In a lot of situations renting isn’t “throwing away money.” If you are buying a home for $300,000, with a thirty year loan, you’re paying almost $1,000 a month in interest. What about property taxes and homeowners insurance? That money just vanishes into thin air – $1,500 a month, at least. If you can rent for less than that, that’s what you should be doing. In fact, if it’s even close, you’re better off renting an apartment in West Columbia, SC because then you don’t have to deal with the cost of maintenance and repairs.
“But I’m building equity!” If you’re spending more on interest, property taxes, homeowner’s insurance, maintenance, and repairs for your home each month than you’re spending on rent, you’re not building equity – you’re losing it. The only reason you’re not building equity in the apartment in this situation is that you’re not investing that money you’re saving over the costs of home ownership.
There are many situations where homeownership is the right answer, but there are also many situations where renting is better. The answer to the question is personal and situational. If you are interested in renting an apartment in West Columbia, SC, contact Abberly Village Apartment Homes.
Christian Science Monitor