There are many advantages in renting an apartment, as well as disadvantages. These disadvantages involves privacy, space and having pets. It also involves the kind of neighbors you will have. That is why in making a decision to rent an apartment, it is important that you should consider all aspects.
Disadvantages of Renting an Apartment
- You don’t have any privacy. You can hear the noise next door, upstairs and downstairs.
- You have limited parking space.
- You have limited space to entertain friends and guests.
- You have no yard to place a barbecue grill, garden furniture and others.
- You cannot have pets because they will become a nuisance to neighbors. Some apartment owners specifically require no pets inside the house. Pets may damage the building or the appliances.
- Your activities are limited. You have to tone down your favorite music, and you cannot practice your guitar or drums. The noise will disturb the neighbors.
- You cannot stay clear away from your neighbors because you will be meeting them every day. You have to be careful that they will find nothing to complain against you.
- Your rentals maybe raised by the landlord after your contract has ended.
- You cannot build any equity. A rented apartment will provide you a place to live but it will not provide you any asset to sell should you plan on buying a home.
- You cannot repaint or remodel the apartment without the approval of the owner.
- You do not have stability. If the landowner wishes you to vacate the apartment after the contract has terminated, you are forced to leave.
Why Some People Choose to Rent an Apartment
- Most people believe that renting an apartment costs less than buying a house.
- It is an affordable option for people who do not plan live long in one place. If work or career requires them to move from one place to another, renting an apartment is the best option.
- Some people also have to rent apartment because they cannot afford the up-front cost of buying a home.
Knowing all the pitfalls of renting an apartment can help you make a decision. You have to weigh the advantages against the disadvantages. Most people do not know that according to many economist, buying a house is in fact, cheaper by almost 50% compared to renting.