Lately, young couples are convinced that they immediately need to buy a house as soon as they start a family. But many people now argue that leasing an apartment when first starting your family is a much better option.
In fact, we’d like to share the benefits of leasing an apartment with you today. Depending on your style, and location, you might prefer to be settled in a more comfortable option with full amenities. In California, though, you need to make sure to do your proper research – as downtown options tend to be harder to find than those in the outskirts.
With that said, we will now look closer at the benefits of leasing an apartment for young families. By the time you’re through reading this, you’ll know whether leasing or buying is the ideal choice.
Benefit #1: Free of Being Stuck in the Same Place
For some young couples, being stuck in the same place feels like being in prison. They feel shackled by their mortgage payments, their PMI payments, and all of the other expenses that go along with owning your own home.
On the one hand, you may be young enough and have a young enough family that you’d like to potentially move around for a time before settling down in the same place. You might want to test out different neighborhoods and continue to lead an urban lifestyle even though you have young children in tow.
At best, avoiding buying a house so early in your marriage and your young family means you can take time to find the perfect neighborhood. So when you finally do decide to settle down, you’ll choose the right place that meets your needs. You will not feel like you’re stuck living in this location because you took the time to find the right place for you and your loved ones.
Benefit #2: Easily Make New Friends with Your Neighbors
Besides the freedom that leasing instead of owning provides, you also get to live very close to other like-minded people in your apartment building or luxury setting. This means you can quickly and easily get to know your neighbors and instantly create a connection with these individuals because you’ll see them every day.
Maybe your five-year-old loves going to the park. While at the park, you may regularly see your neighbor from the fifth floor at the park with her son too. Since you live in the same apartment building, you have an instant ice breaker to quickly make a connection with her and her child very easily. And now you’ll have someone to go to the park with, your son will have a new friend for play dates, and everyone in your family will be a heck of a lot happier now that they have more exciting friends in their lives.
Benefit #3: Home Maintenance Isn’t Your Concern
When you own a home, you have to pay professionals regularly to maintain your property in a number of different ways. You may have to pay someone fairly regularly to shovel the snow if you live in a cold and snowy area. And in the summertime, you’ll have to pay a landscaper to mow your lawn, trim your hedges, and keep up with the property. Otherwise, your neighbors are going to complain about your unruly looking house and how it’s driving down the value of homes in your neighborhood.
Guess what? When you lease an apartment all of this stuff is taken care of for you. The kitchen sink could suddenly spring a leak and your only responsibility is to call the maintenance person and let them know about the problem. Life couldn’t get any easier.
There are certainly plenty of reasons to buy a home when you’re a young couple first starting your family. But based on the benefits mentioned above, it’s probably best to hold off for a while and lease instead. You won’t have to pay to maintain your home, you could save up more money for your eventual down payment, you’ll have plenty of people around to make friends with, and so much more. So consider leasing an apartment instead of buying a home for the time being. It may just be the best decision you’ll ever make.
For more great family tips, check out the other blogs on Cyber Parent.