Each and every one of us has his own bucket list he wants to fulfill. For some, it is to travel the world, for others to obtain a diploma for higher education. And there are those dreaming about having their own place where they would grow, develop and build their new life. A decision to leave your family nest is never one dimensional. That is, it is never too simple, no matter how much you want that to happen. And after some time-saving money certain questions, such as, should you buy or rent an apartment or a house arises. Although both have its advantages and disadvantages, we understand the confusion. It really is not a simple decision. To make it easy on you, we’ve come up with a simple guide which will, hopefully, answer your questions.
Are you ready to become a homeowner?
Whether you will buy or rent an apartment depends on many factors. Even the smallest of details can prevail on one or the other side. The idea of having your own property has always been very tempting and represents the ultimate goal of many individuals. However, this can turn out to be a great mistake, if you are not completely ready for what’s coming next after you have bought a property. One of the questions you need to answer is where your future home will be. Living in New York has so many good sides. But, not everything is the same for all of us. This is why only you can give the answer to that question.
Advantages of owning a property
As we said, no person is alike, thus different people could provide reasons of their own for opting to buy an apartment. On the other hand, we can list several reasons most people agree with.
You are your own boss
For instance, one of the best sides of having a property of your own is the freedom it offers. You do not have to consult anyone but yourself or your family members regarding some particular details such as painting a wall in this or that color. Or hanging several pictures on the wall. Those are things that you have to make an agreement in advance if you are renting an apartment. Perhaps the landlord is not ok with these changes. But if the place is yours, you can arrange your home the way it suits you.
Then, there is that feeling of security. For some, home is like a shelter from the outside world and problems. Inside, things seem less difficult. And so, when you have something of your own, you can hold on to it more firmly. And every time you feel so, you can execute some smaller or larger renovations in the house. So, if you are wondering if you should buy or rent an apartment, in case you find yourself in these situations, then buying is your answer.
It is good for the budget in the long run
When you own a property, you don’t need to worry that your rent will increase for some reason after some time. On the other hand, you still need to think about the mortgage and be regular paying it. Also, in time you are building equity and you are adding to the overall value of the property. Still, whenever there have to be some fixings around the house, you will have to pay for it. At times, those maintenance bills can be really substantial.
If you are still not ready, then rent an apartment
This is a very normal thing, but you have to be honest with yourself first. If you are still tight with the budget, you may try to find some more affordable apartments to rent. However, if it’s your first time to rent a property, then you’ll need to pay attention to some important things in order to avoid making common mistakes like holding on to an apartment just because you like its interior even though your budget can’t support paying for it. But don’t worry, this option still has its good sides.
Landlord takes care of repair costs
In case something breaks, all you have to do is call your landlord or the manager of the building to call the professionals for that case to repair it. That saves you some money for sure. And if you are stationed in NYC, then you can also manage to live on a budget if you know how to save wisely from every paycheck you receive.
Saving the money in the short run
When you are renting a property, your monthly costs are bound to its rent and paying the bills. Compared to giving a large sum of money in advance for buying a property, this doesn’t seem as too much. Furthermore, you don’t have the obligation to pay property tax bills or to deal with complex paperwork.
No need to stick around for too long
If you are an adventurous type of a person, and you like leaving your comfort zone and exploring, then it might not be wise to become a homeowner just yet. Renting an apartment gives you another way of freedom. And that is the freedom of not being bound to someplace for a longer time. Rather, you can pack your bags and go about exploring your next destination.
It’s true that having a property offers more stability, but if you need to decide whether to buy or rent an apartment then you should look for both advantages and disadvantages of both options. Put on a paper everything you consider as pros and cons and see which option is viable at that point based on your budget, lifestyle, and goals you have set for yourself.