It is a very definite debate between whether to rent or to buy and the decision differs for every individual. It depends on a variety of factors and if you are contemplating a similar situation make sure the only the right features are driving your decision. Here is a comprehensive look at what this decision should entail and the right set of features that should play in to your decision.
Locations should be the very first feature to consider whether you are buying or renting cheap apartments. If you are looking for an apartment for a certain reason such as better schools or convenience of location from your work or university, you have to devise your search accordingly. Apartments in optimum locations mostly cost more than their counterparts. The rent will also be higher than rental arrangements for any other parts of the area. However, you have to compare cost of living on a rent versus your cost of living if your liquid assets are ties up in a high priced property investment.
Your debt situation will drive most of your investment decisions. Property ownerships are a long-term strategy and quite a hefty investment. If your debt history is not in a sterling position, the cost of ownership might go up as you might be approved for high interest loans only. Your credit history holds a huge importance for rental arrangements as well. If you are looking for cheap rentals, a sterling credit history is very much a requirement. However, you can still circumvent the issue with a higher than average security deposit at the time of signing the lease.
If your professional commitments lead you to travel for long durations and at a high frequency, think twice before buying. While buying will tie up your assets in one permanent position, you will still have to look for rentals wherever you travel for work. It might be an economic crisis for you to pay hefty installments for mortgage as well as rent for your new place. Subletting apartments is a good choice for this kind of situation. If you are travelling to Lafayette for instance, you should look for Lafayette apartments for rent that you can sublet so you can rent for less than average lease duration.
If you are thinking about a long-term strategy for wealth addition, buying a property is the ideal solution. With this option in mind, you might split your income potential between apartments with lesser rent and invest in a small housing property. In this situation, the stress on your buying power at this time will yield in more economic freedom down the line. However, with this decision you will have to plan your financial strategy very carefully. You will also have to compromise on many factors. Ideally choose a smaller rental apartment. The compromise on space here can be translated to a lower rent per year. Again, if possible look for apartments to rent at a mile wide radius from your actual location preference. This will further bring down the rental option giving you a better chance to resolve your installments on your housing property.