Buying a House vs Renting an Apartment – Which is Better?

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Are you a newlywed couple planning to start your own life together? A newly graduated student
who wants to have your own place finally? Or do you just have enough savings to live somewhere
else? Whatever your reasons are, I’m sure you’re wondering whether you should start renting an
apartment or buying a house. Well, there are both advantages and disadvantages for both.
Let me help you look at it from a comparative view. Here are the things you should consider when
you’re torn between renting and purchasing a home.

1. Your Budget

Most people think that buying a house is better than renting. When buying a home, your monthly
payment will be higher but is said to be worth it because it will be your own property eventually. It is
indeed worth it when you already have a budget in place because when you buy a home, you will
have to commit to a monthly amortization which is much higher than renting. This will require you
to have at least 3-6 months of emergency fund for your expenses, monthly amortization, and other
bills.
On the other hand, if you do not have a huge budget while house hunting, renting would be the
better option for you. Renting is way cheaper than monthly amortization, and you won’t have to pay
property taxes! However, take note that your landlord may charge for the other maintenance such as
garbage collection, cleaning, security, and others.

2. Commitment and Major Life Changes

When buying a home it means you’re committing to it, because it’s permanently yours. This is why couples starting a family usually settle down in a place ideal for building a family, a place that is safe, simple, and simply a good location to raise a child.

However, some who are not yet in the position of building a family might consider that sometimes there are unexpected major life changes such as changing careers, starting a business, changing lifestyles, getting married, etc. These life changes might urge you to change to a location suitable for your new life. If you think this is you, renting is your best option. You can simply change location within a month or two whenever your heart desires.

3. Convenience

It is indeed true that a home near shopping malls, grocery stores, restaurant, hospitals, and other convenient amenities have much higher rent than living in the suburbs. This is why homes in the city are smaller but way more expensive than living in a suburb town. This goes down to how much you value convenience.

Are you willing to purchase a cheaper home in the suburb but risk convenience from modern and necessary amenities? Or are you willing to rent a smaller place but with access to everything convenient?

It is indeed true that a home near shopping malls, grocery stores, restaurant, hospitals, and other convenient amenities have much higher rent than living in the suburbs. This is why homes in the city are smaller but way more expensive than living in a suburb town. This goes down to how much you value convenience.

Are you willing to purchase a cheaper home in the suburb but risk convenience from modern and necessary amenities? Or are you willing to rent a smaller place but with access to everything convenient?

4. Customizing your home

Millennial loves to decorate their home and personalize it to something they feel comfortable with. If this is the case, renting would be a problem for you because most landlords don’t allow their tenants to change the wall paint or make holes to hang up a picture, even so with huge changes you desire for your place.

While purchasing and having your own home makes you free from changing, designing, and adding everything you want for your place. However, this also means that you’re the one responsible for any maintenance and repairs such as clogged pipes, a roof that leaks, electrical wiring, and more.

As mentioned earlier, both buying and renting a home has their own advantages and disadvantages. The better option is always to choose which is more suited for your needs, your family, and your budget. You can use the things above to consider and compare which option is fit for you.

If you chose to live in Montana, best to search for all properties for sale in the area. For immediate assistance, you can call 406-203-5830 or email us at info@glaciermontanaliving.com.

Article by Ron Leyba

ron@bptapartments.com

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