Renting an Apartment vs. Buying a House: Which is Right for You?

Factors to Consider When Thinking About Renting or Buying

Budget: There are typically higher upfront costs and additional fees and expenses associated with buying a house. You can rent an apartment for a significantly lower cost, which may be preferable if you don’t have funds saved for a down payment.

Timeline: Living in an apartment offers flexibility, from short-term leases to long-term contracts, allowing you to change living accommodations as needed. If you want to lay down roots and plan to stay in one place for more than three years, buying a house may be a better option.

Lifestyle preferences: Consider how mobile you want to be and the time you’re willing to put into maintenance and upkeep. Those preferences will influence whether you’re better suited to apartment living or home ownership.

Pets and children: Kids and animals require space to play and grow, so it’s important to consider if you plan to have either when deciding between an apartment and a house.

Space requirements: Do you want extra rooms, storage space and a yard? Are you looking for less square footage to manage? The answer to those questions will indicate which living situation is better for your needs.

Pros and Cons of Renting an Apartment

Advantages of Apartment Living

Renting an apartment gives you the freedom to enjoy your own space without as many responsibilities as owning a home. You have a property manager or landlord to help you take care of maintenance and repairs, and you don’t have to worry about outdoor upkeep, either. That gives you more time to focus on enjoying your space, decorating, exploring your community and focusing on different pursuits.

When you rent an apartment, you usually need to provide a security deposit and the first month’s rent, which is significantly cheaper than making a three percent down payment on a house. You can expect more consistent monthly expenses and may even have certain utilities included with your rent.

Here are some other perks to consider:

• No property taxes
• Free amenities
• Lease flexibility
• No mortgage
• Low-pressure lifestyle

Shortcomings of Apartment Living

You may encounter the following issues if you choose to rent an apartment:

• Limited space
• Less privacy
• Potential rent increases
• Limited customization
• A lack of equity

Pros and Cons of Owning a House

Advantages of Buying a House

When you own a home, each mortgage payment helps build your equity in the property. You can leverage that as an asset to finance renovations and other expenses outside your home. That can be helpful if you want to finance your education or retirement.

Because you own the property, you have the freedom to customize the interior and exterior of your home as you see fit. That allows you to accommodate multiple people, hobbies, storage and much more. Depending on the size of your property, you may also have room to grow if you plan to have a family.

Homeowners often qualify for tax deductions based on the amount they pay in mortgage interest and property taxes. And since you don’t have to worry about unexpected rent increases or lease expirations, you can take advantage of more predictable payments and account for long-term costs.

Challenges of Owning a Home

Keep the following in mind when you’re deciding whether you should buy a house:

• Additional expenses for insurance, separate utilities and repairs
• Strong credit score
• Debt-to-income ratio
• Housing market fluctuations
• More indoor and outdoor upkeep

Apartment and Townhouse Rentals in Columbus, Ohio

Whether you’re looking for an apartment or townhouse in or around Columbus, Ohio, Ardent Communities can help you find the perfect accommodations. We offer a variety of single- and multi-bedroom suites that are ideal for solo renters, roommates and families. Review our properties and contact us to schedule a tour.