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The Five Advantages of Renting

By Tiffany Raiford

There is always a debate as to whether or not renting is better than buying or vice versa. The truth is, the decision as to which is right for you depends of your circumstances. If you're a New Yorker who simply cannot decide whether or not to invest in a piece of property for your family or to continue to rent, you might be interested in learning a little more about the advantages associated with being a renter in New York.

No Mortgage

Perhaps you find yourself wondering how not having a mortgage matters when you still have the weight of rent. This is simple. When you have the weight of a mortgage, you cannot get out of it unless you find a buyer for your home. If you are a renter and you suddenly need to find a smaller place for less money, you can do so a lot more easily. You can wait for your rental agreement to end, work with your landlord to work out an early termination deal or know that at the end of your lease, you can find something with a lower monthly payment instead of the same mortgage payment year after year.

A Nicer Place

When it boils down to it, you might not be able to afford to purchase a gorgeous apartment overlooking the water or a house on the beach. However, you might easily be able to afford the rent on your dream home. Sometimes it's easier to rent and more beneficial to rent because you are able to get more house for your money and enjoy your time there without having to worry about purchasing a home you cannot afford otherwise.

You're Not Responsible

Say the air conditioner breaks or the heating system stops working. When you are a homeowner, those problems belong to you. You are responsible for paying for repairs as well as finding someone to make the repairs. When you rent, you are not responsible for those issues. Your landlord is required to promptly find someone who can repair the issues in your home and get your life back to normal as quickly as possible.

The Perks

There are a lot of perks associated with renting. For one, if you choose to rent an apartment in a building rather than a private home in New York, you might find you have a lot of great amenities. These include a doorman, private elevators, a pool, a sauna, a gym and even an area in which you can entertain your guests without trying to fit them all into your home. Additionally, you'll have a lot of neighbors right next door so you can expand your social circle.


When you decide you're tired of living somewhere, you can go. You don't have to wait to sell your house or worry about carrying two mortgages if you're transferred for your job or you realize you want to live in a different type of building or home. You can get up and go, usually within a year as most leases last one year. When you own a home, you're tied to it.

There are many advantages associated with renting. While it might or might not be for you, there's nothing wrong with taking advantage of what's offered to you in terms of advantages such as the freedom to move whenever you feel like and the comfort of knowing you're not financially responsible for fixing every little thing that breaks at your house.

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