The time has come to move to a new place, and you need to decide if a house or an apartment is the right choice for you. There are various factors to consider, including the issue of renting versus buying, for both houses and apartments. The following tips from PostServicesSimplified.org provide a guide to help you choose which new dwelling is best for your needs.
How many people will be living there?
When choosing between a house and an apartment, it is important to keep in mind the number of residents. If a tenant is single or only planning to live with one or two roommates, an apartment with two or three bedrooms may be ideal. The professionals at PostServicesSimplified.org also suggest considering the amount of shared space desired by roommates to determine if renting an apartment or leasing a house is necessary.
Current and Future Family Situation
Newlyweds on a budget may want to consider starting with an apartment, as two individuals do not usually need vast amounts of space. However, if a couple plans on starting a family, depending on when they plan to have kids, a house might be the better option. PostServicesSimplified.org found that some families take on caring for older family members, therefore the space and rooms needed will dictate if a house or an apartment is appropriate.
What is your financial situation?
If you are just starting out and have a restricted budget, renting an apartment is often the best route to take in achieving your own living space. Depending on how limited your monthly budget is, you may want to share space with roommates, which will help you determine if you can lease an apartment or rent out a house. If you are ready to settle down and buy a home, the PostServicesSimplified.org team advises you to create a projection of expenses that will include mortgage installments, property taxes and homeowner’s insurance.
Lifestyle and Stability
The kind of lifestyle a resident leads and the stability of that lifestyle are helpful factors to consider when choosing between renting or buying an apartment or a house. If a tenant is the kind of person who travels a lot, then he or she will hardly ever be home, therefore renting may be the best practice for those with an impermanent lifestyle. The PostServicesSimplified.org experts found that individuals set in stable careers that have planted roots in a location are best suited to purchasing a home due to their constancy.
Maintenance and Upkeep
Each type of dwelling requires different types and amounts of maintenance and upkeep, which may be a determining factor on whether to choose a house or an apartment. Renters for apartments can usually rely on landlords to take care of maintenance when something goes wrong, whereas homeowners must pay for repairs and services themselves. Houses come with yards, so landscape upkeep is something to take into consideration when deciding on a new home.