Before I dive into the joys and pitfalls of living in an apartment, I want to thank Anthony over at Financial Freedom Ideas for posting an interview from yours truly!
Check it out if you feel like it!
The Pursuit of Green Interview
Now back to apartment life. There are some that love apartment loving and others who would much rather have their own house. I’ve enjoyed living in an apartment, but I’m ready to have a place to call my own permanently! I mean a place to call our own with my husband of course. There are plenty who are happy to go on living in apartments rather than having to deal with a house. To each their own. Buying a house isn’t always necessary, and it all just depends on what you prefer.
Renting vs Owning
The mortgage bill will be much higher than rent, but you are then paying for something you will own eventually. Between my husband and I, we’ve paid over $100,000 in rent already! We get a place to live for a month, but we don’t have anything to show for it. It feels like I’m just putting money into a black hole since I see it go away but I get nothing for it. Owning my own home sounds a lot more appealing to me than continuing to rent for the rest of my life. I can own a home outright in 30 years or less.
The funnest part about apartment living is not being to choose your neighbors. We’ve had some unpleasant experiences with some of ours. A couple that constantly fought loudly in the middle of the night, smokers that would go outside to save their place but the smoke would come straight into ours, the upstairs neighbor who flooded her bathtub, and the list goes on. I’m sure everyone has their own bad neighbor story. The good thing is that usually neighbors don’t last long. Either they move, or you move eventually. With a home, you may be able to kind of pick your neighbors, but you’re pretty much stuck with them for a very, very long time.
Location, location, location
We have a lovely place that is in a great location of LA! The one thing I do love about renting is being able to live anywhere I want. Once we buy a house though we’re stuck in one location for a long time. I’ll miss being able to try out different neighborhoods and discover new places.
Maintenance and upkeep
Apartment definitely wins out on this one. The only thing you need to do as a tenant is to notify the landlord of any problems and they will usually fix it. This is obviously a big money sucker for home owners because repairs and upkeep can be pretty costly. I’ve been warned by others about roof replacement and yard work. I’m sure down the road I’m going to wish I didn’t have to do the maintenance, but right now the prospect of our own place outweighs that!
The majority of apartments I’ve lived in include some utilities in the bill. Water is always included, but electricity, and gas are not generally. Apartments have lower utility bills due to that, plus they are usually smaller. Smaller living area means fewer lights and appliances you can cram into the space. Our electric bill is only about $20 a month currently. Once we move into a house, it’s definitely going to be higher!
In the short term, renting is definitely a more inexpensive way to go. Buying a home is a pretty big commitment and will take a lot of work through the years! I’m very excited though to not share walls with others and be able to mow some grass. Preferably, I’ll have a small yard that won’t take too much time to cut.
Are you a renter or a homeowner? What do you like about it?