In Defense Of Apartments: Buying Is Not Always Better Than Renting
Many people are of the belief that as soon as you can buy a house, you should. They may throw around the phrase "renting is just throwing away your money," insinuating that by paying rent rather than a mortgage, you are essentially wasting your cash. But while there are some benefits to owning rather than renting, buying ASAP is not always the best decision. Here are some reasons why sometimes, it might be best to stay in a marina apartment rather than buy a home.
The landlord is responsible for repairs.
When you own your own home, you are responsible for any necessary repairs. If the hot water heater breaks at 3 am, you have to pay the plumber to replace it. If the roof caves in, the likely high costs are your responsibility. Especially when you're just starting out, you might not always have the cash on hand for these emergencies. So, staying in an apartment where repairs are the landlord's responsibility may make life easier and allow you to be more responsible with your finances.
If you need to move, you'll have a harder time moving out of a house.
It's not a smart decision to buy a home unless you're reasonably confident you won't be moving any time soon. If there is a chance you'll lose your job and need to move an hour or two away for work, then renting is likely a wiser choice. You would not want to have to turn down a job because you can't sell your home and can't handle the long commute. Similarly, you don't want to stifle your career options by buying a home and then being unable to move easily if a better job comes up in a neighboring town.
Apartments often come with useful amenities.
Especially if you rent from an apartment community, you'll likely have access to amenities like a pool, fitness center, and community coffee house. As a homeowner, you'll need to pay extra if you want to join a gym or have regular access to a pool. So while renting may not gain you ownership of property, you may get more for your dollar in the long run and have an easier time keeping your monthly expenses under control.
Don't assume that just because you can buy a home, you should. Talk to a realtor in your area about the pros and cons of renting versus buying in your personal situation. If you do decide to rent, remember that realtors can help you find awesome rental properties -- not just homes for sale.
