The American Dream of homeownership is a cliché as old as apple pie, backyard barbecues and the Fourth of July. So embedded is this idea that renting is often viewed as a last resort: an option that should only be taken during times of financial hardship.
Instead, often renting is preferable to homeownership in a number of ways, the most important of which is flexibility. Free from some of the costs associated with homeownership, such as taxes, mortgage payments and homeowner’s insurance, renters have the ability to pick up and leave at a moment’s notice, spend money on luxury cars, and purchase yachts – even fund college savings accounts for their grandchildren.
One of the major downsides to homeownership is liquidity. Selling a home can be a long and somewhat arduous process, not to mention that it can take months just to find a qualified buyer and a minimum of another month before the closing of the transaction. Not having a substantial sum tied up in a home can deliver an increased level of personal freedom. Whether it’s a new business venture, an investment opportunity, a favorite charity or a relative in dire financial straits, having extra capital on hand can provide options as well as opportunities to help others when they need it most.
If the mood strikes, renters can move on by simply writing up a 30-day notice and calling a moving company. Maybe it’s a desire to be closer to grandchildren or see a new part of our country. Whatever the reason, renters aren’t held captive by a piece of property.
By renting an apartment in Ridgeland, SC residents can rest easy in the knowledge that they will not have to forfeit a large sum of money if they ever have to move. With no extensive financial requirement, people can move in and try things out with no long-term commitment.