Rent an Apartment or Buy a House?

Choosing a place to live may seem like a typical and mundane task to some, but to others it can be a downright hassle. We may not like the wallpaper or the carpet. We may not like the location. We might be upset that the place doesn't offer free cable or have a pool to keep cool in the summer. This type of negative thinking can make house-hunting or apartment-hunting a real chore, and one that we more often times than not wish that we could avoid. But, due to the neccessity of needing a place to live as we would rather not live in the street, we comb the classifieds or look at real estate newspapers and websites, looking for that one particular thing that catches our eye.

Before you can do this, however, there is a simple question that has to be asked: what is going to suit my purpose? Housing is something that really requires a lot of thought and consideration as we don't want to overextend ourselves and find out that we have just purchased a posh mansion in the Hamptons and realize that we didn't need it. While the Olympic-sized swimming pool may have looked great in the brochure and the fact that you have thirty-seven bathrooms at your disposal, do you really want or have the time to make all of the necessary repairs and keep up with the necessary maintenance?

The first thing that you want to take into your mind is this also:

1) How many people will the home be serving?

2) How many rooms do I need?

3) How much am I willling to pay?

4) How close is it to where I work or go to school?

5) Do I want to go extravagant or go with bare neccessities?

6) Is the neighborhood nice, or will I have to walk down the street in Kevlar?

7) If it is a little further away, am I willing to commute by carpool, bike, or car?

8) How nice are the neighbors?

9) What kinds of schools and shopping are in the area? Are they close enough?

10) Does the local bus system stop by close enough or will I need to walk the kids to the bus stop?

While these may seem like simple questions to ask, they are extremely warranted, as they weill help you make a qualified choice when trying to find living arrangements. Before you even pick up the paper and begin to start looking, make a list of these questions (and maybe add some of your own). When you go to meet the landlord or real estate agent, take this list of questions with you and make mental notes or written ones as you go to each site. take into account everything and drink in your enviornment and see how it feels to you. Take a notice of your surroundings and see how safe it looks to you. Then, after you have received the application, don't fill it out right away. Have a file in your desk or other safe place for these applications. If you feel that you are not satisfied with what you have learned, then it is possible that this particular site may not be for you.

One thing that any new homeowner or renter needs to take into account is that the home business is about doing one thing: making money. People who work as landlords or real estate agents have to make a living too, and they either collect the rent or make a commission on every home that they sell. Knowing this, you will want to be very adept at knowing their body language and knowing when the person may be trying to scam you. If you think that something just doesn't feel right, walk away and look somewhere else.

Now, for those that are just going to college, what need to be realized is that college dorms cost at least three times as much as finding a normal apartment. While they may offer all of the frills, bangs, and whistles, they also carry the most cost. CBS News recently did a story on the cost of college living for new freshman, using Rutgers University as a basis for the story. The dorms themselves cost an alarming $1900 a month to live in! For a parent that has expected their grown children to live off of the college scholarships, loans and grants that they may have received, this expenditure can be a real cash-eater and have your student screaming bloody murder on why he doesn't have any extra cash for anything. These dorms are made specifically for grandeur only, and most come with expensive furniture, high-definition televisions, pools, pool tables and just about anything else that will make your student feel like they are living 'high on the hog'. before you let your student spend all of that money in one shot, talk with them about alternatives, such as maybe getting an apartment with a roommate, or perhaps renting a house with several roommates and make sure that everyone is sharing their part in the bills. Also make sure that the place is not too far away from campus and can be made by walking, taking the bus, carpooling or riding a bike. While your student may feel a little disappointed that he won't be living like a king, he will be able to better concentrate on his or her education without distraction.

Now, if you are just a single guy, renting an apartment may not be the easiest, as in my own experience when I was single and had moved out on my own, some landlords do not like to rent to single people. Now, while that may seem discriminatory, there are good reasons for this. Most landlords are of the opinion that if you are single, that means that there are problems that may very well come up from the wild partying to the idea of broken lights, damage, and other things that will dig into their bottom line and can make you look like a liability rather than a prospective tenant. Make sure that when you meet with them, always make your full intentions known. Now, while you may not want to tell them everything, make sure that you do your best to cast yourself in a good light. The one thing that landlords love the most is if you are as hinest as you can be without making yourself look bad. Credit checks (and sometimes criminal checks) are standard practices among landlords, and while keeping to yourself may look like the right thing to do, it isn't. lay all of your cards on the table and then see what happens.

If you are married and have multiple children, an apartment may not be the best thing for you. But, looking into buying that dream house may not be an easy goal, either. With the current problems within the real estate markets with foreclosures and lowering of interest rates, getting a house may be like looking for the perpetual 'needle in a haystack'. The things that real estate brokers look for is what kind of money you are looking to spend, and with the market already beginning to slow down, they may try to sell you something that you may not want and at a higher price if they have a surplus.

If you do buy a home, most people do not have the cash on hand and have to go to a bank for a loan. This , also, can be a major barrier in buying a home because they look at certain things such as:

1) Your financial status

2) Your credit rating

3) If you have any garnishments or judgments against you

4) Your ability to pay

When getting a loan, the bank is not the only place, but be weary. The ads that you see on the television for such places as Lending Tree and others have high interest rates. Always do your research and make sure that the company you are thinking of getting the loan from is telling you everything.

In home purchasing, you may try to cut costs by buying the 'fixer-upper'. Fixer-uppers are one of the worst money pits that a homeowner can have, and when you already have a mortgage to worry about, why bother with a house that may take you years to repair? look for a house that will require a minimum time and effort for maintenance, and never settle for what anyone else wants.

Above alll else, this will be a home for you. Make sure that it appeals to you in every aspect. If you like it, get it. If not, that special place that you want is out there waiting for you. All you have to do is find it!