There’s a lot of controversy around whether or not renting or owning is more cost-effective. While there are perks to both routes, renting can actually end up saving you quite a good bit of money. It can also save you much of the stress that comes with owning a home. If, like most people, getting the best bang for your buck is your concern, it’s important to be knowledgeable on how renting can save you money. Read on below to find out five ways you’re saving money by renting.
1. No Maintenance Worries
Whenever anything breaks in a rental, provided it wasn’t your fault, you’re not liable to fix it as a tenant. If mold were to develop or your plumbing had any issues, that’s all up to your landlord or rental agency—saving you a good bit of money and time.
2. No Large Down Payments
Renting might cost you two months rent up front, but it’s nothing in comparison to the large sum of money you’d need for a down payment if you were to purchase your home. This is because many loans require you to have that down payment first and it helps drive your monthly mortgage down as well.
3. Lower Taxes
Because you’re renting your home, you don’t have to pay land or school taxes every year. This can be a big drain on the finances of a homeowner but it’s not something that renters have to dwell on, which is a fantastic way to save a bit of money.
4. No Loss of Property Value
When you buy a home, there’s always a chance that the home will start to decrease in value over time. This is especially true if you don’t perform proper maintenance and upkeep to keep the home in similar condition as to when you bought it. When you rent a property, that concern is left to your rental office or landlord.
5. Lower Utilities
Utilities in rentals tend to be lower just by virtue of the buildings being smaller, but on top of that, you may not even have to worry about utilities. Sometimes landlords factor that price into your rent, which can be a great way to save time and even some money depending on the season.
The Apartments of Wildewood have a friendly community that’s waiting to welcome you!
At The Apartments of Wildewood, located in beautiful in St. Mary’s Maryland, we offer homes with access to pools, an on-site gym, and maintenance whenever you need it – and have access to all the information you need to affordably rent an apartment in St. Mary’s. To set up an appointment to check out an apartment or townhouse rental from The Apartments at Wildewood, call us at 301.737.0737 or visit the website!