Most parents at one point or another will be faced with the decision on whether to purchase a home or rent. If it was twenty years ago, it wouldn’t even be a debate, if you could afford it, a house would be the way to go. Things have changed considerably in the last two decades and a lot of people are passing up on home ownership. Let’s examine some of the positives & negatives of each.
An apartment keeps you away from that dreaded mortgage that has so many Americans in significant debt. The savings are also seen in lower electrical bills, and all repairs are taken care of by the landlord. To me it seems that anytime people make a dent in their mortgage a major repair is needed. Air conditioner goes & that is at least 6-7k to repair unless you went to Lincoln Tech. Lets not forget the landscape as well. When you rent all the lawn cutting & leaf raking is taken care of by the management company. I know I rather not spend my weekends mowing the lawn or raking. The other major positive in renting is that if some sort of life changing event occurs, a lease is much easier to get out of than selling a home that may have lost value. The drawbacks of living in an apartment are also in play. You do not have much privacy or control of the noise surrounding you. You can hear neighbors arguing or blasting music with little you can do to resolve the situation. The outside yard, if you have one, has to be shared with numerous individuals and it can prevent your family from doing what they please. The big negative is that you do not build any equity towards ownership when you rent, however you do have a roof over you head. .
Home ownership gives you the freedom of doing what you please on your property. If you want to throw a celebration, you will not be capped with how many people you can invite. Noise complaints can still be made, but it would have to be significant noise that warrants a police visit. With a house one also has more space for the family & the overall surrounding neighbors. With a house if you need some quiet alone time, you can find the space. The same cannot be said for an apartment. With each Mortgage payment you are building equity into your home, but ultimately most people with a loan will never outright own their house. A sense of pride comes into play with home ownership, but I feel this is all dependent on the owner.
I think on this debate it’s somewhere in the middle. If at all possible I would say rent a house. You get the benefits of both. You are not tied down to a mortgage, yet you still enjoy all the advantages of owning a house.
What do you prefer an apartment or home ownership?