While being a homeowner may be the dream of many, the reality is you’ll spend a lot of money and energy maintaining your property. For this reason, some people choose to remain renters. Many expenses creep up on homeowners, and if you aren’t prepared for them they can leave you stretching your budget beyond its limit. There are benefits to renting rather than owning and this is something to consider before deciding to purchase your first home.
Owning a home or condo comes with many expenses you may be unaware of if you’ve never owned a home before. Those expenses include Homeowners Association (HOA) fees, insurance and taxes. Additionally, as a homeowner, you’re responsible for all upkeep of the property. As a renter, you report issues to the resident relations New Jersey and expect them to be addressed by management.
As noted above, apartment living means you can spend your weekends enjoying life rather than mowing the lawn, cleaning the gutters and repairing broken appliances. These services are all included in your rent.
Many apartment complexes offer amenities such as onsite gyms, playgrounds and pools. This means convenient workouts and playdates. Some rental communities even offer clubhouses for large gatherings available to residents for free or for a nominal fee.
Purchasing a home typically locks you into a 30-year mortgage, while an apartment lease normally requires only one year’s commitment. If you are uncertain where you want to live or aren’t in a great financial position, a short-term commitment may be best for you.
Many people glorify homeownership, but the truth is it takes a lot of time and money to keep your own home in tip-top shape. If you aren’t ready for the commitment of both your time and money for the upkeep of a home, apartment living might be right for you.