Does it cost around the same amount of money to rent a house, as it does to rent an apartment?
November 22nd, 2009 by admin
I’m doing a search for my very first apartment, and i’ve found that apartment rentals are VERY expensive here. I’m going to do what I have to do; however, I wonder if renting a home would cost around the same? Why rent an apartment with people living on top of you making noise and under you, where you can’t make noise, when you could just get a house instead? I don’t know much about rent and living in a house, since I went straight from my parents home to college, and then to college apartments (where I am now), but I wonder what are the costs you would have to deal with when renting a say two bedroom house versus renting a one bedroom apartment? I know it depends on the area of course…..and the types of homes.
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Usually the rent will be very close. But there are advantages and disadvantages to both. Apartements usually have a pool, gym, clubhouse, and usually more security, they are also usually easier to find available. A house is great because no bosy is on top of you. Personal preferance really.
well some times renting to buy a home really is cheaper than just renting it so if you looking for a place for a place that you’ll stay quite some time then renting to own a house is a god idea and usually people don’t like to just rent houses, they want to get rid of they want a lot of money right now
In the long run renting is more expensive, but initially it would be cheaper. For instance, if you buy a home say on a 30 year loan, after about 5 years or less it will be cheaper than renting. If your rent is $500 a month and the cost to purchase is $750 eventually renting will exceed the house payement. Cost of rent rises while your house payment stays the same. And to add on; your property value goes up too. I would only rent for short term needs, otherwise it’s better to purchase.
The rent cost of an apartment and a house may be on par but what is really going to get you in a house is utilities.
Where do you live? If in the north expect $100 and up heating bills in the winter (in a house) and if in the south probably the same all summer (for cooling). Electricity, too.
In a house, you should expect utility bills which are going to exceed what you would pay in an apartment by as much as 4 times.
Another thing to consider is maintanance. When you lease a house the property manager will probably want to charge you for lawn care/snow removal. Unless you want to do these things yourself (a pain).
Also, a house is alot to take care of. An apartment might take a hour to clean while a house will take longer.
Renting a house generally costs more. One of the reasons you’ve already mentioned: not having neighbors above or beside you. Of course, unless it’s a townhouse!
Rarely will you find a 2 bedroom house. Again, unless it’s a townhouse or duplex.
The owner of a house will expect you, likely, to pay any use of public utilities (water, sewer, trash pickup). Unless it’s on well and septic.
The apartment owner may offer free water or garbage (especially if they have a dumpster).
For a person living alone, there is sometimes comfort in knowing that there are people next door if you have a crisis. However, sometimes the neighbor IS the crisis! Their noise, their rodents, etc.
Since neither is tax deductible, get the cheapest apartment you can for one year so that most of your money is going toward saving for a home to own!
It depends on what is included in the rent, and this varies by locale or even by building/landlord. For example, your rent might or might not include utilities. And on a house, you would have the other consideration of yard maintenance. (Think of others, too, like security.)
Now consider if you found the same rent on a house vs. an apartment, both without utilities. You would then have to factor in the cost of the additional utilities on the house, so the house would end up costing you more. (Houses have more area exposed to the weather, so they are costlier to heat and cool, for example.) So just make a list that includes all the expenses to make sure you have anticipated all the related housing costs.
Then if you find a house for which the TOTAL expenses fit your budget, go for it!
A time-honored way to make your housing costs work better is to share. That would be easier in a house, if roomier, than an apartment. I think if I had it to do over again, I would look to share and go for the bigger place. (But with someone utterly reliable financially. What happens if the housemate has a change of mind and you are the responsible party on the lease or rental agreement? Stuck!)
Good luck to you. That move out from home is exciting and scary all at the same time. Enjoy it — you are building lifetime memories here.
Like you said, depends on the area, how many bedrooms, how much yard you have, parking issues, etc. I personally like renting a house better, BUT it does cost more. Usually you can find an apartment with inclusive rent (included heat, hydro, etc). Most houses make you pay those expenses on your own, on top of rent. Also, you will more than likely have to do things with the house- cutting the grass, yard work, etc.
Also, it depends on your landlord, but you usually have to pay a higher security deposit on a house. And, sometimes the landlord isn’t as available to fix things right away, whereas in an apartment, you can usually call a superintendant to come fix something when needed.
For safetly as a single woman, an apartment may be safer, also. You have neighbors who will keep an eye on you and help you if needed, and you get more of a sense of community (in some cases). In a house, you may be a little more vulnerable if living on your own, because in houses people tend to stick more to themselves (no saying hi in the elevator, etc).
Anyways, there is a lot to consider. I like houses better, myself…