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.
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 buying. As 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.
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:
What are the pros and cons of buying a foreclosure home? Buying a foreclosure home can have both advantages and disadvantages. Here are some pros and...March 29, 2023
What is the sellers main responsibility at closing? At closing, the seller's main responsibility is to transfer ownership of the property to the buye...March 22, 2023
Hire a realtor to buy a house is the best way! Hiring a realtor to buy a house can be beneficial for several reasons. Here are some of the key reason...March 17, 2023
What are the steps to buy a house in US? Buying a house in the US involves several steps. Here are some general steps to give you an idea of ...March 15, 2023
Housing Eviction - All You Need to Know Housing eviction is a legal process in which a landlord removes a tenant from a rental property. This...March 10, 2023
Whats is disclosures when you buy a home? Disclosures when you buy a home refer to the legal requirement for home sellers to provide potentia...March 8, 2023
7 Tips for Buying Your Very First Investment House: If you're considering buying your very first investment house, here are some tips to...March 3, 2023
1- What happens to your mortgage when you die? When a person with a mortgage dies, the mortgage does not automatically disappear. Ins...March 1, 2023
Fix and flip houses is a popular investment strategy in the real estate industry. Here are some benefits to consider: Potential for Pro...February 23, 2023
10 Tips for First-Time Home Buyers. Like many businesses, the real estate market took quite a hit at the beginning of the COVID-19 pandemic. H...February 20, 2023
Buying a house: A down payment of less than 20% will add PMI. Down payments & PMI: Typically, buyers put down 5 to 20%...February 17, 2023
Why Massachusetts is considered a great place to live. Is Massachusetts is a great place to live for many reasons, incl...February 14, 2023
When to Get Homeowners Insurance When Buying a House. Buying a new house is exciting, whether you’re a first-time buyer or an experienced...February 10, 2023
Buying a House With Credit Card Debt. Yes, it is absolutely possible to buy a house with credit card debt. And by lowering your debt-to-i...February 8, 2023