Owning a Home vs. Renting an Apartment

Home Loan | Home Mortgage | Homeowner

There comes a point in our lives where we have to decide where we want to live long term. While some stick to their dream of a home with a white picket fence, some people prefer the lifestyle in a high-rise apartment. There is no right or wrong choice with the best choice being the one that suits your needs. You may notice that as you get older more and more people are sought after homeownership, but you don’t need to be one of them if that’s not what you want. Both options have pros to them. The smartest thing to do it to compare these pros and see which options best align with your ideal living situation. And who better to provide you with these pros than our team at Ace Mortgage Loan Corp. Our team talks to people daily who have lived in homes and apartments, meaning we know from first-hand experience the many benefits and horror stories of both options. While we support whatever decision you think is best for you, if you happen to decide a home is more your speed, we are here to help you out with that.


Pros of Owning a Home

Owning a home is a large responsibility that comes with a risk, but with big risk comes big reward. This is one of those situations where you need to weigh out if the risk is worth it. The obvious benefit of owning a home is that it’s a place you can call yours. No way else can tell you how to decorate it and how to take care of it. When living in an apartment this is a freedom you are not always granted. So if customization is what you are after, living in a home may be best for you. As far as financial gain goes, living in a home can give you some benefits through tax deductions, what first will appear to be a large sum of money coming out of your wallet will be a large sum of money coming into your wallet in the future. Owning a home also does not mean you always have to live in it, you can choose to rent it out to others or roommates and have an extra source of income. Or even if you do not want to do that now, you can always rent it out in the future. The important take away is that a home gives you these options.


Pros of Living in an Apartment

When you decide to live in an apartment you are not getting the owning privilege of a home but you are given the freedom to not be tied down to one place. If you like to travel around a lot and find yourself constantly moving to new cities then an apartment is probably a better option for you. This is especially true if you prefer to live in a big city filled with high rises. There is no doubt about it that this kind of lifestyle is different from suburbia is. When thinking about where you want to be in 5 years, consider if it’s a city or a neighborhood. Another pro of living in an apartment is that you do not need to worry about maintenance issues. When you live in a home everything that breaks is on you. You will not have a landlord or apartment complex to simply call to come out and fix it for you. This is one of the beauties of living in an apartment. 


If you have been wondering what your next move is with your living situation, then this guide should give you some clarity. Even if you were already aware of the many pros of living in a home or apartment, sometimes reading them over again can help solidify what decision you want to make. Either way, there is no option that is better than the other. The best option is the one that is best for you. So if you think that suburbia is too slow for you, then live in an apartment. But if you think city life will start to become too loud for you, then move into a home. The best advice our team at Ace Mortgage Loan Corp. can give you is to think about how happy you are now in your living situation and if it will continue to make you happy in the future. To learn more about homeownership and our services, give us a call today at (954) 256-8599.

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