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For those who have rented
DH and I have been married almost 8 months and are renting a 1 bedroom apartment in a very nice neighborhood. We have free access to the gym and pool and can walk to tons of restaurants, shops, walking trails, etc. The only disadvantages are the size (I feel it's small) and we have a dog that we walk 3-4 times a day since we can't let him out in a fenced in yard. We are also TTC and would need to move when we have a baby.
My question is - if you rent, what have been your experiences renting an apartment like mine versus a single family home or townhome? Where we are now, if something needs to be fixed, our maintenance service is available 24/7. We also do not need to maintain a yard, however I would love an actual home. Give me your thoughts! TIA!
Re: For those who have rented
I think a lot has to do with priorities and what you enjoy doing. We lived in an apartment that had a pool and gym and such but we never used them (the pool was always crowded with kids) and it was easier to workout in our apartment. I couldn't wait to get a house. I love the amount of space, the lack of wall neighbors and definitely being able to let our dogs out in our huge fenced yard. In most areas you probably won't be able to find many homes where you can still walk to amenities like shops and restaurants so if that's something you do often and don't want to drive than perhaps look at condos/townhomes (though those might be smaller/less sq ft). Sure the convenience of if something breaks, someone else fixes it but that's why we bought a newer home, with newer systems and it came with a home warranty. I sort of enjoy repairing small things and mowing the lawn as it gives me a sense of ownership and accomplishment. I think it's all about what you enjoy and what matters more to you. For us we wouldn't trade having a house for anything
It'll depend on the landlord. Think of it like there are 3 levels of property management:
- commercially owned and professionally managed, like an apartment complex where there's a professional staff on call 24/7
- a private home managed by a company where there's also someone to call 24/7, but the owner still has to pay for whatever repairs and may not be able to afford those repairs, so you may have to deal with issues until he can afford them
- private party where you're renting directly from the owner - this can be a crapshoot - you could get a wonderful landlord (like us
) or you could get a horrible one or someone in the middle.
What costs you're responsible for as the tenant vary.
We've owned 5 houses and are moving again and are really excited to be renting for the first time since college. We're tired of having everything be our responsibility! We're looking at townhomes in commercial complexes, so we get the size we want with a little yard, but with the on-call professional staff and amenities of a commercial complex.
To avoid lawn care, you can look for listings with the lawn care included or negotiate it in.
(We're landlords ourselves to 2 properties, so I'll answer any other questions you have.)
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Thinking of doing cosmetic updates to a dated home? These were our costs.
DH and I currently rent a single family home, and we have had a great experience. Our landlord lives next door and has overall been very prompt about fixing things that break. We have the benefits of a SFH - including a fenced yard for our dogs and privacy - without all of the responsibility. We do have to handle all yard work ourselves, which was part of our lease agreement.
Before this we lived in a 2BR apartment in a commercial complex, and we hated it. Our neighbors were gross (always dropping cigarette butts over their balcony) and we always fought over whose turn it was to take the dogs out. Plus our current house is in a much better location than our old apartment
I would definitely recommend renting a SFH if you want the benefits of a house, but aren't ready to own one. We have been married almost 3 years and have just reached a point where we feel ready for home ownership. I have really liked renting.
Are you financially ready for home ownership? (Have a 6 month's emergency fund, a downpayment, closing costs, moving costs, utility deposits, repair/renovations, decorating/furniture/appliances, yard items/tools, ladders, hoses etc as well as a tonof assorted expenses???
We rented a cheap apartment and saved, saved. saved to be financially ready to buy a home. Do NOT buy a house until you are financially ready -
Keep your housing costs to no more than 25-28% of your TAKEHOME pay (mortgage+PMI+taxes+insurance+HOA+utilities - 30-35% if in a HCOL area.
COnsider if you plan to be a SAHM when you have children and plan accordingly. "Stuff" happens when you own a home - be sure to have than well funded emergency account in place!
I really appreciate all of these responses. They all make perfect sense.
We are saving, saving, saving but realistically probably won't be able to purchase a home in a year or two. I'm very inclined to rent a SFH and think that will be our next place. Our lease is up in June and then we can go month-to-month which is ideal.
Thanks again!