Is It Time to Leave Your Apartment and Upgrade to a Home?

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December 23, 2021

There are many conveniences that come with renting an apartment. It may be the right choice for some lifestyles, and not for others. If you are considering making the switch from an apartment to a home, here are some pros and cons to consider:

Pros

The Landlord Does the Dirty Work: As a renter, you have certain rights. These rights include your landlord providing some services for you, including repairs to the home. These rights are not included when you become a homeowner! If the roof needs repairs, you will need to pay for it out of pocket.
Less Obligation: Apartments are tied down with leases, not mortgages. A lease can be anywhere from one month to a year. This means you have less of a commitment to stay in one place if your freedom is important to you! You can move around from city to city with less obligations.

Cons

No Chance to Build Equity: As a renter, your chance to build equity is none. With a home, there is more of a chance to use your home as a way to build long-term wealth. If you purchased your home while the market was currently in the buyer’s favor, you may have more of an opportunity to do so. According to Bankrate, a home is one of the only assets that gives the owner an opportunity to appreciate in value as it is paid off.
Freedom to Personalize: As a renter, you may not have the opportunity to make the space your own. With a home, you are the owner, and you can decorate as you please!

If you are considering the switch, it may be time to consult a realtor and find out what your options are!