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The question of whether it is better to rent or own an apartment has many facets and there are several important issues that need to be addressed. Much depends on the individual circumstances and requirements of the person trying to make the best decision

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Introduction

The question of whether it is better to rent or own an apartment has many facets and there are several important issues that need to be addressed. Much depends on the individual circumstances and requirements of the person trying to make the best decision. The main point is possibly one of finances; in order to buy an apartment you need to have money. Unless you have a large amount of money to pay for the property outright, there will be a cash deposit required and then you will need to have access to sufficient cash to repay the loan. In order to qualify for a loan, you will need to fulfill several criteria and have a good credit rating. ...read more.

Middle

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. ...read more.

Conclusion

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. ...read more.

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