Posts Tagged ‘afford’

Reasons Why Almost All Boston Apartments Are Rented

Sunday, December 13th, 2015

Boston has a very large population. All types of homes are available, homes to be bought and homes to be rented. Therefore some people prefer being home owners while others are just comfortable renting apartments. Most people who love renting homes are either single or mobile, but at times families starting up also rent apartments in Boston. Discussed herein are the reasons why almost all Boston apartments are rented.

There is less responsibility

Being a homeowner comes with a lot of responsibilities that require a lot of finances and commitment. The home you buy needs maintenance and renovation as time goes by. Another expense of buying a home is that you have to pay monthly mortgage payments to clear your loan. When you rent an apartment most of the responsibilities are on the landlord. Yes you may be responsible for minor repairs of the home but the major repairs fall on the landlord’s shoulders.

No worries when it comes to finances

All Boston apartments that are rented do not require any sort of loan. When you buy a home you take up loans that you need to pay up eventually. When you rent an apartment you rely on your monthly salary to pay the rent due to you. In a situation where you do not have the money at hand you can negotiate with the landlord to give you some time so as to clear your arrears. This is not the same when you are a home owner. It is mandatory that you make your mortgage monthly payments to be free from the consequences of default.

Adequate security systems

Almost all Boston apartments have security systems fully installed. This assures you of your safety all the time as a tenant in an apartment that accommodates a lot of people. Most apartments in Boston are maintained and managed by companies. Therefore the companies may include security monitoring systems in the apartments which provides professional monitoring 24/7.

No taxes

Renting an apartment assures you that you are tax free of any amenities of utilities available in the home. You need not pay any property tax because the tax is sorted by the landlord, that is, the owner. You only have to worry about the rent and any expenses as regards the minor repairs you need to do in the apartment. A homeowner pays mortgage payments which are also taxed at some instance. As a tenant you need not pay any mortgages hence you can save a substantial amount of money overtime.

Ease of moving

If you are those people who cannot stay in a place for more than a year or less then renting an apartment is a better option for you. Lease agreements come with terms of the duration that you will stay in the apartment. Therefore you are the one who determines how long you stay. You can always move as often as your lease allows you to. All Boston apartments have lease agreements that spell out the duration of time to be spent in the apartments.

The reasons stated above are so clear to enable you understand why people rent apartments. Not each and everyone can afford to buy a home so renting is an option and a better one at that.