Living in a Home Versus Living in Apartment Essay Example

Living in a Home Versus Living in Apartment Essay Living in a house and living in an apartment have their own set of advantages and disadvantages. An apartment is relatively cheaper and easier to maintain than a real house. An apartment dweller, however, has to deal with responsibilities such as paying the rent on time and complying with the rules of apartment personnel. A house, meanwhile, is considered as an investment in property; homeowners have to deal with mortgage payments, as well as utility bills. Living in an apartment is one of the first real steps towards independence for some individuals, in contrast living in your own home is synonymous to responsibilities such as being able to make mortgages payments consistently. There are many pros and cons to consider making the decision to live at home or an apartment, But always most people will take one option more than another. As the saying goes, with freedom comes responsibility. Young usually are eager to their 18 years to move into an apartment and have independence. They view the apartment as an oasis of freedom, and it is relatively cheaper and easier to maintain than a real house. We will write a custom essay sample on Living in a Home Versus Living in Apartment specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Living in a Home Versus Living in Apartment specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Living in a Home Versus Living in Apartment specifically for you FOR ONLY $16.38 $13.9/page Hire Writer On the other hand, for many people buy a home is one of the most significant moments of their lives. According Li, Wenli; Yao, Rui â€Å"The United States is increasingly becoming a country of homeowners. As reported recently by the Census Bureau, close to 70 percent of households now own their primary home. Homeownership is no longer just an American dream; watering lawns, sweeping sidewalks and cleaning drain gutters is no longer the sole privilege of middle-income and affluent households. With the rise in the homeownership rate, an increasing share of household wealth is tied to housing. According to the Federal Reserve Boards Flow of Funds account, residential property accounts for over 30 percent of total household assets, and home equity accounts for over 20 percent of total household net worth† (Li, W. ,Yao,R. 2006). In my opinion, renting an apartment is much simpler than buying a house. There is no mortgage to arrange, no need to prorate property taxes or insurance payments between the old and the new tenant, and, in most cases, no need to enter the transaction in public records as must be done when a building is sold. Anyway as information retrieved from Everest College e-Library, point that, â€Å"A cash deposit as security against damage to the property and prepayment of rent for one or two months may be required. In such cases a new tenant, like a home buyer, may need a substantial amount of ready cash (Housing, 2009). Making the decision to either rent an apartment or buy a home involves more than simply comparing rental rates and mortgage payments. Privacy can be one factor that is definitely affected, somewhat negatively, when it comes to apartments. There are families all around, and invariably some of them are rather curious about what you are doing. The specialist Steve McCutchen said that: â€Å"Apartments invariably tend to have thinner walls than private homes, with the result that what you are doing inside your home might also end up getting known by your neighbors, even if you try your best to keep the noise level to the minimum. In fact if you inverse the situation and heighten the noise element, say when you are having a party at home, there will invariably be protests from your neighbors, which is an unlikely scenario in private homes that often tend to insulate sounds from going too far† (McCutchen, 2010). Anyway this element of privacy has a positive side to it as well; in case of trouble, you have people around you who could assist. In private homes, in case you are alone and find yourself in trouble, chances of somebody else coming to your rescue, simply off the cuff, are quite less. This aspect gets heightened when we take note of the fact that a many apartment complexes have additional provisions for security, which is often completely missing, in the case of private homes. Thus, when it comes to the aspect of security, apartments tend to have an edge. Space is one of the foremost aspects that previous private home owners, now living in apartments, sorely miss. Undoubtedly, apartments tend to have much lesser space. The size of the apartments is a major area of concern. Additionally, other aspects such as space in the driveway as well as space to park ones car(s) also tends to be much less. Although if you are thinking of having your own little garden, invariably you might just have to drop the idea altogether! Thus, as you can clearly see, there are both advantages as well as disadvantages to living in apartments and living in house. Ultimately, it is about how well you are able to adjust to the same, as well as which are the factors that truly affect you, either way. REFERENCES Housing, E. B. (2009). eLibrary. Retrieved from http://elibrary. bigchalk. com McCutchen, S. (2010). Ezine Articles. Retrieved from Ezine Articles: http://EzineArticles. com/? expert=Steve_McCutchen Li, W. , Yao, R. (2006, January 01). Your House Just Doubled in Value? Dont Uncork the Champagne Just Yet!. Business Review Federal Reserve Bank of Philadelphia, 25, Retrieved from http://elibrary. bigchalk. com