Buying Or Renting An Apartment: Which Option Is Better?

October 08, 2013  //  Posted by: cooldude  //  Category: Homes & Properties

Renting An ApartmentFood, clothing and shelter are the three main necessities in every person’s life. People work very hard to fulfill these essential requirements. But since the economy is suffering continuously from so many challenges it has become almost impossible to meet all these basic requirements satisfactorily. Shelter is extremely important in today’s world. When it comes to the question of finding a place to live in people are faced with a dilemma. This dilemma is whether to rent an apartment or buy a new house. However, majority of the people think that renting a house is a better option due to the fluctuating economic conditions and the many advantages it has to offer.

When you will purchase a house, you will have to arrange for the down payment which is generally very costly. Then you might even have to acquire a mortgage loan to buy the house. But if you just rent an apartment then you just have to pay cheap rents every month to the property owner without worrying about expensive down payments and EMIs.

Another merit of renting a property is that you do not have to take care of the property because it is the responsibility of the owner or the property manager to maintain the property and look after it appropriately.

Once you buy a house, you will not have the freedom to move to another place for work related purposes. On the other hand if the apartment is rented, you can shift from it in case the rent increases or you have to look for a house near your workplace.
However one advantage of buying a house is that it can turn out to be useful to you in the future during a financial emergency.
Hope this article can guide you in deciding what is better – Buying or renting an apartment.

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