The debate has raged for years: Apartment living, or home ownership? Many times the decision is somewhat out of your control depending on a job, income, family, or other outstanding factors. However, if given the choice it’s almost always better to rent an apartment than buy a house for a variety of reasons. Here are three of the simplest, yet most powerful.
1.) Convenience: Hands down one of the greatest benefits of apartment living is the overall convenience of a landlord. Apartment rental means you get to enjoy the space you live in every day without having to take care of the million and one things that can go wrong. Cleaning gutters, broken locks, faulty bathroom pipes. It’s their responsibility to maintain both the inside and outside in most cases.
2.) Cost: Across the board renting an apartment will be less expensive than buying a house. Not just in the money that you spend up front on down payments either, although that’s certainly part of it. According to one study, it’s estimated that about 20% of home owners would save money by renting. Approximately one-third of buyers will move within five years of signing for a house. Most of the time they’re basically giving money to a bank because that isn’t enough time to build real equity. On top of all that, the majority of homeowners don’t even receive tax breaks for owning a house.
3.) Availability: One of the best things about city apartments is their availability. People are constantly moving in and out providing the opportunity to move with relative ease from one place to another. Of course, you must fulfill the requirements of the lease you’re on. They also give you the availability to the luxuries of city life. Most apartments are located in big cities where there are restaurants, shops, and anything else you might need.
These are three of the most basic, yet enticing factors of apartment living. Society has been sold a bill of goods on the prospect of home ownership. While it can be a great thing for some people, it’s just not the right choice for the majority.