To rent an apartment or own a house? It’s one of the oldest questions humans have faced since the dawn of modern civilizations. The “right” answer is of course subjective to each individual person and their unique situation, but there are certain advantages and disadvantages to each that a person should consider before signing an apartment rental lease or mortgage.
On-site maintenance, first-class amenities, and a higher standard of customer care are just some of the luxuries you can expect to get from professional apartment rental services. When you own a home you’re left responsible for all the extra stuff. Of course the number one reason an estimated 35% of American adults in the United States choose to rent their living space in the form of something like an apartment rental is to save money. On average, renters save about $560 every month just by renting an apartment over buying a house. Here are three things you can save to make you consider city apartment rental.
- College/Student Loans: Whether you’ve already gone to college and have the loans to prove it, or are debating on going back to school apartment living is a great choice.Not only can you use the money you’ll be saving to go towards your actual education, but you’ll have much more flexibility in the event you secure something like an out-of-town internship and need to relocate for a semester.
Unless you plan on living there for some time, you are simply giving away your money to a bank for the first five years of ownership. Approximately one-third of all buyers move within five years before they start building any real equity.
- New Car: Locking down a vehicle for transportation is a big step in securing your life. Public transportation can get you where you need to go most of the time, but there’s no replacement for the freedom owning a car gives you. Put the down payment you would have put towards a house to a car and chances are you’ll be halfway to owning it already. The low monthly payments that will provide you will go perfectly with your lower aprtment rental rate too.
- Home of Your Dreams: A lot of people don’t rent because they always had a dream of owning their own home. There’s nothing wrong with that, but you need to be realistic. If you’re simply not at the stage of your life where it’s fiscally responsible to do so you should save up the money by renting and eventually you’ll be able to buy the house you’ve always dreamed of.