Renting vs. Buying: The Great Apartment Dilemma

Choosing a place to live is one of the biggest life decisions you will ever make. When it comes to apartments for rent, Lansing in Michigan has some of the best rates. However, you are probably thinking it would be better to purchase your home.

That may be true in some cases, but there are more benefits in renting an apartment instead. Here are some reasons leasing a living space is better than purchasing one.

Home ownership is a risky investment

Many people will tell you that owning a home is a significant investment. That is only true when you pay for it in cash, and the investment atmosphere shows signs of optimism or, at the very least, looks stable. To put this into perspective, it would be useful to refer to the US housing market crash in 2007 during the economic crisis.

Many people lost their homes and their credit because the value of their property was less than what they owed the banks. They are still recovering from it to this day.  If you are only renting an apartment, you do not have to take that risk.

Maintenance is a difficult task

Not only do you have to pay the bank every month but you also have to worry about maintenance expenses. A property owner will still charge you every month, but at least you do not have to worry about maintenance costs because they will handle that for you.

You have limited options

Even when you finally pay off the bank, you are still stuck with the property until you sell it. This means you have limited options. One, you have fewer choices when it comes to accepting work opportunities because most of the time, proximity is one consideration in job hunting.

Two, if you have children, you need to make sure you find a good school near your house. With rental apartments however, you can just move out and move into another apartment if your job or family needs to relocate.

One thing most people forget is you do not own your home until you have paid for it in full. Therefore, if you are thinking of getting a 30-year mortgage, you might want to think again. It would be far better to rent an apartment instead.