Contributed by Amber Fluit, CAM, Property Manager Samuelson Development
After your big day, you may want to jump into buying a house. But with all the planning of your wedding, consider renting an apartment or townhome before purchasing your home. Why? Here are a few reasons why renting may be a good avenue for you and your spouse:
Monthly rental rates are typically cheaper than mortgages
- Sure, one can argue that rental rates are climbing even for one-bedrooms. However, when you take a mortgage, insurance, fees, property taxes and miscellaneous repairs around your house, your monthly payment can be well over $1,000. That is considerably higher than a one-bedroom or two-bedroom apartment in Sioux Falls.
- The best thing about renting is, it’s maintenance-free! Landlords hire maintenance technicians to complete the maintenance on your home such as appliance repair, drain repair, A/C or furnace repair and even electrical repair. If you purchase your home, all those maintenance fees come directly out of your pocket and can add up to thousands of dollars.
- Many apartment complexes come with amenities just steps from your door. Look for amenities such as pools, fitness centers, community rooms but also ask for lesser known ones such as package rooms, WiFi/cable access, 24/7 emergency response, manager on site, controlled access and soundproofing.
- Typically, monthly utilities in a rental are cheaper than if you purchased your home. Some apartments have electrical bills as low as $30 a month!
- Most buildings have controlled access for security purposes. This helps keeps solicitors at length and protects you and your home. Plus, it’s included in your rent!
No property taxes or extra fees
- The extra fees of owning a house can add up! Property tax on a house can be thousands of dollars every year.
Owning a home is a great investment and a wonderful experience. But perhaps renting is the best option for you and your spouse at this stage in life. Renting can help you save for your perfect house and is a great stepping stone toward ownership!