There are many myths surrounding the renting vs. buying situation. If you’re considering moving into an apartment for rent or purchasing a house, you’ll find lots of conflicting arguments about which one is better. Either way, deciding between renting or buying takes a lot of time and resources. But don’t worry! We’re going to debunk a few of these myths to make your decision process a little easier.
Myth: Buying is always better renting.
Truth: Definitely not true! There are a lot of factors that will help determine whether you should buy or rent. What is your budget? How long will you live there? How much room do you need? What’s the current state of the housing market in your area? What does your credit score look like? Once you can answer these questions, you will be able to make the decision right for you.
Myth: Renting wastes money.
Truth: Buying a home is a huge time and financial commitment, whereas apartment renting is much more flexible. Although mortgages can cost less per month than rent, a down payment is a pretty large chunk of change. On the other hand, apartment rent pricing will depend on the type of lease agreement you have (short- or long-term), some of which are pricier than others. Age can also play a role when it comes to the financial issue. Younger adults may have student loans to pay off or less established careers, which often makes the flexibility of renting a better option.
Myth: Apartments don’t have extra expenses.
Truth: Home buying comes with homeowner’s insurance, maintenance costs, and property taxes. While it may seem that renters don’t worry about maintenance costs or property taxes, this isn’t always the case. Many apartment complexes require renter’s insurance when you sign a lease, which definitely adds to monthly expenses. Additionally, property taxes and maintenance costs are usually part of your monthly bill.
Choosing between renting an apartment and buying a home is a big decision, but it doesn’t have to be overwhelming. For more information about renting and apartment life, visit the ApartmentSearch blog or follow us on Facebook and Twitter!