Growing up, you probably didn't think much about the home you lived in. Children don't tend to question the type of dwelling they live in. They don't make the decisions and the rules, so they just roll with the decisions made by the adults in the family. Children grow up and become adults, and suddenly the decisions become real.
Purchasing a home can be a sound financial decision for some people. However, homeownership isn't for everyone. There are some signs to look out for that may indicate that the rental lifestyle is more your speed.
You aren't sure about your job.
When looking at your 5-year plan, do you see yourself in the same job at the same company? If you tend to switch jobs often or see yourself transferring to a new location sooner than later, renting is a better choice.
You aren't sure about your relationship.
If you are unsure your relationship will stand the test of time, it is best to hold off on a home purchase. It is much easier to part ways with a rental than it is to split when you own property.
You love freedom.
Purchasing a home means you are stuck in one place. If you love the freedom of relocating frequently, you should rent.
You love adventure.
If you travel frequently, there is no point in owning a home. An apartment to keep your belongings and lay your head down periodically is sufficient.
You love amenities.
Most people aren't going to have swimming pools, gyms, tennis courts, and clubhouses at their home. Renting is great if you love having access to the many amenities that apartments offer.
You hate home improvement projects.
When you own a home, all home improvement falls on you. Unfortunately, this means that all maintenance falls on you, too. If you aren't a handy type, stick with renting an apartment. This way you don't have to stress if something breaks and there is no pressure to paint walls or replace carpet and appliances.
You need to build credit.
It's okay if your credit is not great. Renting until you can get your credit score up is a perfectly acceptable thing to do.
You don't have any savings.
It is very risky to purchase a house with no down payment. If you don't have money saved up for an emergency you are shooting yourself in the foot. Anything that can go wrong usually will when you purchase a house with no savings. If you don't have a chunk of money saved up it's a good idea to rent until you can set a good amount aside.
You haven't found the perfect home.
It is important not to settle for second best when making a huge purchase like a home. If you haven't found a house that suits your needs completely, rent until you do.
For more information about apartment rentals, contact a real estate agent.