Isn’t a Cheap Apartment Better than a Home Right Now?
Recently, an article on Yahoo.com listed five reasons why renting beats buying a home. In his article, writer Jack Hough argued that renting a cheap apartment makes more financial sense for most people. As a realtor I don’t completely disagree because homeownership may not be for everyone; however, I find that most people value homeownership for quality-of-life reasons. So here are my five reasons why buying a place might still be worth the price.
1. Less Crowded. Most of the cheaper apartment buildings in my area are also the most crowded in town. Some of them resemble giant, modern, beehives. Yes, the rent is cheaper at these places , but the latest crime statistics show this area attracts the police force like OctoMom appeals to news reporters.
2. Privacy. Most cheap apartments offer little privacy. Whether it is the scream of a newborn baby crying in the middle of the night, or the sound of passionate lovemaking, or just the tattooed stranger glaring at you while you are doing your laundry; privacy is something that one generally foregoes in cheap apartment living.
3. Privacy. As a former rental agent I have been called to places to inspect damage caused by a tenant and/or guest. As a result I have seen my share of things that people didn?t want to have revealed. Sometimes tenants don?t call for fear that the landlord might raise the rent, or discover the three additional people camping out in the second bedroom without the Landlords knowledge or consent. Which leads to Reason #4.
4. Rules. Along with a normal six-page month-to-month rental agreement or lease contract, most tenants nowadays have more rules and regulations than Obama?s bailout plan. This is supposed to make it easier for everyone to live together, but it can also lead to causes for eviction and/or additional charges. For example, tenants can be billed for additional parking, extra storage, and clean-up. They also can be evicted for disturbing other tenants or just violating the written policy of the landlord . Which leads to Reason #5.
5. Security. One of the main reasons people leave their cheap rental often has to do with a change of ownership. Simply put: a new owner often jacks up the old rent. Or she may have a new set of rules and regulations. Break a rule and a tenant can receive a 3-day notice to Pay Rent or Move Out (Quit). An apartment dweller can be moved out much more quickly than a homeowner too. An eviction for a non-paying apartment dweller, for example, takes about 30 to 90 days. Yet it takes about twice as long (180 days or more) to get rid of a nonpaying homeowner. Even so, a tenant may be allowed to make up his back payments if the landlord allows him to do so. If the landlord decides otherwise, a law officer will escort the tenant off the premises. But a lender will not deny the late payments of a homeowner which makes even a condo a more secure place than an apartment.
Unfortunately, sometimes renting a cheap apartment (or guest house) may be the only thing a family can do to survive these tough times. And yes, there are kindly landlords who do offer cheap rent who don’t meddle with tenants and even landlords not interested in bumping the rent anytime soon. But safe, quiet and inexpensive apartment buildings? As Joan Rivers would say, “Can we talk?” Those kinds of cheap apartments are not so easy to find any more. In my experience, any monetary gains from receiving cheap rent are usually quickly offset with an unhappy feeling of having to live in a noisy, semi-dangerous, over-crowded beehive filled with a group of inconsiderate idiots. But maybe that’s just my neighborhood. Why do many people bite the financial bullet and pay through their teeth for homeownership? Sometimes the dollars you save by being frugal is not worth putting up with all the crap of daily apartment living.
