When the time comes to decide
One of the most frequently asked financial questions is, should I buy or rent an apartment?
An initial thought may tell you that buying makes you the owner of a piece of real estate which you may later sell and get a return from. But is that really true?
Many factors are to be taken into consideration and we dare say renting is a better investment. If you were to open a savings or an individual retirement account and deposit all of what renting saves you over buying you’d be pleasantly surprised, and there are many other perks of renting that we can share with you.
Since this is the main concern when questions regarding buying or selling arise, we’ll talk about money first. Not only mortgage payments are almost always higher than those to be made when renting, there are many other issues to be addressed if you become an owner.
- Closing costs and interest rates: In order for you to buy, you need to be financially ready to make a check to cover closing costs. This large chunk of your budget compares to the rental security deposit, which is usually equal to one month’s rent, with the positive difference that security deposit will be refunded whenever leasing agreement ends.
- Interest rates and property tax: There are no side payments to be done when renting. What you pay monthly covers all fees and there are no interests/ principals to worry about. When tax season starts, numbers won’t be adding up against you since property taxes are paid by the landlord.
- Insurance: If the leasing agreement requires for renters insurance, it will be considerably lower than what you’ll have to pay if you own the property.
- Maintenance: Who doesn’t like to enjoy a lush garden adorned by the season’s best flowers? What about fresh exterior paint? Furnace yearly maintenance? Sink got clogged? … Your checkbook will have to deal with all of those details whereas if you rent, maintenance fees are cut from the list of “to pay” items. Everything you need is just a call away (or makes that a click away since Ashford Communities offers online maintenance requests).
- Free Electricity: That’s right. At Ashford Communities residents benefit from having their electricity bill covered and paid for up to $1,000
The place you live in will define how you’ll spend your memorable time. Sharing a barbecue get together with your friends during spring, witnessing how your children make new best friends at the swimming pool, how your toddler enjoyed the playground etc. are some of the things you’d want to cherish… but the price tag for owning a pool (and maintaining it), a state of the art playground, a gazebo and a bbq pit may be off limits for your budget.
Fitness Center: You need to stay healthy, but unless you buy a treadmill, dumbbells, gear and a TV set (yea, you still need some motivation to actually keep exercising for more than 5 minutes) you’ll probably end up spending money on memberships. Renting gives you access to the Fitness Center for free and chances are you’ll make better use of it because it is within only a few steps from your unit.
Business Center: Who buys a fax machine anymore? but when the time shows up to send a signed document, driving around town to find an office supplier that may have facsimile service you think how much having access to a business center comes handy.
Free Notary Service: And if it so happened to be that the signed document to be faxed was supposed be notarized you’d be in big trouble. Where to find one? At Ashford Communities’ leasing office. We offer free notary service in each one of our eleven communities.
Yes. Liking the place you are renting and letting your friends know may actually get money in your pocket! With Ashford Communities’ referral program you get a company check in your name for every family you share the joy of renting with!
Ashford Communities has been offering top quality apartments in Houston and excellent customer service for more than fifteen years. Our 10 communities are located throughout the city in Southwest, Southeast and North Houston so if you make the intelligent choice of renting, we’re ready to serve and give you a warm welcome to the family of Ashford Communities.