Deciding to buy or to rent your own home is a big leap to adulthood. One must consider many factors before deciding whether to buy or rent the place you are going to call home. It is a tough decision to make, but there are advantages and disadvantages to both options where you should be familiar with to help you decide which path to go.
The Pros and Cons of Buying or Renting an Apartment
The debate regarding this issue is never-ending. It’s been going on for decades and continues to confuse the minds of those planning to get a space of their own. Listed below are the pros and cons of these different options that will aid you with your home searching process.
The Pros of Renting an Apartment
By renting a home, you will have the freedom to move to another place whenever you want. As long as you do not have a long term lease contract, you should be good. Unlike homeowners, they need to sell their property first before they can move to another place.
And selling a home is stressful. Unless your property stands on a prime location, selling it would be a long waiting process. Therefore, if you have to move regularly, then renting would be your best choice.
When you are renting, you do not need to worry about leaking pipes or broken doors since your landlord will be the one who takes care of the maintenance of your home. You only have to call your landlord whenever something needs to be replaced and voila! All fixed and replaced for you.
Paying rent is lower than paying a mortgage. Thus, renting will allow you to save more money. You will have the capability to invest your money on something that will give you a better return. When you purchase an apartment, you will not only spend money on mortgage and maintenance but also pay the taxes.
Aside from all of those expenses, there are more costs you need to cover when you own a property. You have the insurance for the mortgage, the hazard and flood insurance, and possible association fee.
The Cons of Renting an Apartment
You Can’t Renovate or Decorate
Wanting to live in a crib that suits our personality and taste is normal. Who would want to live in a place that does not represent you? Can you even call it a home if you are not comfortable living in it?
It is just one of a renter’s dilemmas. Having restrictions over the home you are living in is a significant setback. You will not have the freedom to choose what you want to put into your home to give it a more personal touch. You can not even change the carpet or the ceiling fan of your unit.
Some landlords may be nice enough to allow you to make some changes to your apartment unit, but mind you, the cost will be yours, and the apartment is not. It would be a waste of money renovating or decorating the apartment, knowing it won’t be yours forever.
Paying for Someone
Did you know that paying your rent means you are paying the mortgage of the property owner? Paying a mortgage and ending up not owning the property does not sound right. It is a clear waste of your money and time.
Technically, you are funding the owner’s investment. After the property is being fully paid, they can sell it anytime. All the money you paid for the rent will only benefit the landlord. In short, you will walk away with nothing after spending thousands of dollars on a place you once called home.
If you love pets, then renting might be the wrong decision for you. Most apartments have strict rules about having pets in units. The landlord might restrict you from owning a pet. But if you are lucky, then maybe you can find a landlord who will allow you to own a pet, but with set limitations.
The Pros of Buying an Apartment
If you purchase the property, all the payments will benefit you. It will also become an asset that you can sell or rent in the future. Once you pay off your mortgage, the property will be all yours, which your future children can inherit.
If you pay your property with cash, you will be free of worry from monthly payment obligations. Your only problem is the maintenance of your property and other fees that you need to pay every month, like utility bills and a possible association fee.
You are free to do whatever your heart desires. You can renovate, remodel, and decorate according to your preference without asking permission from anyone and receive a rejection. You do not need to be wary of anyone since you are the owner of the property. You can change the ceiling or the flooring, even little details that do not suit you.
You can also own a pet anytime you want without any limitations. Friends and family can also visit whenever they want or stay for a few days with you. Being free of restrictions is the best part of having your place.
The equity of the property that you own builds up every month. As you pay your monthly mortgage, the equity of your property rises. After you fully paid the mortgage, your property’s equity will be at its maximum.
Aside from the equity build-up, a property’s value increases over time. If the time comes that you want to move to another location or you want to buy a new property due to various reasons, you can sell your property anytime.
Good for Families
Owning the house or apartment you are occupying is very important, especially if you already have a family of your own. You must raise your kids in your own home with an environment that you designed for them.
BMA Luxury offers a wide range of properties that you can purchase. You can choose what fits for you or your family. Choosing the right home is essential for you to live comfortably every day of your life.
The Cons of Buying an Apartment
Owning the place means the responsibility of the maintenance will fall upon you. From broken windows to broken toilets, or even a scratch on your wall, are all your problem. You do not have a landlord who will manage all the fixing and replacements for you. Aside from investing your time and effort in maintenance, the expenses will also fall upon you.
It will surely deduct a few dollars from your savings. You can not take these maintenances for granted since you must attend to it as soon as possible, or risk the problem getting worse. Wear and tear are normal and will happen to every home, that is why you need to take this into consideration when you want to own a home.
You Can’t Move Whenever you Want
Moving out or relocating will be a big decision if you own your apartment. Unlike renting, you can not just go and leave your home anytime you, please. You have to think about your investments that you do not want to go to waste. Selling your apartment is an option, but it does not guarantee the sale and may take time.
Individuals have their own opinion on this matter, so there is no right or wrong decision for this. What should matter is your choice of what you think suits your lifestyle, especially in the financial aspects of having a place to call your own.