Why You Should Lease Instead of Buy

March 21, 2021
Published by Meyer Place at Ferndale

There has been a great debate over whether or not you should lease or buy. Renting definitely has its benefits. Here are the reasons why you should lease rather than buy.

1. You have flexibility – Leases are usually 12 months. If you are not sure on an area or do not want to make a major financial commitment, leasing gives you the flexibility and option to stay as long as you want. You have the flexibility to not renew your lease at the end of the lease term and therefore so do not have to fully commit to living in an area or your condo for long.
2. Low maintenance lifestyle – Do you have an emergency maintenance issue or repair? It is not your financial responsibility. As a renter, you are not responsible for maintenance upkeep or repairs. When an issue arises, you just have to contact your landlord or property management to fix an issue such as a broken appliance, roof leak, pest control or changing the air filters, lightbulbs, or batteries in your smoke detector.
3. Full access to additional amenities – Many apartments and condos includes on-site amenities in the community. These could otherwise be a costly expense to have on the property of your own home. Our Wayzata MN condos for lease amenities include a club room, fitness area, guest suite, owner’s patio, rain garden, and underground parking. These are luxury amenities are available for our residents to enjoy on a day-to-day basis.
4. No mortgage, no problem – You do not have to worry about a mortgage. As a renter you also do not have to concern yourself with having a 20 percent down payment or paying agent fees, closing costs, interest payments, and property taxes. You can put that money aside or use it for other wants and needs such as entertainment and travel.
5. Lower insurance cost – Homeowner’s insurance is an added cost that protects the structure of your home as well as the contents in it. From a financial perspective, renter’s insurance is much cheaper than homeowner’s insurance.

As you can see, there are many advantages to leasing rather than buying. Are you interested in leasing one of our Wayzata MN condos for lease? Give us a call today at 952-294-2112 for more information.

Categorised in: Why You Should Lease Instead of Buy

This post was written by Meyer Place at Ferndale