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Should You Buy or Rent a Flat/Apartment?
Flat Renting
Flat renting or apartment renting refers to paying a certain amount of money each month, each season, or each year to reside in a flat or in an apartment. This is usually based on a lease contract or a lease agreement that guarantees the rights of both tenants and owners and the obligations of both tenants and owners.
If individuals want to rent a flat, they have two options; either to rent an empty space and bring their own furniture or rent a flat that includes everything.
To rent a flat is to respect the conditions of the flat such as furniture, lamps, mattresses, tools, bathrooms, floors, rugs, curtains, and more, in the cases where everything in the flat is also included. Usually, the lease contract or lease agreement includes articles about the condition of the flat. These articles are the only way that guarantees that everything in the flat will stay as is, nothing will be taken, broken, or exchanged, when the flat already includes the needed furniture. On the other hand, when tenants rent empty flats, they usually bring their own furniture and they take everything back once the lease contract is terminated.
To rent a flat is to benefit from many factors. However, flat renting or apartment renting also has disadvantages.
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Buying a Flat/Apartment
Buying a flat or an apartment is paying the full price of the flat or the apartment and becoming the owner. Once everything is completed, the buyer has the right to do whatever he/she wants with the bought property. That being said, buyers do not have to pay anything other than the price of the flat or the apartment. However, buyers still have to pay for electricity, water, maintenance, and other services they benefit from.
Buying a flat or an apartment has advantages and disadvantages. It is considered to be a major decision that can affect one’s lifestyle, financial situation, and even personal goals. There are so many factors that individuals must take into consideration when they decide to buy a flat or an apartment.
When buying a flat or an apartment, individuals can buy the furniture in it as well, along with everything that is in it such as mattresses, curtains, tools, kitchen gear, beds, drawers, and more. However, individuals can buy an empty flat or apartment and they then buy the furniture and everything they need. Obviously, this decision is totally based on the preference of buyers as some do not mind buying a fully-furnished flat or apartment, whereas others prefer to buy their own furniture based on their taste.
Many choose to buy a flat or an apartment for several reasons.
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Renting a Flat/Apartment VS Buying a Flat/Apartment
When individuals want to make crucial decisions, they usually use an old-fashioned way; measuring pros and cons. Luckily, this has worked in so many cases and has helped many make the right decision.
The same goes when it comes to deciding on buying or renting a flat or an apartment. Both have advantages and disadvantages.
I. Buying a Flat or an Apartment:
Advantages:
· Owning a property.
· Security and settling in a place one can call “home”.
· Making decisions related to the design of the owned flat or apartment.
· Making the necessary changes whenever one needs them.
Disadvantages:
· Expensive environment.
· Expensive flat or apartment that could affect the financial situation.
· Paying additional expenses such as property taxes, electricity, water, insurance, maintenance, etc.
· Not being able to move whenever it is necessary.
II. Flat Renting or Apartment Renting:
Advantages:
· Flexibility in terms of moving in and moving out of a neighborhood or a city whenever it is needed.
· Less expensive as one has to pay on a monthly basis not one big amount of money at once.
· Making new acquaintances whenever one moves in.
· Only paying rent and not additional expenses.
Disadvantages:
· Insecurity as owners might evict tenants in many cases.
· Rent might increase each year.
· Individuals do not own a property but have to pay rent each month no matter the financial situation.
· There might be some policies that tenants must respect even if they are not okay with them.
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Factors to Consider when Deciding to Buy or Rent a Flat/Apartment
To rent a flat, or to buy a flat? The question that has always been confusing many individuals. Even after measuring the pros and cons, some still struggle to make the right decisions.
However, aside from measuring the pros and cons of flat renting/apartment renting and buying the flat or the apartment, there are some factors that individuals must take into consideration.
These factors are:
· Financial situation: Individuals must be aware of the fact that buying a flat or an apartment is not the same as flat renting or apartment renting. The reason is quite simple; to buy a property, a big amount of money must be paid, whereas to rent a flat, payment can be done on a monthly basis and the amount of money is usually fair.
