Rent an Apartment or Buy a House? How to Decide

buying a home
It is often difficult to decide whether to move to a new apartment or to buy a house. There are pros and cons that come with either one, and different people have certain requirements or lifestyles that support the argument for their choice.

But if you’re having a hard time making the decision, here are some pointers about renting an apartment and about buying your own home to help you narrow things down.

Buying a house

Often, the biggest deal-breaker for a person or family looking to move into a new home is the cost. Houses have more competitive prices these days when compared to their apartment rental counterparts, but some people don’t think they are ready to make that kind of commitment. There are some other considerations too. When you own the house, you are solely responsible for its upkeep and renovation. With options like the FHA 203k loan, however, you can borrow the money for the mortgage plus cash for the renovation of the home you choose.

With a house, you have more peace of mind as you know by the end of your mortgage, you will own it and so you can do with it as you please. There’s nothing like owning a home to make you feel like you’ve arrived.

Renting an apartment

An apartment can feel completely like home, but unlike a house you own, an apartment you rent will never be yours. The space is usually limited and the neighbors are only a wall away, which is bad news if they are noisy. Some apartments do not allow pets or parties. You also have to deal with a landlord or landlady.

That being said, a rented apartment is perfect for people who are always on the go. They don’t have to feel rooted to one place once they feel the need to leave for another place or have to go because of work. The limited space is also easier to clean and it’s great for those who live alone or for couples just starting to live together.

When deciding on whether to rent an apartment or buy a house, always consider your financial capacity, your lifestyle, the location, and the number of people who will be living with you and their needs.