While many Americans consider owning a home to be a lifetime ambition, not everyone shares this aspiration. In the U.S., a lot of people own their own homes now, but that wasn’t always the case. Historically, families have had to build their own houses or rent houses from other people. Renting also has benefits, even though it might not be the best option. Given their financial situation, renting apartments in Virginia Beach might make more sense for some folks.
Amenities
One great thing about renting at a place such as Waterford Apartments is that you can use perks that would cost a lot to buy otherwise. Many mid-range to high-end apartment complexes offer extras including an in-ground pool or an exercise center at no extra cost to residents. Most likely, a homeowner would have to pay thousands of dollars for installation and upkeep to use these perks. Even people who own condos have to pay these costs, which is done through their HOA fees.
No Down Payment
The up-front cost is another way renters get a better deal. A security fee of one month’s rent is usually what renters have to pay when renting apartments in Virginia Beach. This payment is typically given back to them when they leave, as long as they haven’t damaged the rental property.
When you use a mortgage to buy a house, you need to put down a big down payment, usually around 20% of the house’s value. With that down payment, you do have equity in the house, and that equity grows as the mortgage is paid off over time. A home that is free and clear is a valuable property that renters can never get.
