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It’s an age-old question – should you rent or buy an apartment? We’re often told that it’s better to buy than to rent, but the truth is that renting has its benefits too. It all comes down to what you can afford, and what’s right for you at the time.
Take a look at some of the benefits of renting and buying to help you make the right choice for you.
Should you rent an apartment?
Renting is a popular choice for a lot of people, especially younger people. Some of the main benefits of renting include:
- The flexibility to move around if you need to for work or for together reasons.
- The process of renting a home is much quicker than buying, with a lot less paperwork involved.
- Your landlord is usually responsible for maintaining your apartment, so you won’t have to spend money on repairs and maintenance work.
- You won’t have to worry about the apartment’s value and whether it increases or decreases.
- Renting can be more affordable, giving you a larger sized property than you’d be able to own.
But while there are some benefits to renting, there are some downsides too:
- There may be restrictions on decorating your apartment as you want it – although there are ways to decorate a rental without losing your deposit.
- Renting doesn’t give you an investment with a return, once the money is gone, it’s gone.
- You could be faced with increases in your rent over time.
- Your landlord could decide to sell the property at any time.
Should you buy an apartment?
There are a lot of good reasons to decide to buy an apartment, including:
- Your mortgage payments will help you buy your property outright over time, giving you an asset that you can sell in the future.
- If your home increases in value you can make a profit once it sells.
- You can decorate your house as you want, and carry out some renovations to improve your home.
- The security that your home is yours, and you won’t have to worry about moving out and finding somewhere else to live.
Some of the downsides of buying:
- It can be complicated if you buy a property with a partner and your relationship breaks down – you may need to sell it.
- It can be difficult to find apartments or houses for sale that tick all of your boxes.
- Buying an apartment is a long-term commitment, you’ll be tied to a fixed-term mortgage until it’s either paid off or the house is sold.
- The process of buying can be a long and complicated one, with a lot of paperwork and lawyers involved.
- You’re responsible for taking care of and funding repairs and maintenance.
- If you fall behind on your mortgage payments, your home could be foreclosed.
Whether you decide to rent or buy depends on your financial circumstances, and your long-term plans. If you know you’re going to live somewhere long-term, and want to invest in your property, then buying an apartment could be a great option for you. If you’re unsure of what you want to do or your finances need some work, renting could be a fantastic option while you figure things out.
Whatever route you decide to go down, find your perfect apartment and get ready to fall in love with your dream home.