Apartment vs. House
There are times when renting just makes sense.
If a renter just does not want the hassle and responsibility of owning a home or if home ownership in their neighborhood is not a good investment, renting can be an attractive option. In this case, the renter must make the decision between an apartment vs house.
Big Decision: Apartment vs. House
Renting an apartment has many advantages over renting a house. The biggest advantage is that apartments are more likely to be managed by a property company rather than by an individual landlord. This typically means that the apartments are well maintained and updated regularly, whereas some landlords working for themselves may attempt to cut corners on the maintenance of their rental homes in an effort to save money.
An apartment is usually cheaper than a house, because of the smaller space and fewer amenities. As a result, students, singles, and small families without a large number of pets or possessions may find apartment living a better value. However, because apartments are typically run by large property management companies, they may be more likely to add extra fees to the monthly rent, such as pet fees or fees for preferred parking spaces. These costs can add up quickly and negate the savings that renting an apartment may initially present. On the other hand, private landlords such as those who typically rent out houses can be more flexible with the rent and are less likely to add extra fees, because they have fewer properties and as a result they must fill their units and keep them full. Extra charges put off potential renters in many cases.
The next consideration when deciding whether to rent an apartment vs. a house is the amount of space needed. Families with children and pets may find a rental house more spacious than an apartment. In addition, if the renter has to put a large number of items in an offsite storage just to live in an apartment, the savings may not be worth it because of the added expense of the storage unit.
Does the Property Make the Grade?
Finally, when considering whether to rent an apartment vs. a house, the biggest consideration is the property itself. While houses are generally more likely to have amenities such as a washer and dryer or a fenced-in yard, some luxury apartments present more value than a rental home. Some upscale apartments feature yards, patios, a swimming pool, a fitness center, as well as newer, updated appliances and decor.
The decision of whether to rent an apartment vs. a house can be difficult. The best strategy is to view many properties and base the decision off the individual property, the amenities offered, the size of the rental unit, and the landlord.
There is a right rental situation out there; the renter just has to discover it.
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