Should You Rent An Apartment In This Economy?

Anytime you start thinking about the best ways to save money in this economy, you have to take a look at what you're actually getting for your dollars. People will tell you that buying a home or condo gives you an investment opportunity that will eventually pay off, but when you stop and look at the facts, is buying a home the best way to go, or should you rent an apartment to get the best value for your money? Back in 2005 through 2008, people were really jumping on the “buy” bandwagon. Mortgages were easy to get and it seemed like the American Dream of owning your own home was the way to go. But with the huge shift in the market the last couple of years, property values have plummeted and people who were on top of the world are now sitting in foreclosure. And that's not the least of the things to think about when buying property. When you own the home, all the repairs and upkeep are on you to take care of. If the yard needs mowed, either you mow it or pay to have it mowed. If the sink leaks, you get to fix it. If the carpet needs replacing in the bedroom, you have to replace it. And let's not forget about property taxes that have to be paid every year. Those are your “permission” from the city, town or county so you can live on that land. These are expenses people seem to forget about that go above and beyond the monthly mortgage. Actual money that needs to be set aside each month could easily be twice what the mortgage amount is. But when you rent an apartment, your monthly rental is all you've got aside from any utilities you have to pay. That means no repair bills. If the sink leaks, call the super. If the walls need painting, call the super. If you've got an electrical issue, call the super. No worries about mowing the yard. No hassles with taking care of the landscaping. It's all part of your monthly rental and you don't have to worry about it. And if your apartment complex has a swimming pool or tennis courts or even a hot tub, all the maintenance is taken care of by the complex staff. You have no additional expenses to worry about. In today's economy, you've got to find the best ways possible to conserve money. Gas prices being what they are, you don't know from week to week how much that expense will be. And if you own your home, you don't know from week to week what can happen that will be another expense you don't expect. But renting an apartment gives you a stable number to count on month after month, and knowing what your biggest expense will be every month makes it possible to have a budget you can count on.