Is Renting Right for You?

By March 25, 2022 Tenants

If you are considering whether to rent or buy your next residence, think about these five things.

  1. Down payments: Your first month renting might include a deposit, but a home purchase will require a down payment of approximately 20%. It’s a myth that renting is throwing your money away; you need a place to live, which will almost always cost money.
  2. Predictable monthly payment: Owning a home can be rewarding in many ways, but when the water heater or furnace stops working, the monthly cost of owning and maintaining a home jumps exponentially. Rent payments are consistent from month to month. Depending on which utilities you are required to pay, your monthly expenses may vary slightly. If you renew your lease after the first year, the rent amount may be adjusted to reflect current pricing.
  3. Flexibility: Instead of a 30-year mortgage, a lease allows you to re-evaluate your residence every year, or sometimes even shorter.
  4. Additional hassles: When renting, you can come home after a long day and relax. If you own your home, you may need to mow the lawn, shovel snow, clear a clogged drain, etc.
  5. Floor plans and options: Looking at apartments may feel more limited than looking at homes. However, keep in mind that not all rentals are one-bedroom apartments. At G&H, we often have various apartment floor plans AND homes for rent. Some apartments, such as 5th Street Lofts in Northfield, include amazing amenities such as a dog washing station, exercise room, and underground heated parking.

Talk with the experts at G&H Properties about the options available and how they might fit into your budget and lifestyle.

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