Renting VS Buying: The Debate
Some individuals may believe that buying a home is part of the American dream and that renting an apartment does not compare, yet satisfied renters would disagree. Even though owning a home provides a sense of security while allowing modifications without permission, renting is preferred more often over buying because the expense of updating, monthly payments combined with utilities, and paying insurance on a home comes with a high price tag. A homeowner does have several luxuries such as forming lasting friendships with their neighbors, making landscaping changes to their yard, painting and designing their home. While that remains true, renting an apartment comes with several different options and amenities that are just as convenient as buying a home.
Apartment complexes have begun to form into small communities where they have several luxuries including indoor pools, game rooms, weight rooms, personal trainers, security systems, and indoor parking garages along with dozens of other options to choose from according to the National Multi Housing Council (Council, 2011). Since a homeowner would have to spend thousands of dollars to obtain these items, having those amenities available in an apartment has become a better option than buying a home. Homeowners often have more living space in their home and this can be an important advantage over renting an apartment. The National Housing Council stated that “Bigger apartments combined with new designs, conveniences and amenities are revolutionizing apartment living.” (Council, 2011) This suggests that apartments are being designed to allow more space for renters while still including and adding amenities that were not available in the past.
One major difference between owning a home and renting is that owning a home does have the responsibility of updating appliances when they are needed and budgeting for upcoming changes. Having the freedom to decorate and modernize can be seen as a luxury when there is a steady flow of income but this takes on an entirely new meaning when the cost is greater than the available income. When a rented property incurs damages or the appliances fail, the property manager is obligated to find someone to repair it as well as cover all necessary expenses. However, a homeowner must take that responsibility on alone and the cost of maintaining a house can be unpredictable. As for decorating, some changes cannot be made in a rented property which can be frustrating or inconvenient. On the other hand, to modify a house there may be unforeseen complications such as permits or building restrictions. The permits that an owner may need depend on what type of work they are having done, and some of the permits require a General Contractor’s license according to the Minneapolis, MN permits guide (Minneapolis City Council, 1997-2011). Homeowners that have set aside money for remodeling can find themselves in financial trouble...