Owning A Home Is Not For Everyone



It's not that home ownership is a bad thing, but really just that many people would benefit from apartment rentals instead of buying before they're really ready to buy. Apartment rentals are a great way for those just getting on their feet to start off in life. Plus, renting an apartment is usually the most affordable variety of housing, allowing renters to save up enough cash to make a more solid down payment on a house once the time is right.

Over the last ten years or so, banks were practically desperate to loan as much money as they could. After all, that's how they make money and stay in business. It just so happens that mortgage lending was the perfect way to do that, because most of the time with mortgages, the home secures the amount borrowed. It's was a win-win situation for banks.

However, the banks and mortgage lenders got a little bit too overzealous with their lending practices - they were lending all kinds of money to people who really shouldn't have been buying homes in the first place. Instead, these real world folks would 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 can make the numbers work for.

More Benefits To Apartment Rentals

Yes, despite what the home loan lenders want everyone to believe, there really are a lot more benefits to an apartment rental than meets the eye. Besides living in an apartment to save money for a serious down payment on a home, many people absolutely love apartment rentals for a variety of additional reasons:

* Apartments are low maintenance - Usually all repairs and every day maintenance like mowing the lawn and shoveling snow are taken care of, saving all kinds of time and hassle.

* Apartment rentals don't require a big commitment - Taking into account the standard six or twelve month leases, people that prefer not to be tied down are practically free to move about as they please.

* Renting apartments is wise in the short term - When you're only planning on staying in an area for a year or two, apartment rentals are definitely the way to go, simply because the first couple of years worth of house payments only cover the closing costs anyway.

* There are no real estate taxes - There's nothing worse than getting stuck with a several thousand dollar a 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, thanks to 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 decades and decades.