The question of to rent from an apartment complex or purchase a house might be one of the biggest nowadays. There are a lot of people who are on both sides of the fence, and there are a lot of good arguments towards both. The real answer has many different elements to consider. While you might imagine that buying a home is a good idea, there are many benefits of renting instead of buying.
To begin with, think about what we have realized in recent years about the economy. Even though it might appear that things are looking up, think about how many people have lost their properties, or are being foreclosed upon right now whether it is because of losing a job, investing in the wrong business, or using some kind of financial service that went under after paying all that money into it. How truly safe are you in your own career, and what happens if after you have started paying on a house and you do get fired or laid off? How would you keep coming up with the mortgage payments?
There are many different reasons why renting an apartment today is significantly better than getting a house. For one thing, it is more affordable to rent an apartment in the long run. In case you are renting from an apartment community for $700 a month for a 3 bedroom, that same home is going to cost you any where from $1,000 to $1,500 per month in mortgage, factoring in insurance coverage and taxes. If you actually need to put money into something, take the difference between this rent and a mortgage cost and invest it in the stock market.
Getting a loan for a home is a long and drawn out process. You have to have excellent credit, a big down payment to be able to get an excellent interest rate, and jump through a bunch of hoops. In case you do finally get into a home, then you might be locked into owing someone a large sum of money, and have to continue paying that for years to come. With renting, so long as you pay your rent, you don't have anything to think about, and when the lease comes up, you have a choice whether or not to stay longer, or find someplace better.
Proudly owning a house means that you are entirely responsible for everything that happens. In the event you move in, and the gutter starts backing up, you are the one that has to call somebody to come in. If the sewer guy finds a bunch of roots in your pipes, then you must pay them to dig up your own lawn, find the problem and repair it. If you are renting, this is not your job. If something breaks down in your condo, just like the dishwasher, or range or some other main equipment, guess what? All you need to do is call the owner and they have to replace it.
With renting, you don't have to worry about garden maintenance. Unless particularly stated in your rental contract that you must mow your lawn, it is the landlord's duty to keep and preserve the grounds. If there is a problem, they have to deal with it, not you. Sure you need to maintain your private areas, but that's it.
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