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Buying a House vs. Renting an Apartment
Advantages of buying a house
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Over time you will build equity in your home.
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Long term investment opportunity in the sale of the home.
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More living space than in an apartment.
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Yard space as well as a garage for storage.
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Control over cosmetic changes to the property.
Disadvantages of buying a house
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Initial costs can be costly. (Down payment, closing costs, insurance, inspections, etc.)
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Responsible for buying new appliances such as, stove, washer & dryer, microwave, refrigerator, etc.
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Responsible for all required maintenance.
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Must upkeep the yard and other landscaping.
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May be association and school taxes that must be paid for living in a specific area.
Advantages of Renting an Apartment
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No large down payment necessary.
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No maintenance fees or charges.
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No long term commitment.
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Not responsible for supplying most appliances.
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No yard to keep up.
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Amenities, such as, pool, work out room, game room, trash services, Gated community, and playgrounds for children.
Disadvantages of Renting an Apartment
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No long term investment opportunity.
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Usually must pay a pet deposit
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Must pay utility deposits if creating a new account.
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Must pay extra for a garage or storage facility.
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Restrictions on what you can do to the inside of the apartment.
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When lease agreement is finished, the price will usually go up upon re-signing another lease agreement with the same apartment community.
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