To rent or to buy?

Before you go, we thought you'd like these...
Before you go close icon
To Rent or to Buy and How to Decide

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.

Community counts
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.

1 PHOTOS
Haves, Have nots NYC apartments
See Gallery
To rent or to buy?
HIDE CAPTION
SHOW CAPTION
of
SEE ALL
BACK TO SLIDE


More on AOL.com:
Best and worst cities for renters
Run-down warehouse converted into stunning home
From German jailhouse to residential space
Read Full Story
Credit Card Compare

Credit Card Compare

Whether you're looking for great travel rewards or low annual fees, find the card that's right for you.

Compare Now

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners