Apartment Rentals Recommendations
In the economic situation we are in today, apartment rentals make more sense than ever. Owning a home is great, but apartment rentals stand the test of time in relation to being practical, saving some cash, and avoiding all kinds of hassle that homeownership brings.
Owning A Home Isn't For everyone
It is not that home ownership is a bad thing, but really just that a lot of men and women would take advantage of apartment rentals in place of buying before they are really ready to buy. Apartment rentals are a great way for all those just getting on their own feet to start off in life. Plus, renting a condo may be the most affordable number of housing, allowing renters to save up enough cash to make a more solid down payment on a house after the time is right.
Over the final several years or for this reason, banks were practically desperate to loan as much money because they could. In the end, that is how they earn money and remain in business. It just so happens that mortgage lending was the perfect way to do that, since most of the time with mortgages, the home secures the amount borrowed. It's was a win-win situation for banks.
On the other hand, the banks and mortgage companies got a little bit too overzealous with their lending practices - they were lending all kinds of cash to people who really shouldn't happen to be buying homes within the first place. Instead, these real life folks will be much better off sticking to apartment rentals while saving up for a home they can really afford, not just buying a home that the bank says they may make the numbers work for.
More Benefits To Apartment Rentals
Yes, despite what the home loan lenders want everybody to believe, there really are a whole lot more benefits to an apartment quality rental homes than meets the eye. Besides living in an apartment to save money for a serious down payment on a home, a lot of men and women absolutely love apartment rentals for many different additional reasons:
Apartments are low upkeep - Usually all repairs and daily maintenance like mowing the lawn and shoveling snow are taken care of, saving all kinds of time and hassle.
Apartment rentals do not require a big commitment - Taking into account the common six or twelve month leases, people that prefer not to be tied down are practically free to move about since they please.
Renting apartments is wise within the short-run - When you're only planning on staying in an area for per year or two, apartment rentals are definitely the way to go, simply because the very first couple of years worth of house payments only cover the closing costs anyway.
There are actually no real estate taxes - There's nothing worse than getting stuck with a several thousand dollar each year property tax bill, especially when just starting off in life. By renting instead of buying, the landlord is effectively picking up the tax bill for you.
Again, as mortgage lending continues to get stricter and stricter, as a result of the lending industry's own lack of fiscal responsibility, there's should be no shame in renting an apartment instead of buying a home. Just think, apartment rentals have been the traditional way to get started for years and decades.
