Current Events > Is there any advantage renting an apartment over owning a house?

(+) Yeah! (+)

Doesn't seem like it....
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You don't gotta fix appliances that break
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Lack of maintenance responsibility.
Ease of relocation.
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no, but I am too poor to afford a house
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I guess you don't have to worry about selling if you decide to move.
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Not really.
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It's a lot easier to set up the living arrangements in an apartment than it is to buy a house. >_>
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Some utilities are covered
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Well there's the whole down payment thing.

A decent place around here costs about $450k for a 1 bedroom condo. A suitable down payment percent would be 20-25%. So imagine saving up around $100k and seeing it evaporate in an instant. It's not easy.
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eggcorn posted...

I guess you don't have to worry about selling if you decide to move.

This is exactly why we rented for 3 years while my wife was in school. We didnt want to be stuck there with a house we couldnt sell.
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Another thing about apartments... you never truly know what you're gonna get until you've lived there for a bit. I mean, you can get a small sense of the community and apartment itself with a tour, but what happens when you live there for a couple months and start noticing rodents or roaches or a number of other things? By then you're locked in...
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NOM posted...

Another thing about apartments... you never truly know what you're gonna get until you've lived there for a bit. I mean, you can get a small sense of the community and apartment itself with a tour, but what happens when you live there for a couple months and start noticing rodents or roaches or a number of other things? By then you're locked in...

https://en.m.wikipedia.org/wiki/Constructive_eviction
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No yard work, not responsible for costs of maintenance, it's usually cheaper than owning even if it isn't turning into equity.
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16-BITTER posted...

NOM posted...

Another thing about apartments... you never truly know what you're gonna get until you've lived there for a bit. I mean, you can get a small sense of the community and apartment itself with a tour, but what happens when you live there for a couple months and start noticing rodents or roaches or a number of other things? By then you're locked in...

Literally less locked in than if you buy a house and the same things apply.

Homes do come with inspections and appraisals though, as well as contingencies. You also have more freedom in dealing with unexpected issues.
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NOM posted...

Another thing about apartments... you never truly know what you're gonna get until you've lived there for a bit. I mean, you can get a small sense of the community and apartment itself with a tour, but what happens when you live there for a couple months and start noticing rodents or roaches or a number of other things? By then you're locked in...

An apartment is a much better situation for this to happen than a house.
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Ease and mobility. Vertical movement within a company as a means of professional advancement is much less common now. Most people advance by taking new positions at different companies. Not owning a home gives you a wider freedom to hop to new opportunities since it's not terribly difficult to get a new apartment closer to your new place of employment. That is considerably harder when you own a home.
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People here seem to like apartments?

That's encouraging because I secret made this topic because I'm considering moving into an apartment, lol.
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Yes, you dont need a down payment, you arent locked into a specific location for a long time, you dont have to fix anything that breaks
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NOM posted...

Another thing about apartments... you never truly know what you're gonna get until you've lived there for a bit. I mean, you can get a small sense of the community and apartment itself with a tour, but what happens when you live there for a couple months and start noticing rodents or roaches or a number of other things? By then you're locked in...

Locked in? You can literally break your lease and move. If you own a house, youre screwed lol, you just dropped $40k for a down payment and now the roaches and rodents and other problems, they are yours
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I live alone.

I dont need a house

I plan on renting a single apartment for the rest of my life till death :)
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Relocation possibilities and literally the apartment is responsible for everything running smoothly.

On the downside, a lot of more affordable places...yeah, roaches.
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1. No responsibility for repairs or yard work (sometimes costly repairs... hundreds of dollars, potentially thousands)

2. The ability of having modern, brand new appliances/relevant & vibrant area without buying a brand new home (if you're moving into a new complex, or relatively new)

3. The ability to continue always having modern and updated appliances/grounds/better area by moving to a newer apartment complex every few years.

4. No property taxes

5. Inexpensive apartment insurance versus homeowners insurance.

6. Flexibility to move without the hassle of selling your home (or inconvenience if you're well off)

In my opinion, it's really not worth owning a home when taking into account all of the added costs---renovation, taxes, insurance, unexpected repairs, yard work---unless you are in it for the long haul and plan to own that home for many, many years---only then will you likely see a profit once you sell. If you just plan to be in the home for 5 years, you likely won't turn much of a profit when taking into consideration the money you put into it.
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The advantage of either (outside of current income issues) is just about what your goals and lifestyle preferences are. Not everyone wants the white-picket-fence tied to a house for years lifestyle even if it meant long-term financial gain of some kind. Also depends a bit on what area you live in. And one's job, how much one travels, that kind of stuff.

If you're in an area where real estate is just nuts (and where many rents are almost as high as a mortgage would be...) that tends to recover from even "market crashes" far far more rapidly than average, and if you can afford a house in such an area, I'd say get one vs renting. Outside of that ... eh, whatever floats your personal goal/boat.
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Lots.

Just none that are purely financial.
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Fuck it Im getting an apartment yall
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NOM posted...

Fuck it Im getting an apartment yall

haha
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I can uproot myself with zero issues
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What are you guys paying for your apartment in your area?

In mine(MD) its $1050 for a one bedroom one bath
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Capn Circus posted...

1. No responsibility for repairs or yard work (sometimes costly repairs... hundreds of dollars, potentially thousands)

2. The ability of having modern, brand new appliances/relevant & vibrant area without buying a brand new home (if you're moving into a new complex, or relatively new)

3. The ability to continue always having modern and updated appliances/grounds/better area by moving to a newer apartment complex every few years.

4. No property taxes

5. Inexpensive apartment insurance versus homeowners insurance.

6. Flexibility to move without the hassle of selling your home (or inconvenience if you're well off)

In my opinion, it's really not worth owning a home when taking into account all of the added costs---renovation, taxes, insurance, unexpected repairs, yard work---unless you are in it for the long haul and plan to own that home for many, many years---only then will you likely see a profit once you sell. If you just plan to be in the home for 5 years, you likely won't turn much of a profit when taking into consideration the money you put into it.

This sums it up perfectly and why I decided to get an apartment instead last month.

NOM posted...

What are you guys paying for your apartment in your area?

In mine(MD) its $1050 for a one bedroom one bath

I pay $755/month.
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