Rent increases for apartments have been minimum in the past few years. In today's economy, home owners are at the risk of slow home appreciation or depreciation that may reduce the value of the home below the original purchase price. Faced with the prospect of the property selling below value, home owners must also pay Realtor fees and, in some instances, closing costs. All Costs Persons living in apartments enjoy the use of recreation rooms, swimming pools, spas, social activities and other amenities at no additional cost. Apartment renters are secure in the knowledge that when there is a maintenance problem, free maintenance help is only a telephone call away.
Additional fees are the cost of materials used as well as the cost per hour for the repair person.
Cash Outlay Consider the dollars involved in purchasing a condominium or a home. The major expense is in the down payment but additional costs for mortgage points, recording fees, title insurance costs, credit reporting charges, appraisal fees, professional inspection fees and insurance coverage add up. Interior decorating costs can include paint, window coverings, special wall treatments, purchasing additional furniture and installing or upgrading landscaping. Landscaping and maintenance fees are ongoing for home owners. Gone are the days of weekly maintenance provided at apartment communities, including lawn care, shrub trimming and the planting of seasonal flowers.