Planning to change your job or is your lease about to expire and you are one of the countless people in need of a place to live? You may have to decide between three options to live in: an apartment, a condo, or a house. The choice is up to you. Here we’ll discuss the pros and cons associated with all available options.
Living In A Rented Apartment
Pros:
- Less Stability: Living in rented premises is a perfect idea for all those who don’t know how long they’ll be living at that location. So, if you are opting for an annual lease, you have an open window to sublease if something else comes up and you have to move to a new place. Renting an apartment can offer you more flexibility.
- Minimal Upfront Costs: Apartments are usually semi-furnished and often comes with an oven, refrigerator, and access to laundry. Just think how much you can save on the rental cost involved in hiring these appliances.
- Less Ownership: Worried about how to fix a leaking sink or a broken heater? For renters, traditionally the landlord will take care of it. Thankfully, you won’t need to spend the extra money like you would as a homeowner.
- Zero Tax: Tenants need not worry about payment of house tax which may cost nearly 22000$-25,000$ and maybe even higher for states such as California or Illinois.
- Location: Most of the apartments are located in heart of the city or downtown area. So, an apartment is an ideal choice for all those who love living near the hustle and bustle of the city.
Cons
- Discipline: Living in an apartment means you have to follow certain rules and regulation related to painting, having pets at home, or how many people are residing in an apartment, and much more but all these are subject to landlord’s rules.
- No Asset Creation: The amount you may end up paying as monthly rent could be what you would pay in a mortgage and you would then create your own asset.
Buying A Condo
Pros
- Ownership: When you buy a condo, you’ll have to resell it later on and rent out the property. This way you can derive more worth for your money and build equity.
- Less Work: In comparison to a house, you have more time to enjoy your weekends while lounging on the balcony or sipping some coffee with your family.
- Room For Extra Amenities: In a condo, you may get extra amenities such as workout room or swimming pool, etc. Installation of these amenities can cost big fortune for homeowners.
Cons
- Limited Privacy: Having a condo means you’ll need to share walls without your neighbors.
- Monthly or Annual Maintenance: Monthly or annual maintenance fee needs to paid to condo association which can be quite high.
- Resale Issue: Families or prospective buyers who wish for more open space or looking for a remote area would prefer to buy a house rather than buy a condo. Overall, there might be a limit on who’s interested in the buying demographic.
Buying a House
Pros
- Extended Freedom: Sky is the limit and you are all free to customize your home as you want it to be. Get ready to decorate, landscape, remodel your home as per your taste.
- More Space: A house is much more spacious than apartments or a condo.
- Sometimes Inexpensive Then Renting: Depending on where you want to live, you might find the mortgage payments on a house will cost you less than an apartment or a condo.
Cons
- More Ownership: Owning a house can be high maintenance. Unexpected things may can happen that cost a lot of money. So, if you are thinking of long-term investment and possess the foresight on financial and laborious responsibility, owning a house can prove rewarding.
- More Stability: If you have some plans to move to a different place and sell the house in the next few years, then buying a house may not be right for you. Generally, as per federal laws, homeowners need to pay capital gains tax if they sell before the 2-year ownership mark.
So, whatever be the type of home you are planning to live in, AB Moving offers state of art moving and storage services to meet your moving needs. At AB Moving, our long-distance and local movers in Dallas offer quality residential and commercial moving services. With multiple locations throughout Texas – our Dallas movers, Fort Worth movers, Houston movers, Austin movers, and San Antonio movers are ready to make your next move a good one. Contact us today!
