Friday, January 30, 2009

Management Style of Owner

When deciding between renting an apartment and renting a house or condo, the biggest difference to keep in mind is the management style of the owner.
Generally, apartments are managed by property management firms. Whether or not they also own the building, they tend to have a different mindset about the management of the building compared to a private owner. Often, the rent includes more than just the apartment. Gas, water, sewer, and sometimes even cable are lumped together with your rent, providing you with fewer bills to pay. Emergency and often preventative maintenance are included at no charge, along with landscaping and snow removal services. Property managers try to focus on including features along with the rental of the apartment, such as onsite laundry, the above mentioned services, parking, etc. Larger buildings will also often have pools, workout facilities, even business centers. If these are facilities you will often use, it can make sense financially to spend a little more on an apartment. In the long run, the money you save by not having a gym membership will be more than the higher rent price.
Renting a privately owned home or condo is simply that. You usually pay most if not all of your own utilities, which can be a very large expense that many people do not consider. You are usually responsible for preventative maintenance, such as replacing furnace filters, smoke detector batteries, plunging your own toilet, etc. Often, you shovel your own snow, and sometimes will be required to mow your own lawn. However, if privacy and independence matter more to you than convenience, a house might be the way to go. Owners are often more willing to let you modify the property, if you discuss it with them first. If you pay for painting or even replacing kitchen faucets, or bathroom tile, many will let you modify the house to your liking.
In the end, you must decide what works best for you, both financially and to meet your preferred lifestyle.
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