Buying versus renting an apartment can be a difficult question to answer. Especially with factors such as financing, repair, the state of the housing market and other significant elements playing into this decision, buying versus renting is not an easy question to answer – you need to be 100% sure you’re making the right decision. This article will walk you through some questions it is important to ask yourself when making the decision of whether or not buying is the right choice for you and your lifestyle.
One of the largest differences between renters and owners is the maintenance aspect of the property. As a renter, for the most part you do not have to worry about repairs of the property, as those will be taken care of by your property manager or landlord. However, this often means you can make little to no changes to the property, whether it means painting walls or even hanging curtain fixtures. As a homeowner, while you have full creative capabilities, that also means that you are responsible for the maintenance of the home, whether it is HOA fees, property taxes or repairs. If a window breaks or the dishwasher isn’t working, those expenses will come out of pocket.
To own a home, you have to have a relatively good credit score and solid financing. Whether it’s mortgage payments or taking out a loan, to become and stay an owner you have to have stable income and a good credit rating. Once a homeowner, however, you can have pets and generally set the rules of the property to your liking. If you are renting, there are likely some rules you need to abide by, often pertaining to pets and noise levels, but there isn’t a need for as high of a credit score if you are only renting an apartment, and this generally comes with less responsibility.
Arguably the most important question is how long will you be staying in this apartment? If you are planning to live at this property for 2-3 years, you should definitely rent and not buy. The upfront costs of buying a property will not be paid off in that short amount of time, and in that case it makes much more sense for you to rent.
If you do decide to rent, make sure you have up-to-date property management systems in place, such as apps like Rentigo that allow you to pay rent and put in maintenance requests all in one free app. Ask your property manager if they use Rentigo today!