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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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. You need to have an income to qualify for a loan and if you default, you stand to lose your home.

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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.

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