It’s time for you to pack up and move out of your parent’s place. You’ve been trying to decide for months if you would rather rent an apartment or own a home.
Renting vs. owning, which is the better option? There are pros and cons of both. They come with their fair share of freedoms and restrictions.
Image by F. Muhammad
The question is, how much can you afford to pay each month and how good is your credit? You may not be able to get by with buying unless you have a significant down payment.
There’s a lot to consider. We can help make the home hunting process a little easier. Keep reading to learn more.
Price Fluctuations
Once you take out a mortgage and put your first down payment on the apartment, that’s it. Your payments will be a single steady price each month. It gives you something concrete that you can work your bills around.
With renting a home, your monthly payments are up to your landlord. They can change things up on you when you renew your lease, and there isn’t much that you can do about it. If you can’t pay the new price, you’ll get kicked out of the apartment.
Renting Vs. Owning Responsibilities
One big argument in the renting vs. buying debate is responsibilities. If something breaks in the apartment that you own, you’ll have to pay money out of your own pocket to fix it.
If you rent a space, it’s up to your landlord to step in and fix things when they break. It makes a huge difference when you’re one busted hot water heater away from not being able to pay your bills.
Rules
If you own three Pitbull puppies, you can bring them with you when you move into a place that you own. Most apartments have breed restrictions, however.
So, you’re faced with having to get rid of your babies or finding a new place to go. The same thing can be said about exotic pets and large fish tanks. Many renters have restrictions.
Freedom
Say your landlord does decide to increase your rent to an abnormal price. You have the freedom to break your lease and leave. If you buy your apartment, you’re sort of stuck there until you pay the mortgage off.
On the upside, you can do whatever you want with your own space. If you don’t like the white carpets, you can rip them up and replace them.
Don’t like the cream-colored walls? Grab a bucket of paint and have it at it. The sky is the limit.
Should You Rent or Own an Apartment?
When looking for a home, many buyers are faced with weighing the pros and cons of renting vs. owning an apartment. There’s no right or wrong answer.
If you have the credit score necessary to take out the loan, you may enjoy having freedoms that renters don’t have. You might like the idea of never having to do your own house repairs, and that’s valid too.
Now that you’ve settled into your new home, it’s time to make it your own. Check out our blog for a few decor tips to live by.
