Renting & Buying: Which is Right for You?

Should You Rent, or Should You Buy?

If you plan on moving out in the near future, it can be a struggle to decide between buying your own house and renting an apartment or condo. There are pros and cons associated with each choice, and the choice you make ultimately depends on your personal preferences. Below we have listed several of these differences so you can make your own decision.

Payments

Roll of Dollar Bills

One of the key differences between renting and buying involves how payments are handled. When you rent an apartment, you primarily focus on monthly costs for your rental payments and utilities. While you do have monthly payments, you do not have to take out a massive loan before you move in. Therefore, the initial payment is much lower than it would have been if you bought your own property.

On the other side of the spectrum, you usually need to put down a decently sized payment first if you plan to buy a house of your own. Therefore, buying a house can be a bit pricey in the short term. The main difference here is that once you finish paying the mortgage the house is completely yours.

Ultimately, the choice you should make depends on the amount of money you are willing to spend in a short period of time.

Maintenance & Responsibility

Fixing an Outlet

Another major difference between renting and buying is the amount of responsibility expected from you. When you rent an apartment, most of the maintenance is handled by the landlord who owns the community or apartment. Therefore, if something breaks due to an accident, it is the responsibility of the landlord to deal with it, not yours.

On the other hand, when you are the owner of your own building, you are responsible for everything that happens within it. It’s your property, so no one is going to come out to help you for free when the air conditioner starts going on the fritz. Any money for repairs comes out of your wallet.

When deciding between renting and buying, always think about how much responsibility you are willing to take on in regards to maintenance and upkeep.

Committing to Where You Live

Before you make this big decision, you should think about how long you plan to live in the area you want to move to. Are you planning to live there for a short amount of time? Or do you plan on living there for at least five years? Knowing this can help you decide between renting and buying.

The lease on an apartment can last anywhere between six months to a full year, and once the lease is up you can choose to renew it or move on. This gives you the freedom to move

around if you want to see new sights. However, owning a house is a much bigger commitment, since it is your responsibility while you pay your loans. If you do decide to move later on, it can take months for a potential buyer to take interest.

Long story short, you should expect to live in a certain location for a decent amount of time if you plan on buying your own property.

Creative Freedom & Visitors

Painting Tools

One of the benefits of living in your own home is having the freedom to decorate it however you please. Since the house is entirely yours, you can choose to repaint the walls and remodel whenever you choose. You can also invite people over whenever you please, so there are a lot of freedoms to take advantage of.

When you rent an apartment, however, there are certain restrictions to keep in mind. You can bring in your own personal decorations, but more substantial updates are typically not allowed. Landlords own your apartment, and they will not be happy if you start tearing up the carpets in your unit. In addition, you also have to be mindful about visitors and noise, since you do not want to bother your neighbors.

If you would like to move into one of our apartments, please take the time to check out some of them online.