Did you know the rate of homeownership as of 2019 is 64%? This is down from the old average around 2007 when 66% of those in the U.S. owned their homes. This may be because more people are choosing an apartment vs house.
Before making your decision about where to live, it’s best to weigh your options to discover the better choice for you. We’ll look at aspects of each, so keep reading.
Pros of Renting an Apartment
Buying a home was a part of the American Dream, but renting is just as popular considering housing prices and social changes. Here are some pros of apartment hunting vs homebuying.
1. Little to No Maintenance
One morning, you wake up, start to get ready for your day, walk into your bathroom, and step in a puddle. Oh no. There is something wrong with the plumbing, and your bathroom is submerged under an inch of cold water.
When you live in an apartment, you don’t need to worry. Instead of dealing with a costly bill from a plumber, you can simply call up your landlord or maintenance team and explain the issue. Apartment complexes often have 24/7 on-call maintenance staff to help with everything from fixing a broken pipe to testing the fire alarms.
2. Amenities Close to Home
No matter what home you move into, it will be hard to match the level of convenience that the amenities that come with apartment living have to offer. Where else can you find a fitness center, swimming pool, tennis court, playground, dog park, hiking trails, etc., all within walking distance of your home? Furthermore, you can enjoy all of these luxuries without racking up extra bills.
3. Lease Flexibility
If you are not the type to settle down in one place for long, the idea of a 10, 15, or 20-year long mortgage may seem suffocating. Instead of locking yourself down in a multi-year contract in one place, apartment lease terms offer flexibility. Most apartment rental agreements allow tenants a one-year-long lease with the option of renewal when it expires.
Metropolitan areas may offer month-to-month or even weekly rental agreements that only require tenants to commit for short periods of time. Month-to-month lease agreements may be slightly pricier, but it is a better option than signing a year-long lease and breaking it halfway through. This is also a good option for families looking to move to a new area who want to get a feel for the place before long-term renting or buying a house.
Pros of Living in a House
You can find a mortgage rate similar or cheaper than the cost of rent. So why would you choose to buy rather than rent? Consider these pros about homeownership to find out what the better choice for you is.
1. Making it Your Own
A struggle those renting houses have is decoration. Either the landlords don’t allow tenants to paint or make major changes, or any changes they make have to be reverted back before moving out. You may love the color olive green for a living room, but if you have to cover it up with several coats of eggshell white, why bother?
Here is where being a homeowner gets really fun. When you buy a home, you can make it your own by repainting, putting up wallpaper, or making renovations.
2. Put Down Roots in Your Community
Buying rather than renting, especially in an area with family-friendly housing, allows you and your family to engage and integrate with your community. In addition, homeowners make an investment in their property, so they tend to stick around longer and get involved.
Do You Know the Better Choice for You?
Whether renting an apartment is the better choice over buying a home is hard to decide. It depends on your lifestyle, finances, and want out of your community.
For more advice on finding a home, check out the rest of our posts!