The question of to rent from an apartment complex or purchase a house might be one of the biggest nowadays. There are lots of people who are on either side of the fence, and there are many good arguments towards both. The real answer has many different elements to consider. While you might imagine that proudly owning a house is a good idea, there are many advantages of renting instead of buying.
To begin with, take into account what we have learned in recent years about the economy. Even though it might appear that things are looking up, think about how many individuals have lost their houses, or are being foreclosed upon right now whether it is because of getting laid off, investing in the wrong company, or using some kind of financial service that went under after paying all that money into it. How truly secure are you in your own occupation, and what happens if after you have started paying on a home and you do get fired or laid off? How are you going to keep coming up with the mortgage payments?
There are many different reasons why renting an apartment today is significantly better than getting a home. For one thing, it is less expensive to rent an apartment in the long run. If you're renting from an apartment community for $700 a month for a three 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 really need to spend money on something, take the difference between this rent and a mortgage payment and invest it in the stock market.
Getting a mortgage for a house is a long and drawn out process. You have to have excellent credit, a big down payment to be able to get a great rate of interest, and jump through a bunch of hoops. When you do finally get into a home, then you might be locked into owing somebody a lot 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 an option whether to stay longer, or find someplace better.
Having a home 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 someone to come in. If the sewer guy discovers a bunch of roots in your pipes, then you need to pay them to dig up your backyard, find the problem and fix it. If you are renting, this is not your job. If something breaks down in your condo, like the dishwasher, or range or some other major appliance, guess what? All you must do is call the landlord and they have to replace it.
With renting, you don't have to worry about garden maintenance. Unless specifically stated in your rental contract that you need to mow your lawn, it is the landlord's responsibility to keep and maintain the grounds. If there is a problem, they have to deal with it, not you. Sure you need to maintain your private spaces, but that's it.
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