We all know the American dream — buy a nice home in the suburbs with a white picket fence, have approximately 2.4 children, and maybe even drive a minivan. But what if buying a house isn’t the only option? What if it isn’t the best option? With house prices and interest rates continually on the rise, many people choose to forgo the typical American dream. They instead decide to rent a luxury apartment rather than purchase a house.
Regardless of where you decide to rent, the process is similar for each situation. Typically you have a landlord or leasing company that manages the property while you pay a set amount each month for rent. Why can this be beneficial to you?
Benefits of Renting:
- No homeowner expenses such as HOA fees, taxes, or house insurance
- Flexibility to move around once a lease ends
- Maintenance repairs and broken items are fixed at no cost to you
No Homeowner Expenses
Most of the time, renting is much more affordable than homeownership because you don’t have to worry about all the extra expenses that come with maintaining a home. If you own a condo or townhome, or if you have a home in a subdivision, Homeowners’ Association fees can be upwards of a couple hundred dollars. For a young couple or single person just starting out, HOA fees can be quite expensive and difficult to manage. You can apply the same concept to taxes and house insurance. If you’re renting at a Grady Property Management apartment community, you aren’t required to pay those fees. Saving money on these items can make renting significantly cheaper than buying a home.
Flexibility is another benefit of renting versus owning. Leasing an apartment is great, especially if you are new to an area. It allows you to test the waters and see if you really enjoy living in a certain area. When you must quickly relocate for your job, it’s much easier to find an apartment to rent in your new area than to find a piece of property you’re willing to invest in. If you buy a house, you don’t get that flexibility of being able to move around once a lease expires, and it might prevent you from being able to take that big promotion in another city. You’re locked in for 15 or 30 years, depending on what type of mortgage loan you have, which makes it a huge commitment.
No Maintenance Repair Costs
Not only does it prevent you from being able to move freely, but you also are responsible for everything when you become a homeowner. If your washing machine breaks, the gutters need cleaning, or the exterior needs power washing, those are all tasks that as a homeowner you must do yourself. When you rent at Arden Place or any of the Grady Management properties, you simply submit a maintenance request. Then we take care of the rest!
There are many benefits of renting an apartment, including no extra monthly expenses like HOA fees, taxes, or home insurance, flexibility to relocate, and having an on-site maintenance team. Let us know why you chose to rent at Arden Place Apartments!
Looking for a place to rent in Charlottesville, Virginia? Arden Place is a luxury apartment community in the perfect location. Neither urban, nor rural, Arden Place offers the perfect atmosphere for its residents to work and play. Schedule a tour to see why recently ranked in the Elite 1% of J Turner Research’s ORA™ Power Ranking.