Hi everyone! Welcome back to this week’s issue of Brown Girl Green Money, thank you for your continuous support. This week I chose to follow up on Jasmines article from last week: Buying vs. Renting. Let me start by saying I would love to own multiple properties in the future. But at this time I love renting and I want to explain what the benefits of renting are, for me. By definition, renting is paying someone for the use of something, typically property, land, or a car. Currently I am renting because I have chosen to live below my means to obtain debt freedom. Renting has definitely afforded me the opportunity to pay off my student loan debt more aggressively! I also chose to rent an apartment that fit comfortably within my budget ($400 – $600 per month).
I will briefly explain a few of the benefits of renting that I enjoy. Those benefits include access to great amenities, no real estate taxes, lower utility cost, fixed rent amount, and no maintenance cost. I am able to enjoy amenities such as gym access, outdoor pools, indoor basketball courts and a business center. Fortunately, all of those amenities are included in the cost of my monthly rental price. Next, simply stated, no real estate taxes are a plus for everyone! As a renter, my utility cost generally ranges from $70 – $100 depending on the climate. My rental price is not “fixed” each month but it stays around the same amount each month. That is great for me because it gives me the chance to budget and plan ahead financially. Also, let’s talk about no maintenance cost, lol. I love the fact that I’m able to call maintenance at any time to replace or repair broken or non-functioning items in my apartment. Lastly, l enjoy the financial flexibility of being mortgage free!
Again, I do look forward to home ownership, but not right now. If you are renting at this time, always research the best option for you. Shoot for the best apartment or rental home that will give more “bang for your buck.” In addition, if you are able to build a nest egg during renting – that’s great! Do what’s best for you during your debt free journey. As always, thank you for taking the time to read this post! If you are a renter, share the reasons why you chose to rent. Please visit/like our FB page www.facebook.com/browngirlgreenmoney.com