Should I Rent an Apartment or Buy a House?

By: ROS Team

Rent or buy? Once you settle this question, a bigger question arises: should I live in a house or apartment? It is your call to make but to make it easier for you we’re offering a few pros and cons for both.

Advantages of Apartment Living

Location, Location, Location

Where you live often dictates how you live. Apartments are often found in prime locations near administrative offices, commercial hubs, and shopping centers.

Advantages of Apartment Living

Variety of Amenities

Apartments offer various amenities that you won’t find living in a house. Many buildings offer recreational spaces and communal centers located near shops and restaurants. More luxurious apartments may offer swimming pools, a spa, gym, movie theatres, and playgrounds.

Low Maintenance

You have less to take care of in an apartment in terms of upkeep. Apartments have less space than houses which makes maintaining them easier. Building management usually offers services in case your unit is in need of repair. All you need to do is make a call to property maintenance and everything would be fixed.

Safety

Since apartments are often situated in prime locations, they are safer than houses. Most apartment complexes offer personal security systems and gated parking lots. This is not always the case in a house.

Disadvantages of Apartment Living

Less Space

If you want an expansive place to live, then apartment living is not your thing. They are less spacious than houses. A smaller space means smaller rooms and appliances.

Next Door Neighbors

Apartment living means living very close to your neighbors which can be problematic, especially If you prefer your privacy.

No Private Parking

Even though most apartment complexes offer onsite parking, you may find it difficult to find a parking space most of the time. In a house, on the other hand, you’re guaranteed a private parking space if you have a garage. Of course, this is only a disadvantage if you own a car.

Pet Restrictions

While you can find pet-friendly apartments, some apartment complexes restrict pets or restrict certain types of pets.

No Private Outdoor Space

If you like spending evenings in the privacy of your own backyard, an apartment is not the place for you.

Advantages of House Living

Spacious

Space is a luxury that a house can provide, especially if you have a large family or enjoy hosting parties.

Advantages of House Living

Personal Parking

Parking is often a point of contention between neighbors in apartments. This isn’t an issue when you live in a house. Most houses come with a private garage, which is definitely a bonus if you own a car.

No Pet Restrictions

Houses don’t come with pet restrictions and you’ll certainly have more space to coexist.

Outdoor Space

If you dream of having an open but private outdoor space, most of the houses have backyards and front yards.

Long-Term Investment

A house is a valuable asset if you own it. Studies show that houses increase in value every year. You can also add more value by doing some renovations.

Disadvantages of Living In a House

Cost

If you have decided to buy a house, keep in mind that it can be an expensive decision. Some reports state more than 50% of Americans cannot afford to live in a house. Besides paying for utilities, you also have the added annual expense of mortgage insurance and property taxes.

Higher Maintenance

Maintenance costs are more expensive in houses. Plus, as the owner, you’re responsible for coordinating and paying for any repairs the house needs.

Not a Liquid Asset

Although they’re valuable assets, houses don’t allow you to easily cash them in in exchange for money during a financial emergency.

Less Mobility

If you purchase a house, you’re going to be stuck in the same spot for at least 30 years. Most homeowners spend the rest of their lives in the same house. Even if you find a job opportunity in another city, listing a house for sale can be difficult and time-consuming.