what are the pros and cons of buying a house and renting an apartment?

Jessica: what are the pros and cons of buying a house and renting an apartment?

Answers and Views:

Answer by Zoltan
– Buying a house
-pros-
-it’s your own place, manipulate it as you want.
-At least the money you put into it will be towards paying it off.
-you can sell it if you choose…and if you fix it up, you may get back more then you put in…….but with the current economy…… Good luck with that……
-if it’s a stand alone house, no worrying about who’s above an below you.
-cons-
– if something breaks…..your paying for it.
– if you can’t make payments and can’t sell it….the man will be taking it.
– You have to keep up with your own upkeep – (landscaping and whatnot)
– property tax……..especially in Jersey…….

Rent pro’s –
– if something stops working, call the maintenance guy.
– if you can’t make the payments…just leave…not too many strings attached.
– landscaping and garbage should be factored into the price your paying

cons: – all the money you put in is for someone elses pocket. and in the end…you will have nothing to show for it.
– you might have to worry about who’s upstairs and down.
– you have limited things you can customize.

In the end, if you’re looking for a place with low maintenance and a slightly worry free type of living, you may want to consider renting.

If you’re starting out and want to get a house, this may be a bit more of a struggle then renting at first, but in most cases pay off in the end. Considering this can also be an investment for any future homes you may be wanting to upgrade to.

Answer by Janice 10
The pros’s of buying a house is you can do what you want and decorate it as you like, you do not have to keep signing a lease or be concerned about how much your rent will increase and buying a house is a investment into your future. Plus you gain equity (value) into the home. With a apartment you must go by the landlord’s rules and may have neighbors who are rude, loud or not nice. You have to sign a lease every year and your rent will increase and who knows by how much and if the landlord wants to sell the apartment building you would need to move. I would buy a home if it is in your budget to do so. Look into Habitat for Humanity for homes in your area they are brand new and there is no interest rate on your mortgage. Check into buying a home FHA you only need a credit score of 620 or 640 depending on your lender. Best Wishes and Happy Holidays.