Apartment or House? Which One Makes the Most Sense
Here in Minnesota and many other places throughout the United States, there has been something of a home buying frenzy. Whether due to location independence, low interest rates, or job changes, many of us have decided to relocate–if even just across town. An important question looms for those considering a move: should you buy or rent? Understanding the advantages and drawbacks of both types of housing can help you make the right choice. Here at Acorn Mini Storage, we’re experts at all things packing and moving. Check out our tips.
The most obvious difference between home and apartment living is financial considerations. To buy a home means making a down payment, paying closing costs and, sometimes, shelling out homeowner’s association fees. Many financial experts also recommend keeping an emergency fund in place for roof leaks, electrical problems and other unpleasant surprises. And if you’re moving up in size, you may need more furniture to fill your new home.
For apartments, there’s no down payment, making them more accessible, especially to younger people. Someone else pays for maintenance and appliances, taking unpredictability out of the equation. However, most landlords require deposits upon move-in. If they allow pets, you may have to pay a separate pet deposit and a monthly fee. These expenses are often non-refundable.
Flexibility and Freedom
When you get an apartment, you’re only obligated to stay for the length of your lease, making this a more flexible housing option. Most leases are at least a year long, but if your situation is up in the air, you may be able to find or negotiate for a short-term or even month-to-month lease. These arrangements sometimes come with a monthly surcharge.
When you have a house, you lack the ability to easily move after a year or two if you want to be somewhere else. The relatively permanent nature of buying a house requires a big commitment. Your freedom comes in other forms, though: you’ll have the freedom to decorate, add on or otherwise change your home, all without needing to ask a landlord.
Sometimes renters pay for amenities they don’t care about in order to get the right apartment or location. When you buy a home, the possibilities are virtually limitless–but the cost can be, too. With apartments, amenities tend to be more limited. But you’ll likely be able to find one with in-unit washer and dryer hookups and even parking, and some apartment complexes have pools, gyms, rooftop lounges and other features.
Although spacious apartments with three or even more bedrooms are available in some areas, they often come with hefty price tags–more than you’d be paying for a home with a similar square footage. And while houses provide a lot more options when it comes to square footage–including garages and basements, which are rare to find in apartments–that doesn’t mean that all houses have ample storage space.
However, there’s an easy solution to storage space woes: self storage. No matter if you’re renting an apartment or buying a home, Acorn Mini Storage’s storage facilities in the Minneapolis-St. Paul metro area make getting the space you need easy. Our residential storage units are secure, well-maintained, and conveniently located.
In other words, there are lots of factors at play when choosing between an apartment and a house–but with affordable self storage out there, storage space isn’t one of them. Rent your unit today, whether you’ve got your dream home are are looking for it.