Leasing an apartment has several distinct advantages over renting or buying property. Tenants who lease may forgo some of the responsibilities of homeowners, including paying property tax, performing basic maintenance and ensuring that the property meets building and fire codes. Finally, leasing an apartment doesn't require a large down payment, which allows tenants to live in cities or regions where they may be unable to afford homes.
More buyers or renters are deciding on condos over houses in recent years due to a resurgence in urban living. Condos are usually located in urban areas and within walking distance to shops, restaurants and other places of interest. Some also have resort-like amenities, such as pools and fitness centers, that would be cost-prohibitive in a house. With people living busier lives, condos are an attractive choice because of their convenience and low-maintenance lifestyle.
A big advantage to buying a house is that you have total control over the property to remodel or make changes without the consent of others. Another house advantage is that it allows for extra indoor and outdoor space, which is more conducive to accommodating families, children and pets. Houses also feature more storage space in closets and the attic or basement, according to the National Association of Realtors. Furthermore, houses have more privacy, because neighbors do not live in as close proximity as in condos.
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