To rent or to buy?
The to buy or to rent debate rages on, and according to Forbes, renting may be a more savvy option for millennials. Here are a few reasons why you aren't necessarily throwing your money away by renting.
More perks and less responsibility
Rental properties are increasing their offerings to attract tenants. Perks like a gym, swimming pool, and laundry are hard to get in your own home. As a renter you don't need to waste your time on maintenance tasks but can reap the rewards anyway.
There's no guarantee you'll make a profit on the sale of your home, so renting gives you a sense of freedom. You can't predict market volatility and there's always an element of gambling with your asset.
Renting gives you flexibility
Millennials value flexibility and that's exactly what renting gives you. It can take months, or even years to sell a property, but renting lets you up and move as the rest of your life dictates. To make a property profit, you need to be committed for around 10 years. If that doesn't fit into your life plan, maybe it's best to opt for a rental.
Many apartment complexes will give you a ready-made community. Having a doorman in a pre-established neighborhood can also be an important attraction.
In the end, don't write off renting as a waste of your cash, being free from a mortgage can also have its upsize.
Click through this slidewshow below to see the have, and ahave nots of NYC apartments.
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