Looking for your first place? Wondering if you should buy or rent? Here’s a guide:

We all know people in both boats, some people jump right into apartment living, perhaps with roommates, others decide to purchase a home/condo and make it their own.

While I’ve learned the benefits to both ways at different times, my goal is to buy a place as soon as possible. Let me fill you in on the whys, and which benefits each choice presents.

That said, apartments, homes, and condos all have their distinct advantages. To help you make the decision that’s best for you, here’s a brief overview of the pros/cons for each option along with my own personal recommendation at the end.

First, apartments.

One of the biggest advantages of apartments is that you usually don’t have to keep up with any maintenance besides normal house cleaning., you usually aren’t responsible for any of your appliance maintenance or plumbing or electrical mishaps, you don’t have to care about

With apartments, you are only tied down for 6 months to a year., but again, that may only be your house for a year. This provides a lot more flexibility than purchasing a home. If you don’t like your neighborhood or your place, you’re free to consider other options at the end of your lease.

However, there are a couple of downsides to be considered. If you’re renting a place, you typically can’t even paint, and you’re probably stuck with the appliances regardless of their aesthetic appearance. whatever they look like if they’re still in working order, and the counters, and the fixture, you get it.

Additionally, while there is usually no upkeep with apartments, you do pay for that in your rent, you also pay their mortgage on the property through your rent costs (perspective). So you’re not building equity, nor do you get anything back when you move because you won’t be selling the space, just leaving it.

Now for buying.

If you’re thinking about buying your next place of living, there are two options you can pursue:

Single-family homes are the first option. These homes usually have no homeowner’s association (HOA)  This means that you’re responsible for everything. On the positive side, it also means you don’t owe a monthly fee. In these cases, you can change anything about the home and property that you want.. Plus when you’re mortgage is paid off, you only have to pay property taxes.

The second option is condos/townhomes. This is usually a home you own outright, but when you buy it you also enter an HOA. This is the monthly dues homeowners have to pay for care that is outside the drywall of their unit in most condo cases and for townhomes. It’s usually for things like snow removal, lawn care and trash recycling (but always be sure to check your agreement for details). You can leave for a while, the grass will be cut and although you still have to pay your mortgage you’re building your equity every month instead of building your landlord’s equity.

One of the biggest advantages of buying a condo or townhouse is that you have a chance at building equity. If you value the option of after all the goal is to own your home and not having to pay a mortgage later in life, this is a major plus. However, keep in mind that you’ll still owe monthly property taxes and you have to keep paying HOAs as long as you live there. in most if not all cases. As the owner, however, you can paint, sometimes knockdown walls, replace cabinets to your liking, put in orange shag carpet if you want, and hang up whatever art and shelving you want. That said there is such a thing as keeping it resellable if you ever plan on selling, so maybe go with nice beige color for the carpet, and tasteful appliances, and cabinetry, among other elements.

So what’s my recommendation based on my research?

I recommend condos. If you’re a single person or perhaps a newlywed, a one bedroom condo at about 700 to 900 feet will probably fit your general needs. Beyond that, there are far more personal preferences, but in many moderately sized cities, this will be a relatively cheap down payment to save up for, if you can qualify for a mortgage at only 5 to 10% down. This does mean that you’ll pay mortgage insurance, but it’s less than most rents in the long run.