Apartment Rentals

Significantly, a self-owned home is a definite status symbol. But the reasons for owning a home also go deep into the emotional realm – it gives feeling of completeness and wholeness to one’s life. There are probably few things that can give one the sense of fulfillment and achievement that buying a home for one’s family can.

Counting the costs

All this is true, but it does not present a complete picture. If you take a closer look at the above-mentioned points, you will see that most of them do not really have a practical foundation. This does not mean that purchasing an apartment or stand-alone bungalow does not have practical sides to it. What it basically means that there is a time and place for everything. In other words, there is a time to buy, and a time to rent.

With everything said and done, owning a residence is a considerable commitment. From the moment you sign on the purchase deed and put your down payment on the realtor’s table, you course is charted in many ways:

• By buying a home, you are also accepting full responsibility for its upkeep.

• You have surrendered the choice of moving to another place whenever the fancy should take you.

• You have committed yourself to building a workable relationship with your neighbors, whether you like them or not.

• You have decided that this is the most convenient base for you to go to work, and your children to go to school from.

• You have assumed the responsibility for paying property taxes, home maintenance, etc.

So, you see, buying an apartment does not mean that you are not bound in certain ways. Actually, such a move makes sense only when you have an unshakeable monetary base, and are secure in your monthly income or pension.

Mind over matter

Depending on the stage you are in at the moment, it is always wise to consider the advantages of rentals over ownership apartments. If you are still vacillating between choices of areas to live in, between jobs, or not even sure of what kind of lifestyle you are most comfortable with, choosing from the wide apartment rentals market would probably be a better option. It rests on how deeply you are prepared to commit yourself and your family at the moment. Renting an apartment gives you the freedom to leave at any point in time, for whatever reasons. It frees you from the burden of maintaining the residence, this remaining the responsibility of the landlord.

If you suddenly find a better paying and generally more promising job somewhere far from your present location, you are not tied to a rental apartment in any way. You can give a certain amount of notice, collect your deposit and leave. If you think about it, the term ‘freedom’ is truly a contextual and relative one.

The money you save now by abstaining from buying an apartment and opting for a rental would probably earn you more in a fixed bank deposit than in overoptimistic property speculation.

In the final analysis, the decision whether to buy or to rent a home must be yours alone. Do not rely on the opinion of a real estate broker, who will obviously have his own agenda in the matter. Nor should you allow yourself to make an emotional decision.

TO SUM UP…

Being able to buy an expensive apartment in no way assures a ‘happily ever after’ ending. High maintenance costs, unnecessary amenities, unsuitable neighbors and many other undesirable consequences can result from a rash purchase. A home is not merely four (or sixteen) walls, even if they are very decorative walls.

We need to be comfortable with the surroundings, the expenses involved and the people who share the locality with us. Our family needs the proximity of schools, marketplaces and entertainment facilities. Our kids need friends of their own age and level of education. The woman of the house needs neighbors with similar interests and life-philosophy.

Where a apartment rentals offers more of these ingredients for happy living than a bought one, the first alternative should be considered. Once a home has been bought in a hurry, based solely on its ‘prestige-appeal’, there may be lots of scope for doubt and repentance later. There are various circumstances in which renting an apartment makes a lot more sense than buying one outright. There is a huge range of rentals available on the property market, and the advantage of being able to change your mind later on is available in each of them.

Buying a home should, of course, be one’s final objective – but the operative word here is ‘final’. Till financial circumstances are favorable, and this happy eventuality coincides with the availability of what can truly be termed your ‘dream home’, a rental is the perfect interim plan.

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