There are many arguments that say you should buy a house as quickly as possible, but it’s actually better if you don’t. If you fall into one of the scenarios below then you are better off renting for the time being.
Whether you are in college out of state, have a job that moves you every 2-5 years, or you just aren’t sure if you want to stay or go -- renting is the best route. It gives you the flexibility to up and leave whenever you need to. With renting you don’t have to worry about putting your home on the market and then cross your fingers you can get a good asking price. It’s never a guarantee that your house will sell in the time frame you need it to.
Yes, your mortgage payment every month goes towards owning your home but there are other expenses attached as well. When it comes to buying a home, you must account for more than just your monthly mortgage payment. You also have to pay the down payment and closing costs, along with property taxes, maintenance, home insurance, etc.
If you don’t have a significant amount of extra income at the end of the month after paying your rent, then looking to stretch that amount even more by buying a house and going into debt isn’t the optimal choice.
Owning your home means that all maintenance is up to you unless you’re willing to pay people to do it. When renting an apartment, you have easy access to a maintenance team that is willing and able to not only fix your apartment issues but not charge you extra. The beautiful landscape is also taken care of for, allowing for you to do whatever you want on your weekends.
With most homes, you’ll also want to do upgrades and remodels of some sort, not to mention unwanted repairs that will inevitably happen. All of those are your responsibility to complete and pay for. You also take on the responsibility of a mortgage, which is a risk all on its own.
Living in an apartment gives you access to amazing amenities that you otherwise wouldn’t be able to afford. You get access to a fitness center, pool, sauna, community events, a clubhouse, covered parking, laundry units, etc.
Not only do you get to use and experience these amenities as part of your monthly rent, but someone else takes care of them! There's also no need for you to spend the evening scooping leaves out of the pool or planning events with your neighbors - all you have to do is show up!
As an apartment renter you get to have all these things without any of the stress to take care of them.
Bottom line: Renting an apartment is NOT a waste of time or money. In fact, in a lot of cases it will ultimately save you money in the long run. That way when the time comes to buy a house, you'll have the time and money to take the next step.