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Renting an Apartment vs. a House

Posted by Doug on August 3, 2019
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Introduction

When you’re deciding whether to rent or buy a house, there are more considerations than deciding your method of payment. The next step is to determine what works best with your lifestyle and other factors. We have listed them below. We also recommend that as you read this, keep your lifestyle in mind and how well it will fit.

Homes are Often More Spacious

In most cases, houses have more room and more rooms. They generally have more bedrooms, bathrooms, and living rooms specifically. This will most likely make a greater difference if you own a lot of things or are thinking about living with someone else. Keep in mind that those who are bunking with you could also help you afford a place that may otherwise be too expensive.

Houses are Generally More Expensive 

Price is a major factor for most shoppers. Depending on your location and market, you may find that houses carry a heftier price tag. You may also want to keep an eye on the market. If you really want an apartment, then, if you can, you could save money during a seller’s market, when the prices will be higher than normal. If you are looking at moving to an area that is close to a metropolitan one, then the apartment is almost always a better financial decision. Likewise, rural areas generally will have better prices for houses.

Keep in mind also, that in apartments, the utilities expense may be higher, but they are still present in home rentals.

Different Purposes

This is where you may want to consider how well it fits in with your personal lifestyle. If you have a dog or a family, then the house may have the space and other features that will suit your family better like a yard and a garage. However, if it is mostly you and a roommate, then you may find the in-house gyms, pools, and other recreational areas to compliment your lifestyle better. Although privacy is not a guarantee in apartments, what they lack in that area they often make up for in excellent sound-proofing.

Another huge benefit of renting an apartment is that they are often located in a very popular area of a city where all the action is. They can be near public transportation, main attractions, and other places that people generally perceive to be highly desirable.

In any event, we recommend that you find a place that is safe for you and, potentially, your family. Also, look into buying renter’s insurance if you want greater peace of mind that your belongings will remain safe.

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