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Whether you are a recent college graduate or a professional moving to a new location, you may be considering your housing options. Many people may think that actually owning your own home or condo is the best option, this may not always be the case. Renting may be the more practical option for you.
As with any major life decisions, you should look at your particular situation, as well as the pros and cons of renting. Without leaning one way or the other, the following will provide a good overview of all the situations and possibilities of the rent vs. own scenario.
Obviously, when you are renting you will not be accruing any equity as you would by owning.
Other cons of renting an apartment can include:
- Deposits may come with rentals that may not be refundable. These deposits may be for things such as cleaning and pets.
- Living in an apartment complex puts you in very close proximity with your neighbors. Unfortunately, some complexes may not be very sound proof, meaning you may hear more noise from your neighbors that you wouldn’t like.
- Parking spaces may be at a premium. Most complexes allow at least one space per units; however, you may find complexes or buildings that provide no parking at all.
One of the very best things about renting an apartment is the cost. Generally, renting an apartment is much less than owning a home. You may be able to find apartments that include utilities and other such expenses in the monthly rental amount.
Other positive options you may find when considering renting Denver, Chicago or Seattle apartments (and of course, any other areas), include:
- Lawn maintenance, as well as many other maintenance chores, is done by the management. Imagine never having to mow a lawn or shovel a sidewalk.
- Depending on the apartment complex, you may have access to many amenities that you may not have with owning your own home. These can include pools, tennis courts, fitness centers and more!
- With apartment living, it is easier to move than if you owned a home. Once your lease is up, you can simply pack up and move. This is especially important if you have a job or profession that may require you to transfer to different locations on a regular basis.
As you can see, there are many things to consider when you are choosing your next living situation. Carefully examine your individual situation and you’ll be able to find the best one for you.