One of the alleged disadvantages of renting an apartment is that you never own it. But truth be told, those who pay off a home mortgage do not really own their homes free and clear. If you make your last house payment at age 55, and live in the home until you are 80, you have 25 years of shelling out money to maintain your property.
Real estate taxes, and home owners insurance do not end when the house note does. They must be payed every year for as long as you own the home. And unpaid real estate taxes put you in jeopardy of losing your house. Unfortunately many people who have paid off a house note have lost their homes due to unpaid taxes.
A home owner is responsible for every aspect of keeping the house in livable condition. There are many homeowners who take out a second mortgage in order to keep their home in working condition. This has them right back in debt to the bank or mortgage company. And there are those who were foreclosed upon because they could pay off their second mortgage.
If you own a home and the furnace, water heater, or air conditioning go out, you must replace them.
When carpet, wood floors, tile, siding, doors, windows, the roof or driveway needs to be updated, you are responsible. If there is trouble with wiring or plumbing this too is your responsibility. Someone renting from a reliable Apartment complex has only to make one phone call. And does not have to pay any additional money. As long as he or she can make the rent payment each month, everything else is included. And in some cases the water, sewer, basic cable and utilities are also included in the rent.
The renter also has peace of mind regarding lawn maintenance. A home owner must purchase a lawnmower, hedge clippers and other electrical gadgets in order to keep their yard up to standard. A renter does not have to worry about a busted lawnmower, or paying someone who never shows up to cut the grass or trim the hedges.
Just like owning a quality and reliable condo unit like those of The landmark condo, you will definitely get a lot of benefits. But as a renter, it is important to carefully consider all the necessary factors first before choosing a property to rent.
A renter with a one year lease knows that for the next twelve months, that one fixed payment is all that is required for them to live in their apartment. Homeowners however have no way of knowing from one month to the next what unexpected expenses will come their way. Homeowners should keep a log of the additional expenses they incur above and beyond their mortgage. payment. At the end of one year, they might just be surprised to find out the truth of what that house is really costing them.