If you can sell your house and move back to renting, research shows that it may not be such a bad idea. In many areas, living in a luxurious apartment is much cheaper than owning a home even before considering repairs, landscaping, and other house-specific factors. We’re going to take a look at a few reasons why you should stick to an apartment home for the foreseeable future.
- Repairs Can be Overwhelming
Many homeowners know the pain of seeing a drain leak in your home, only to uncover a bigger, long-term leak. Once you’ve discovered that leak, you’ll discover the mold. Once you discover the mold, you may have layer upon layer to clean, replace, and repair within the floors and the wall. Even an emergency fund may not cover the thousands of dollars in damage.
Sure, dealing with landlords can be a hassle, but knowing that you’re free to get up and go at the end of your lease to transfer to a new job, start a family, enroll a child in a new school, or move in with or closer to an elderly loved one is a freedom that has no price. Selling a home to pursue those options is a lengthy process and you could certainly lose money by doing so. Not to mention, most newer communities feature highly-desired amenities, that are sure to help you to relax, such as saunas, gyms, and yoga rooms.
- Building Wealth
If you want to live in a new apartment, you’ve got to pay rent and possibly some utilities. When you own a home, you pay mortgage, utilities, and countless other expenses before even including taxes or huge repairs. If you are knowledgeable, you can make the money you save today grow exponentially through stocks and investments. With the extra money, you may be able to move into a luxury apartment or buy a dream home if the time comes.
- It’s Easier to Find an Apartment
In many large cities, finding an affordable home is near impossible. If you’re a young professional or someone with vast student loans you’ve likely been priced out of the market entirely. It can be much easier to search online for a new apartment, and in one day you can call and meet up with a landlord and move in.