So you have decided that you are not going to buy and that you are going to rent. With renting one must decided if renting an apartment or a house is a better decision for them. Deciding on whether to rent an apartment or house usually will depend on your current living needs and your preferences. If you are unsure which is better for you based on your situation you may want to rent a property though a property management company as they are experts in renting. Below we will discuss some of the advantages and disadvantages of renting an apartment vs. renting a house.
The Advantages and Disadvantages of Renting a House
There are many advantages to renting a house as opposed to an apartment. The biggest advantage is that if you are unable to afford purchase a house, you may be able to afford to rent one as you are not required to have a down payment or have extra money available for repair costs. Another advantage to renting a house is it may offer the renter many more options. Renters who have specific needs based on their family size will find better options with renting a house as houses tend to be bigger. Location is often another advantage associated with renting a house. Renting a house provides you the freedom to choose if you want to live near the city, or in a residential area as apartments are usually situated in more commercial areas. If you have kids and are looking for a yard, a house will likely have that available.
One of the major disadvantages to renting a house, is there may not be a great deal of certainty regarding the amount of time the renter will be allowed to rent the house. While a contract may protect the rights of the renter for a certain period of time, there are no guarantees the homeowner will extend the contract beyond the existing terms. This means as the contract is due to expire; the renter may be given notice that the house would not be available for rent in the future.
The Advantages and Disadvantages of Renting an Apartment
One great advantages of renting an apartment is that you likely will have access to pools, exercise rooms, and theatre rooms. Apartments also offer extra security as most building require a key to get into the building and then again into the apartment itself. If money is an issue when looking for a rental property then, an apartment will likely offer you a place to live at a lower price.
Disadvantages for renting an apartment are prevalent as well. The most notable disadvantage is noise due to someone living above, below, and to the side of you. You also will need to interact with more people as there will be more people walking around and using the facilities.
In the end deciding if you should rent a house or apartment comes to you or your family’s needs. Each has their own advantages and disadvantages, and sometimes it just comes down to what is available when you are looking to move.