Whether you decide to buy an apartment through a local real estate agent, or search online for Dallas apartments for rent, both offer great benefits. But what are the benefits and drawbacks of each option? While most people in the USA own instead of rent currently, there are good arguments for both sides.
With that in mind, let’s take a closer look at what goes into deciding whether to rent an apartment or buy one.
Pros of Renting an Apartment
The first benefit of renting is that it provides you with a lot of flexibility. You are not tied to a certain area or city for more than a couple months or a year. You can move freely almost whenever you want, without having to worry about selling or renting out your apartment.
This makes renting ideal for people who may not know where they want to be or what they want to do. It is a much smaller commitment and if you are the type to get bored of an area or want some changes here and there, renting allows you that opportunity.
Another benefit of renting is that it is generally much simpler. When you buy an apartment, it is up to you to do any repairs in the unit and pay any applicable taxes and fees. This can be a lot of work, and the costs can add up. If you rent, the landlord or rental company will make these changes (in most cases), and it won’t cost you a thing normally.
Cons of Renting an Apartment
Of course, there are also some drawbacks when it comes to renting an apartment. One of the first is that you are often restricted when it comes to what you can do. Generally, landlords don’t want you making huge changes and painting the walls in their unit. You may also have restrictions on what you can do, as well as things like making holes in the walls for art.
Many landlords also have pet restrictions as well, and finding a pet-friendly unit can be a nightmare. Another potential drawback in the mind of some is that you’re not building up equity like you would if you were living in an apartment that you bought. While renting is far from a waste of money, paying a mortgage can be seen as an investment by some, whereas rent is not. Rental rates can also go up over time, which you as the renter don’t have a lot of control over.
Pros of Buying an Apartment
One of the biggest pros of buying an apartment is that when you pay your mortgage, you are contributing to the eventual ownership of a large asset. Also, the payments are predictable and won’t change much at all, unless your interest rate is variable.
Owning an apartment also gives you the freedom to design your home how you like it. It can be any color, you can generally make a lot of changes and be able to personalize the home in a much more detailed manner. Of course, be sure to know the rules of the building or community before you go making all of these changes.
Also, many apartments are fairly affordable to buy when compared to other options. The median home is sold in the USA for $250,000, but you can likely find apartments in many areas of the country for much lower than that. These homes can also increase in value over time, which could fetch you a lot of money when it comes time to sell.
Cons of Buying an Apartment
Buying an apartment also has some downsides. One that you need to be familiar with is that you will be responsible for making all the necessary repairs yourself and handle all maintenance issues. This can be a lot of work, or a lot of money if you hire someone else to take care of it. If you don’t budget for these, you could find yourself in some trouble.
Also, as we touched on briefly, buying an apartment ties you to a certain city or neighborhood. While this isn’t necessarily a bad thing, if you don’t quite know where your life will take you, it is generally a good idea to refrain from buying an apartment. Buying is a commitment, both in terms of where you live, but also how you live.
In conclusion, we hope this guide has been able to help you learn and decide whether renting or buying makes more sense for you. Both can be great options and the right choice depends on your budget, your life situation, your wants and your needs.
