Flex Space: The Benefits of Leased Property

Though you can't change your condo like you change your shoes, you can indulge your capricious nature when it comes to home life. There are real benefits to renting, like the ability to "carpe diem" in six months or less.

Dallas attorney Jack Jamison appreciates the flexibility of leased property. "It's great for a short-term basis," Mr. Jamison says. "You're not locked in for a long period of time, especially beneficial when you're at a point of life where the desirable goal is living life."

Even with communal amenities and balconies, condos can make some residents a little stir crazy. It's for some cosmopolitan residents to spend extended time in the same building without getting a little restless.

"Things change in life," concedes Mr. Jamison, "and the same condo can lead to cabin fever."

Leasing offers both a freedom from the maintenance tasks of owned property and the resultant financial commitment. Those who travel often, whether for work or pleasure, appreciate a break from home repair. Though they aren't building equity, they may save more each month by avoiding all of the ancillary costs.

Leasing also allows for flow with changes in fashion fads or personal preference. Jack Jamison moved from an urban design home to a more polished place when his tastes changed.

"I moved from a large loft. [It was] pretty industrial and open. I just got tired of the raw unfinished look and I was ready for something refined."

A leased home offers many of the same benefits as a leased vehicle. The car reflects income, family size, current styles, and work and travel necessity. After you've used the same speedster for three to five years, life usually has changed enough to require new wheels. Plus, it's always nice to get a fresh view and brisk breeze from a spanking new convertible or balcony.