of upkeep and general maintenance in your home.

Can you fix a refrigerator? How about getting an air conditioning unit running? In rental apartments or condos, broken appliances are someone else's responsibility. The landlord or property management company will either repair or replace the broken items, at no extra cost for you.

Rental Apartments Give You More For Your Money

Rental condominiums or apartments compete with houses for tenants. In order to attract quality tenants, it's not uncommon to find upscale amenities in rental condominiums or apartments. You may find granite countertops in the kitchen or community pools and workout facilities in your price range. The cost would most likely be much higher if you were to buy a house with these features.

In addition, many rental condos have larger living areas and more square footage than a house in the same price range. By renting you also won't be responsible for the expensive property tax bill every year.

After looking, you may find that rental apartments or condos are the right home for you. Consider then consulting a property management company. They typically own many properties and will be able to help you find the perfect home, with little stress and effort on your part.
About the Author
Christine O'Kelly is an author for Beal Properties, a property management company specializing in Chicago rental apartments. Beal Properties in Chicago are high quality rentals located in the finest neighborhoods in the area.
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