Apartment vs. House: Which is Right for You? Going from renting an apartment to owning a home is a big step that can impact your finances and your lifestyle.

Apartment vs. House: Which is Right for You?It’s important to understand the pros and cons before making a decision, and you’ll also have to weigh your needs. You may want more room and autonomy over your living space. Or you may prefer the conveniences of apartment living, particularly in a complex that provides many services and features, like gyms, pools or media rooms.

Here are four things to consider as you decide between a house or apartment:

1. Cost

Typically, when looking at buying a house, you’ll compare the amount you would pay every month to the rent you’re currently paying. But experts say that’s just the starting point; part of your monthly mortgage is going toward paying off your interest.

For a more accurate comparison and calculation, deduct the amount that’s going toward interest and compare it to your current rent; the interest is tax deductible.

Apartment vs. House: Which is Right for You?

Consider upfront costs when renting or buyingAs a renter, you’ll have to pay a deposit every time you sign a lease on an apartment. These range in amount, and they may not be refunded at the end of your lease. If you have a pet, you will probably have to pay a pet deposit, which may be non-refundable.

As a homeowner, you’ll need to have enough money for the down payment, and you may also have to pay homeowners association fees, depending on where you live.

2. Maintenance

If you’re a homeowner, the day will eventually come when you have to make a substantial investment to repair or replace something like a hot water heater, HVAC unit or appliances.

As a renter, you’re not responsible for maintenance and repair of items that break down or wear out, so you’ll never face that additional expense.

3. Flexibility

Renting and homeownership each come with their own kind of freedom and flexibility. If you’re a homeowner, you can paint the walls whatever color you’d like, replace carpeting and reinvent the space in whatever way your budget allows.

As a renter, you don’t have that kind of freedom, although you do have the mobility to move to a newer apartment with better amenities, or to a part of the city in which you take a new job.

Apartment vs. House: Which is Right for You?

4. Amenities

It’s hard to compete with the kinds of amenities offered by apartment complexes today. They can include state-of-the-art gyms, saltwater swimming pools, tennis courts, dog parks, walking trails and more.

However, when it comes to space and storage, homeowners almost always win out. They have the advantage of such things as attics, garages and more closet space.

The decision to live in an apartment and a home depends on your needs, but either way you’ll need protection from the unexpected. If you’re opting for an apartment, see how Nationwide’s renters insurance can protect your belongings. If you’re ready to buy a home, homeowners coverage is your next step.

Source: https://blog.nationwide.com/


…Let us join your journey of getting your dream house!

 

 

Call now:(617) 201-9188 Ana Roque |209 West Central Street, Natick, MA  

Ana Roque is a Brazilian Licensed Realtor at Re-Connect, LLC with 16+ years of experience in the Real Estate industry.

Ana speaks 3 languages (Portuguese, English, Spanish), Wife, Stepmom, Journalist, Event Director for the National Association of Hispanic Real Estate Professionals (NAHREP) Central MA Chapter.

   

 

 

 

Related posts:

3 Tell-Tale Signs You Have A Good Real Estate Agent
3 Tell-Tale Signs You Have A Good Real Estate Agent. Buying Or Selling A Home Can Be A Stressful Experience, So Having A Great Real Estat...
Buying A Foreclosed Home, read this article:
Buying A Foreclosed Home, read this article: Pros, Cons And A Step-By-Step Guide. Have you ever considered buying a foreclosed home – a diamon...
5 Mistakes That Can Make House Flipping a Flop
5 Mistakes That Can Make House Flipping a Flop. It looks so easy! Buy a house, make a few cosmetic fixes, put it back on the market, and ...
When to refinance your mortgage
When to refinance your mortgage. Like many homeowners, your monthly mortgage payment likely makes up the largest expense on your list of ...
Massachusetts Real Estate Stats and Trends for 2023
Massachusetts Real Estate Stats and Trends for 2023. MASSACHUSETTS - The real estate market in Massachusetts is one of the most dynamic in th...
Foreigners Getting Mortgages Without Social Security Number and FICO?
Foreigners Getting Mortgages Without Social Security Number and FICO? Are you a foreign national in the process of getting a mortgage in ...
6 reasons to refinance your mortgage
6 reasons to refinance your mortgage. If you’re a homeowner, you might be hearing everyone—from your neighbors to news anchors—talking about r...
10 Benefits Of Working With A Real State Agente When Buying A Home
10 Benefits Of Working With A Real State Agente When Buying A Home. We all know it can be browse the internet for your next home but when...
Can I Buy a House with My Friend? How Mortgages Work Without a Spouse
Can I Buy a House with My Friend? How Mortgages Work Without a Spouse. About 38% of homebuyers are now millennials, making them the large...
Could Mortgage Rates Fall to 4.5% Next Year?
Could Mortgage Rates Fall to 4.5% Next Year? Many experts think mortgage rates will keep rising, but several experts see a big reversal. ...

Leave a Reply