Non-Monetary Factors to Consider When Renting or Buying a Home

If you’re in the market for a new home, there are going to be financial aspects to hash out before committing to a place. The decision to rent or buy is a big one, and money of course is a major player in determining how you’re going to finance.

While money is huge, other factors should be considered as well, such as your emotional attachments and preferences — you know, non-monetary! Your lifestyle, values, and quality of life require careful attention when deciding what’s best for you. Think about the attributes that mean most and write them down in a non-negotiable checklist. Don't know where to start? Below are some non-monetary factors to consider when renting or buying a home.

Factor One: City or suburban living?

Which lifestyle do you prefer: city or suburban? Maybe even rural? This is a question you must ask yourself in order to make the right call.

• Signs you're a city-dweller: An urban environment may be best for you if you want walkable neighborhoods, need robust public transit options, and thrive in high-energy environments.
• Signs the suburban lifestyle is for you: If the sound of free parking, more outdoor space, more space between residences, and quiet evenings is music to your ears, then the suburbs are a great place for you.

You may also find yourself to be an in-betweener. This means you like the idea of being close to the action of the city but also love having lots of space and low-key nights. If this describes you, research towns and neighborhoods that are just outside the city limits. The best of both worlds might be possible!

Factor Two: How much do you value amenities?

How you value an apartment community's amenities can greatly influence your decision. When weighing your options, make sure to ask yourself these questions: 

• What are some non-negotiable amenities for your lifestyle?
• Which amenities are "nice to have," but aren't critical for your needs? 
• Do you need a community were everything is on-site, but may be slightly more expensive?
• Are you comfortable paying for subscriptions or memberships to make up for what your community doesn't offer?

Apartment communities generally offer more amenities than single-family home neighborhoods. At the same time though, homeowners have the capability to customize their space to include some of these features — it will just cost more out of pocket. Single-family home or townhome neighborhoods may have HOA fees to help pay for amenities like a pool, tennis courts, or walking trails.

These fees can also go toward communal holiday decorations, landscaping, staffing, maintenance, and amenity upkeep. Comparing the amenities you use to the ones you don’t can help form a foundation for your decision.

Factor Three: Are you the type to move around frequently?

Being a renter, you have the freedom and flexibility to move around. A homeowner, however, has a bit more of challenge. Individuals who move around frequently may want to consider renting, as opposed to buying.

If a renter needs to move, the penalty is marginal and is usually covered with a check for a month and half’s rent — but check your agreement, first! Homeowners will probably have to hire a realtor to sell their home in the marketplace, and they’re still accountable for mortgage payments and bills until a buyer is found.

Think about your moving track record before you decide on the next step. This will help to identify whether renting or buying is a more viable option.

Factor Four: Evaluate your love of DIY and customization.

Interior decorators and DIYers may find rentals more challenging to decorate because of its limitations. When you purchase a home, you can customize and style your place to your liking and personal tastes. Renovations add value to the property, so you can hopefully gain a profit from the home when it’s time to sell again. There are also ways renters can make an apartment their own, without structural damage to the unit.

Factor Five: How emotionally invested are you in the area?

Emotional attachment to an area can definitely sway your decis ion to rent or take the plunge and buy your first home. If you like the area but are not sure if it is “the one,” renting might be better because then you have some time to figure it out.

If you love the area, be sure to research property value statistics, annual increased rent percentages, etc. to help your decision whether to rent or buy a home.

If Your Heart Is Set on Renting, Apartments.com Is Here for You

Financials are very important for renting or buying a home, but it’s not the only thing to consider. If you believe renting is better for you, check out the real-time listings on Apartments.com to find your new apartment or rental home! And if you’re ready to become a homeowner? Be sure to check your numbers and visit a credit lender to get started in the process. Best of luck!