If, however, you are a tenant in someone else's property, you only need to have enough money to pay the rent. You may have to prove that you have the ability to pay by providing bank statements or proof of employment. Many realtors ask for a lump sum to be paid before you move in, usually a certain number of week's rental in advance. Sometimes you might be asked for a security deposit that is used to pay for any damage you might cause. If you don't pay, you will be evicted but you don't lose your investment.
When you are the owner of a property, you are responsible for all repairs and maintenance. If something goes wrong, you will have to pay to fix it. If the work isn't urgent, however, you are able to do it in your own time-frame and to your own standards, as long as the work is carried out in compliance with building codes.
When you are renting a property, you are only liable for any damage you cause; you do not have to pay for other repairs or maintenance. You simply inform the landlord that repairs are needed and you can expect it to be carried out within a reasonable time. There are set standards that any repair or maintenance work has to comply with and you can expect that this is the standard that will be reached.
As the owner, you are free to decorate your home in whatever style and color you choose. You can be as conservative or as way-out as you want because you don't have to account to or explain your choices to anyone. As a tenant, you have limited opportunity to re-decorate your home. Some landlords allow for some painting, hanging pictures and drapes but there are many who won't allow any individual work to be carried out on their property. You may be asked to return the home to its original colors before you vacate the premises.
When your home is owned by you, or by you and the lender, you can choose the amenities you want to include. You can decide whether to have electric or gas cooking, to have no laundry room but house the clothes washer in the kitchen or to rip up the front lawn and plant a vegetable garden. As a tenant, you have none of these choices; you have to accept the basics just as they come, whether they are your preference or not.
The decision to rent or own an apartment is a personal one, based on your circumstances, financial position and preferences. These points will help you weight up the pros and cons.