Where should we live? Families are often faced with the question of which type of housing best suits their needs. For some, buying is a better option. Others find that renting is the right choice. Before starting to pack up the first box, it is important to consider all of the options and look at which one works best for the family. Here are a couple of things to consider when trying to find a new place to live.
Upfront Cost
Both homes and apartments require some upfront cost. When buying, it is important to know just how much of a down payment will be required. This money is due before ownership is transferred. Apartments usually require a security deposit before the move in process can begin. However, this amount is often minimal when compared to a down payment.
Monthly Payments
Interestingly enough, homes and apartments for rent can sometimes have similar monthly costs. The rent for one apartment could be the same amount another person is paying to buy a home. However, there are other things to consider outside the mortgage or rent. Think about utilities. Homeowners are required to cover all of their utilities while some apartments offer certain items as part of the rental package.
Upkeep and Maintenance
Depending on the age of a home, a serious amount of upkeep, maintenance, or even repairs could be needed. This means that there will be additional costs outside of the down payment, the mortgage, and the utilities. Think about things like landscaping should the yard need some extra attention. Think about the cost of repairs should something happen to the plumbing or the air conditioner. Most apartment complexes include all upkeep and maintenance for both the apartment and the surrounding area as part of the rent.
No decision on where to live needs to be permanent. Choose the option that works for the family and the budget. For some, this means starting to look around for one of the single family homes in the area. For others, it means taking the time to check out local apartments and find the right unit.
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