· Environment: Individuals might struggle to move out from a flat that they have settled in and move in a new neighborhood or city where they do not know anyone. These individuals might be seriously affected by the environment whenever they move to a new place. For that reason, if individuals have no problem with it, then they might consider flat renting or apartment renting. Whereas if they prefer settling in one place and fitting in one environment, then buying a flat or an apartment is the right option.
· Status: Individuals who are “nomads” which means they still constantly move and change work or universities can consider flat renting. The same can never be applied when it comes to individuals who are more stable and who hardly ever change work, universities, etc.
· Purpose: Individuals must take into consideration their purpose; if they wish to get married, have children, and settle down, then buying a flat or an apartment is the best option. On the other hand, if individuals are not yet stable and do not wish to get married and settle down anytime soon, they might consider flat renting or apartment renting.
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Who Rents a Flat/ Apartment?
To rent a flat or an apartment, there is usually a specific group of people who always prefer to rent a flat rather than buying one, for so many reasons.
The ones who usually rent a flat are:
· Local students who live far from their schools or universities.
· Foreign students who wish to study abroad.
· New workers who live far from their offices or companies.
· Foreign workers who only came to the country to work.
· Individuals who are in the process of building a new house.
· Couples who wish to live together.
· Small families who are not yet financially stable.
· Researchers who are only in the country for a short period of time.
· Immigrants who are totally new to the country and wish to settle down in a flat or an apartment at first.
· Businesspeople who need a small place, so they rent a flat just to be able to work in it.
· Families or individuals with limited income.
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Who Buys a Flat/Apartment?
Many consider buying a flat or an apartment is a crucial decision that must be thoroughly studied. However, they do agree that buying a flat or an apartment might be the go-to option. As it is a matter of preference, there are people who totally believe in buying flats for many reasons.
The ones who usually prefer to buy a flat or an apartment are:
· Big families who are financially stable.
· Investors who wish to benefit from the flat or the apartment.
· Workers who wish to work in another country for a long period of time.
· Newlyweds who wish to start a family together.
· Couples with children on the way who prefer to be stable and secure.
· Financially stable workers who wish to buy a flat or an apartment that is close to their offices and companies.
· Investors who wish to buy a flat or an apartment to transform it into a small business office.
· Immigrants with good incomes who wish to stay in a foreign country.
· Individuals who wish to own a property and want to start by buying an apartment or a flat.
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Is Renting a Flat/Apartment Cheaper than Buying One?
Some people consider buying a flat or an apartment to be a significant investment. However, and while the majority of people prefer buying and owning a flat on flat renting, it is still believed to be unachievable in some cases.
To rent a flat can be much cheaper than to buy a flat, or at least for the short run. The reason is that tenants are called to pay a limited amount of money each month, each season, or each year. That being said, many tenants will not be responsible for paying additional expenses such as maintenance fees. Also, the fact that individuals are not obliged to pay lump-sum which usually results in critical financial conditions.
Nonetheless, flat renting or apartment renting can be very expensive and people might consider that they would rather save the money and buy a new house than having to pay rent on a monthly basis. However, what they might be forgetting is the additional expenses of buying a house such as maintenance fees and other related fees.
In a nutshell, to rent a flat is the go-to option when it comes to individuals who are not financially stable and who do not wish to pay a big sum of money at once.
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Is Owning a Flat/Apartment a Good Investment?
Owning a flat or an apartment has forever been considered to be a good investment, especially for the ones who have the financial means. The reason is quite simple; they get to live in a flat or an apartment, rent-free, and without respecting specific policies or other conditions. Also, buying a flat never backfires. The reason is that if owners do not wish to live in the bought property or if they decided to live in another country, another city, or another state, they can offer to rent out the property and make a monthly income out of it. A leased-out flat or apartment is considered to be an additional source of income and therefore an investment.
Therefore, owning a flat or an apartment is indeed a very good investment, as one can always use it for personal reasons, whether to live in the flat or to rent it out.
Who Can Help Individuals Rent or Buy a Flat/Apartment?
To rent a flat or to buy a flat, one can refer to a real estate agent or a brokerage company that can offer a wide selection of flats and apartments whether for rent or for sale. Realtors or real estate agents can professionally help clients in finding the forever home or the temporary home they are looking for.
This has never been this easy as realtors usually have the required experience and they can offer their consultancy services to help clients decide on whether to rent a flat or to buy a flat.
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