Just ten years ago, buyers had many more options when looking to invest $200 K in the Austin real estate market. The median sales price of residential homes in 2008 was only $192,000.
Choosing To Rent Apartments Or Purchase A Home Is Based More On Preference Than Being Right Or Wrong
The age-old question continues as frequently today as it ever has before: Which is better: renting an apartment or buying a home?
In short, we say: it depends on you.
Choosing to live in apartments or houses is a personal preference influenced mainly by:
Events/Experiences that are happening in your life
Current personal/professional responsibilities
Demands from your job, as well as job demand
Proximity of your current relationships, or your desire for new ones.
Anyone can make an argument to support their personal belief on which one to choose but let’s visit both views…
Who Might Want to Live in an Apartment:
Those who want low-maintenance responsibilities. Contact, schedule, someone comes and poof! — fixed.
Those who enjoy/prefer/don’t mind a “close community” feel. You have neighbors all around. This is good for brunches, happy hours, meeting up, group activities, hiking, runs or just if you feel like being neighborly. Disclaimer: “Being neighborly” is common in Texas. Complete strangers will say Hello or How are you just because you’re crossing paths. It doesn’t mean we’ll invite ourselves to dinner. Just say Hello, Hiya or Howdy, whichever rolls off your tongue, and keep going.
Those who want quick access to food, drink and entertainment venues. Want to be within a short drive of popular restaurants, soft openings, grand openings, multiple Happy Hour options, live music, music by dj’s, bars, lounges, fitness concepts you’ve never heard of and shopping options you can’t keep up with? Then, yep, this is for you.
Those who want to maximize their renting experience. Options, options and more options. There is virtually more options available around you than you could ever take advantage of in a single day. Though we listed some activities where you can partake in the “surrounding area”, those options do not include activities that your apartment complex will create/host themselves. Many apartment complexes have their own event planner to provide weekly, monthly and/or quarterly activities for their residents.
The constant traveler and bi-, tri- annual relocating professional. Let's face it, this isn't your grandparents' workforce. Companies today are importing globally, exporting globally, remotely headquartered, serving customers in every time zone and the existence of work-life-balance is being questioned daily — all from a mobile/voice app. With being on the go so much, you wouldn't know when the AC needed servicing, if the foundation was watered enough (if you haven't experienced Texas' 100 days over 100 degrees, you'll learn this soon enough) or if there is a leak anywhere — let alone wanting to make time to tend to them all — after back to back work trips. You have to pre-plan your "back home" routine after checking the news, the weather and remembering what city/state/country you're in.
Who Might Want to Live in a Home:
Those who don’t mind maintenance responsibilities (and might even enjoy it). i.e. Gardening, updating items/rooms that were “on the way out”, DIYers..
Those who want the “close community” feel when they WANT to be social or around people. Maybe you want to help the neighborhood’s “Community Reach” group during the holidays. Or maybe you want to Netflix binge for 3 solid months in that blanket you should’ve washed 3 times by now. In either case, you have more opportunities for solitude as you don’t have neighbors beside, above and/or below you.
Those who may want to be some distance away from food, drink and entertainment venues. Whether it’s because you want to avoid the crowds, possible traffic or you just don’t want to tempt yourself (or your significant other) with these types of options, typically homes are located and built to sustain themselves with little disturbance. Now if you choose neighborhoods where being near the environments mentioned above were the selling-point, then disregard this bullet-point.
Those who want to maximize renting the home after their live-in experience. The great thing about investing your time and money into a home, besides attaining equity, is the ability to turn it into an investment. Some homeowners have this intention before purchase — others after — but either case, you have the opportunity to make that decision.
The not-so-constant traveler (once a month for a couple days doesn't count) and the "I'll be here awhile" professional. You're gone long enough to be excited for work trips! Miss home? Why? I'm coming right back! is typically your thought process. But when you get home, you enjoy it. Fixing, cleaning and maintaining items may not be your favorite past time, but you're moving with purpose, a smile on your face while jamming your latest Spotify playlist in the background. You come alive the day after unpacking! You're back and ready to jump back into your routine.
In the end, you won’t have one choice that completely outshines the other. Neither option will win by a landslide, but more of which one gives you MORE of what you want AT THIS TIME in your Life. Because in either case, you can achieve the goals you’ve set for your Life while enjoying the journey along the way.
The question then becomes: how would you enjoy your journey the MOST?
(First posted on the Premises Place Group site as "Rent Apartments or Purchase A House? How the Choice Is Based More On Preference Than Being Right or Wrong")
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