Apartments for Low Income

Questions and Answers

Your Questions About Renting An Apartment Vs Renting A House

June 3, 2013

Lisa asks…

Buying Condo vs Renting an Apartment?

I have recently been relocated to the US from Canada for work. I will be here at least for 3-5 years or more. Should I consider buying a condo (my range is ~$200,000 plus 20% down). My company is committed to get be a better mortgage rate). If I will rent, I will be paying ~$900 to $1,000. What do you think of buying in this mortgage crises situation? How does condo resale value compares to townhouse/house?

I’d really appreciate any help and advice. Thanks!

Administrator answers:

It really is a good time to buy if you put at least 20% down. Lock in these historically low interest rates in a 30 year fixed. If you can afford the payments(do a thorough monthly expense report on yourself!), being there 3-5 years screams buying. You can scoop up a great condo right now at a great price. Real estate is on sale!

Maria asks…

Renting a house vs. apartment complex?

Well I’m coming into a decent amount of money soon and have decided to invest in some real estate, in Atlanta if it means anything. Anyways my question is would it be more productive to buy and rent out a house or an apartment complex?

Administrator answers:

House for sure. Unless you’re absolutely sure an apartment complex will bring you income and if you can get tenants to move in immediately, then that’s a big risk you’ll have to take.

A house you can usually get a tenant in right away, depending on how much the rent is. But don’t forget, for both, you have to pay property taxes and take care of any repairs and bothersome tenants.

You can buy and rent out as many houses as you can afford. It’s all personal preference.

John asks…

What is the comparison between renting an apartment or home versus owning an RV?

Looking for a comparison between renting a home vs. buying an RV… bills? water? etc. Is it cheaper than renting or buying a house?

Administrator answers:

We own both, there are many similarities, also many differences the first is the taxes, just because your on the road doesnt mean there are no taxes, you must pay hotel occupancy taxes to any juristitction you land in or hook up to/ park in. Your choice of clothing and food storage on the road is substantially restricted, as is access to medical services, your family md or dentist is likely to be hundreds of miles in the distance and as a result, so are your personal records that may be needed in an emergency. In the event that you should have a catastrophic break down while driving, it means you need cash to cover repairs, and that means asap, obviously that requires financial mobile security. At home or in an apartment, all of these are or can be left outside your immediate sphere of need on as needed basis. In nost cases i f you should break down in your town or neighbor hood, you can always get temporary assistance from a relative or real close friend, on the road, thats rare, johnny law not withstanding. As for the comparison on rent/ mortgage rares, thats pretty much a wash depending on areas involved.

William asks…

Are there any major profits/benefits in buying a rental property vs. renting out part of your own house?

I am a PhD candidate in my first semester.

SCENERIO #1: I noticed this 2 family rental property for sale at $148K right accross the street from the school. I’ve currently renting an apartment and felt that I would purchase this place and try to make some money so that I won’t have to work while going to school. I would also move into the basement of this place.

SCENERIO #2: I would buy a private home and rent out a portion of it to students on a room for rent basis

I am single and don’t want any trouble or majoy responsibility. I also feel that either scenerio would pay for itself even when I move on because there will always be students looking for a place to live.

Based on your experience, which scenerio would you recommend?

Administrator answers:

There is higher profit potential with buying the duplex, living in one unit and renting out the other. You can charge better rents, and at least there is a wall that separates you from your tenants.

Thomas asks…

Can you rent a house around the same price as renting a apartment?

Which one is cheapter to rent? Is the process of paperwork any different with a house vs a apartment?

Administrator answers:

This depends on the area you live in and the quality of the house or apartment. There are some dumpy homes that might be really cheap and there might be some really nice apartments that are expensive. It all depends on location, quality, square footage, etc. This is just my opinion but in this economy; buying your own home is often cheaper and smarter then renting. Good luck in your search.

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