An apartment is a self contained housing unit that occupies a part of the building (Bevan 2008. p.53). An apartment is valued by its structure. Apartments may possibly be possessed or rented by tenants. In some countries like the US apartment dwellers own the apartment and share the ownership of their public space.

Hancock (2008) indicates that the largest acquirement people will always make in their life is buying of a home. It is to this date considered as the ‘American dream’ up to this date. The income tax code too provides advantages to home ownership. The considerations for renting an apartment are the same to those of buying a house. Majority of people consider owning a house to be worthwhile the model, age and design of the house notwithstanding. The option to either buy a house or to rent an apartment depends on personal preferences. Unlike when buying a vehicle, buying a car takes a long process (p.129).

(Bevan 2008. p.53) explains that home owner take added care to their homes than renters, they remain in their homes longer than those who have rented homes. He reports that research shows home owners to report a high self-esteem than renters. Other than psychological comfort owning a home can be an option of tapping into house equity when emergencies arise. All the advantages of ownership can be lost once the owner gets difficulty meeting mortgage payments.

Bevan (2008) further indicates that sometimes it may last for an over a decade to own a home. He indicates that it is good to understand that once current position when planning to transact a home or rent an apartment. It is worthwhile to seek the advice of a mortgage broker or to a financial institution and get an approval for a mortgage.

The question on renting an apartment or buying a home is probably one of the biggest decisions a person has to make. Some people would rather rent and