Living alone has its perks and privileges. The privilege is that you are living all by yourself, and the perk is that you are living all by yourself. Living alone is fun but when responsibilities increase, we all wish to have someone by our side to look over things for a while. This feeling of responsibility is even more gravitational when you buy a house just for yourself.
Buying a house calls for extreme responsibility and maintenance. You need to be actively involved in your house maintenance to keep it up and running. Therefore, it is better to rent an apartment when you are planning to live alone for a while.
Renting micro apartments in Seattle is a better option if you live by yourself and have little time to spare for the maintenance and care of a large house. If you are still confused about whether to buy a house or rent an apartment, this article talks about multiple reasons why the latter can be a better option. Keep reading so that you can make an informed decision.
No Real Estate Taxes
Although the city of Seattle does not collect property taxes you have to pay a significant percentage to the county. For example, King County has a 0.93% property tax rate. When you buy a house in Seattle, you are liable to pay an annual property tax to the county.
On the other hand, renters do not have to worry about property taxes. They are not liable to pay these taxes. It can save you a lot of money, especially when you are living on minimum wage, or hardly meet your expenses each month on low pay.
Negligible Expenses
When you rent a property, you greatly reduce a lot of expenses. For instance, a renter does not have to worry about leaking pipes, cracking ceilings, and worn-out paints. The landowner pays for all these expenses. For instance, if a bathroom in your apartment needs renovation, it is the owner’s job to renovate it for you. You do not have to pay for such things.
The maintenance of a house can be costly. The house owners have to pay for the repair, maintenance, and any damages caused to the property. Renting an apartment gives the advantage of being free from these expenses. Therefore, it is better to rent an apartment rather than buy a house.
Greater Flexibility
Renting an apartment gives you greater flexibility. If you are in the city, for the time being, buying a house can cause you trouble when leaving the city. It is easier to find an apartment for rent near your workplace.
Whereas, there are very slim chances that you will find a house that matches your personality and is also located near your workplace. We all know how stressful the commute to the office can be.
Secondly, with a rented place, you have better options to negotiate on your rent payments. You can make a deal with the owner on your payment methods.
Also, the rents remain steady for as long as your lease goes. The owner can not increase the rent without informing you. So you can be better prepared financially when it comes to increasing rent.
Low Utility Costs
When you own a house, it comes with greater responsibilities and even greater expenses. A house is built on a large area, therefore, it requires more electric connections and heating points. The heating and cooling of an entire house can be costly. The electric bills can rise sky high during extreme weather conditions.
On the other hand, the apartments are built with a better floor plan. Since it is a one-man living space, it is much more compact. You can heat or cool the space in little time. Therefore, when you rent an apartment, you save a lot on your utility bills such as electric bills, water bills, and gas bills.
No Down Payments
The biggest advantage of renting a place rather than owning it is that you can save a lot in the initial payment. Renting a place does require a security deposit with the first rent payment, but the percentage of that security deposit is almost negligible as compared to the large sums on down payments you require to pay when buying a house. The down payment usually costs 20% of the entire value of the house.
Buying a house is good from an investment point of view, but when you are considering living in a city for the sole purpose of better job opportunities and other facilities, renting an apartment is a better option.
When you rent a place, you do not have to spend all your savings on one thing. You can pay the first month’s pay and security deposit, and still have something in your pocket for the future.
