Owning a home is everyone's dream but in the current economic situation renting is looking better and better every day. No matter how old you are or where you are in your life, renting can have great advantages over owning a home and here are nine reasons to look hard at renting vs. buying:

1. Flexibility: Firstly staying movable has become a key factor for many employers looking to get employees in the right place at the right time. It does not provide us the responsibility of needing to sell the place or stay fixed. Secondly relieving ourselves out of a lease requires a 30 day notice and some form of a “buy-out” fee but this is significantly less than the cost and hassle of selling a home. Provides us the opportunity to switch places easier.

2. Cost: The cost of having an own place has become very expensive. At the same time maintaining the house, paying property tax and insurance adds the burden further. If you are a renter, all it takes is a call to your landlord or property manager.

3. Amenities: Some apartments provide the facility of various activities like gym, pool and spa. This adds to a lot of savings where all these facilities can be enjoyed at one cost.

4. Land Values: In huge cities, renting a home becomes a lot more affordable then getting a place of our own which is not very feasible. The variation of land values can either make the house value more than the buying cost or simply put us at a risk if the area is not developing as expected.

5. Relocating within the city: Travelling around with current fuel rates has become very expensive. However staying in a rented place provides the advantage of reducing the travelling expense, if located very close to work.

6. Maintenance: Home ownership brings with it the responsibility of home maintenance. At times, the cost of maintenance is significantly greater than many people realize. When there is a problem in the electrical line you could simply call your landlord and get it fixed for free or would you like to call the electrician, wait until he comes, procure the items, wait until it's fixed and pay for it ? What if the Geizer broke ? What if there is a leak in your sink ? The list goes on and on..

7. Security: What if you are a working professional and your wife or mother is home alone ? Don't you want to make them feel safe ? Most of the apartments are gated or have 24-hour security. Adding a private gate or a security system to a home can be a costly affair.

8. Metro City Life: In metro cities such as Chennai, where prices of real estate is skyrocketing, buying a new home is not feasible. Renting an apartment is far more affordable for those looking to live in a Metro city.

9. Social Meetup: Apartments are areas of social congregation simply because you have many different people living under the same roof. This can be great way to meet new people and make friends when you’ve moved to a new city.

All being said, it is certainly a personal decision on what and where you call "home" but don't get caught thinking that renting is creating something less than "home". I have so many friends who tell me how much they enjoy living in a rented apartment with all the modern ameneties. All I'm trying to say is, renting is a great option in any stage of your life and should be considered carefully when looking for your next home.

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