Thereâ??s no denying that purchasing an apartment is a better deal than renting. However, owning an apartment is a cost that most people cannot afford. Most individuals nowadays prefer to rent apartments simply because they canâ??t afford to buy their own. Surprisingly enough, there are many perks to renting Lincoln Park apartments. Here are some of them:
Easy, Quick and Straightforward
Renting an apartment is way easier compared to purchasing one, which can be a complex process. All you have to do is hunt for an apartment thatâ??s located in Lincoln, contact the landlord, inspect the house and if youâ??re satisfied, negotiate the rent payments and deposit and sign the tenancy agreement. As a matter of fact, most of the landlords conduct verbal agreements with tenants in order to save time and effort. On the other hand, purchasing an apartment is a rather complex and stressful undertaking where if you do not have cash at hand, you need to apply for a mortgage in order to purchase the apartment. This is the first basic step and so time-consuming that you will soon find yourself stressed about the process. Once you have dealt with the finances, there are other tasks such as negotiation, inspections etc.
No Huge Capital Overlay Needed
The landlord of the apartment usually requests two months rental deposit and a month utility deposit before you sign the lease agreement. This a relatively small amount compared to the amount you need to buy an apartment. When purchasing, youâ??ll need to pay a down payment and this is usually 20% to 30% of the apartment sale price. This is usually put in place to show that you are really serious about buying the property. In addition, you need adequate money to pay the closing cost, an expense thatâ??s incurred by both sellers and buyers when finalizing the transactions. These costs include credit report fees, preparation fees, realtor fees, title insurance, etc.
If you get a job elsewhere or find another apartment to rent in a better neighborhood, you can simply move out by giving the landlord a one month notice or after the deadline of the existing tenancy agreement. However, if you own an apartment, you will need to sell it and repeat the complex process of purchasing another apartment at the place of your choice. In some cases, you are forced to accept a lower offer for your current apartment in order to sell the apartment in the shortest period possible as youâ??ll need capital to buy another one.
No Maintenance Costs
When it comes to renting Lincoln Park apartments, itâ??s the role of the landlord to fix anything that breaks or malfunctions in the apartment. Thereâ??s no burden of the repair or maintenance costs on you. This is the complete opposite with owning an apartment as you need to spend your own money in fixing the fridge, air conditioner, or any other appliance in the house if it breaks.
As you can see, most people like the idea of owning their own apartment, but renting Lincoln Park apartments has its benefits as well.