DID YOU KNOW?
Renting vs Owning
Apartment or House
Many apartment complexes have amenities that you will not have if you rent a house, such as a pool, tennis court, laundry services and even community gems. Most of these items are available to you at no extra charge. In some cases, utilities will be included in the monthly rental cost when you rent an apartment. Generally, rental apartments also provide appliances like refrigerators, stoves, dishwashers and even washers and dryers. However, rental homes may require you to supply your own, which can be expensive if you don’t already own these items.
Renting provides an enormous amount of flexibility. You can pack up and leave immediately at the end of your lease (which can be monthly or yearly, whatever best suits your lifestyle) – there’s no waiting to sell and no agonizing about the housing market before you move. For many people, the freedom to live where you want and when you want is a huge benefit that simply cannot be overlooked.
For homeowners, the stakes are enormously high should their finances crumble. When they can’t pay the mortgage, the lender has great leverage – the house and all the equity invested in it could be in jeopardy. That’s not to say there aren’t consequences if a tenant can’t pay the rent – but the financial devastation that comes with losing your home is far greater than being evicted from your apartment.
In addition, there are several social service programs that are run by all levels of government to help people in need pay their rent so they won’t be evicted. Are the banks as lenient or supportive when it comes time to pay the mortgage?
Ultimately, making the decision to either rent an apartment or buy a home involves much more than simply comparing rental rates, mortgage payments, lease lengths and tax breaks. It’s a combination of all of the personal circumstances happening in your life – both now and several years down the road.