Should You Live in a Home, an Apartment, or a Condo?

Trying to figure out the best living situation for you and your lifestyle? It is common to be unsure when first learning about the numerous options. There are many reasons why people choose one over the others; you simply must take the time to find which is right for you. There is no right or wrong, you just have to do your research and weigh your options.


Living in an apartment requires you to lease or pay rent to an owner. Monthly rent payments do not work towards property ownership rights. Renting an apartment does not give you the privilege on being able to paint or make changes freely without getting the landlord’s approval. But with that being said, repairs and other maintenance tasks are in the landlord’s hands. They will need to take care of all the upkeep. This aspect can take a lot of pressure off you. If you are not looking for an investment and aren’t one to need much control, then an apartment might be the right choice for you.


In some cases people rent condominiums, but normally you buy for ownership. You would have a mortgage and would be able to resell it in the same way you would for a house. When you pay on the mortgage loan, you can build more equity. If you own a condo, you are typically able to renovate the inside as you wish, as long as you aren’t changing the structure of the building. However if you rent, you will have to go through association boards or committees that manage the building. With condos you would normally find little to no yard. If you don’t care too much about having a large amount of property and just want something small to invest in, than a condo may be your best bet.  Condos are a good happy medium between an apartment and a house.


If you are someone who absolutely needs space, privacy, and complete freedom to do as you please with your living arrangements, then purchasing a house would definitely be the way to go. Houses are typically the most expensive option, but this is dependent on many factors, such as the size and location. Houses are a bigger investment that people decide to go with so they don’t feel as if they are throwing their money away every month with renting, and if they are planning on settling in one area for an extended period of time. Contrary to renting, with each house payment you are that much closer to complete ownership. Houses are normally purchased in hopes to keep it for a very long time, or even forever. The downside, of course, is the hefty price tag and the many responsibilities that come with being a homeowner. This is why many people do not purchase a house for their first independent dwelling.

About The Rubin Group

Based in New York, The Rubin Group provides insurance in most of the 50 states. Our full-service insurance brokerage provides insurance and risk management services to individuals in all income brackets and businesses of all sizes and types. We understand that every client has unique coverage requirements, and we are passionate about providing the ideal individualized coverage for each customer. Each member of our team takes the time to truly understand your situation, the particular risks you anticipate – and the very real risks you’ve not yet contemplated. For all of your insurance needs, contact us at The Rubin Group!