There is no shortage of coverage in the media and on the Internet about the decision to either rent a home or buy one. Most of this coverage is centered on the relative costs of owning versus renting an apartment.
Our lives have become more complicated and the American economy and workplaces have evolved over the past couple of decades. There are valid considerations other than money in the rent or buy decision.
Do you want to be responsible for maintenance and repairs?
You need to take care of your investment in a home, and this requires everything from yardwork to minor and major repairs. Of course you can defer maintenance, but then you're negating some of the value of owning, as the home will likely sell at a lower price after the home inspection turns up problems.
Are you concerned about being forced to move?
Your rights are only guaranteed through your lease expiration. If you are renting a private home, and not in an apartment community, the landlord decides to sell, you're inconvenienced with potential buyers walking around, and you may be forced to move when your lease is over.
How secure are you in your job, or do you want better?
What about your employment? Are you pretty secure in keeping your job or getting another one locally that will support a mortgage for a five year or longer ownership period? If you're actively seeking a better career opportunity, it may present itself far away, even across the country. Can you sell a home and get most or all of your money out of it if you have to do so sooner than planned?
Is family growth possible in the shorter term?
If there may be children coming, you either must overbuy to plan ahead, or you could be stuck with too small of a home until you can sell and get your money out. It isn't just children however. There is a growing trend of older generations moving in with their children for late life care.
The decision of buying a home versus renting an apartment in West Columbia, SC is not too complicated. But, you want to take every facet into consideration, not just money.
For more information on Abberly Village Apartments, contact us.