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    Homes for Sale on Cass Lake, MI vs. Apartments for Rent

    September 6, 2021 at 1:26 pm · · 0 comments

    Homes for Sale on Cass Lake, MI vs. Apartments for Rent

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    Justin Becker

    Updated: September 13, 2021

    Whether you’re renting an apartment or buying a real estate home, it’s one of the most significant financial decisions you’ll make in your lifetime.

    In the case of buying a real estate house, from figuring out the pricing to financing, it’s one lengthy process that anyone will want to get over as soon as possible.

    buying a real estate house

    One needs to pull resources together for the apartment for rent or the home for sale.

    If you do find the right apartment online, or home, save search and follow up later, as you compare the apartments or homes for sale.

    Large white summer home on the lake.

    Homes for Sale on Cass Lake, MI

    The largest and deepest Michigan inland lake, Cass Lake in Oakland County, is surrounded by Waterford Township, West Bloomfield, MI, Orchard Lake Village, and Keego Harbor.

    The nook of the leisure camp

    Living around the cities nearby, such as West Bloomfield and Keego Harbor, can be a life-changing experience, and Cass Lake, MI, is one area known for its lake living experience.

    That being said, before taking the plunge into the buyer pool on Cass Lake, it’s essential to consider whether homeownership is right for you.

    Two Muskoka chairs on a wooden dock facing a lake. Paddles and life jackets are visible on the dock. Across the calm water there is a brown cottage.

    When looking for a place to live in Oakland County, among the first questions you should ask yourself will drive the rest of your decision-making. Should you rent or buy?

    Even though buying a real estate home in Cass Lake may seem attractive, with the promise of building equity and putting an end to monthly rent, the routine maintenance cost and repairs can drain you quickly.

    lake sunset

    You may need to work with a real estate brokerage firm. A real estate brokerage firm will help you secure the home of your choice.

    Let’s dive into the pros and cons of houses for sale on Cass Lake, MI, vs. apartments for rent.

    Lake side wooden triangle house

    Pros of Homes for Sale

    Buying a real estate home on Cass Lake comes with a lot of benefits.

    Luxury home on the lakefront with jet skis

    Here are some of the perks you will enjoy if you choose to acquire a real estate home:

    • Greater Privacy
    • Good Long-Term Investment (Equity)
    • Home Office
    • Building Equity

    Greater Privacy

    One advantage of owning a home in Cass Lake is the greater privacy you get. Living in an apartment can be chaotic when you have a noisy neighbor.

    Wooden house and pond at the sunrise

    Having to raise complaints about your noisy neighbor can be a daunting experience. However, with a home, you get the pleasure of silence; in other words, tranquility prevails.

    Good Long-Term Investment (Equity)

    It’s typical for homes to rise in value. According to the Federal Reserve Bank of St. Louis, the average price of homes sold in the United States rose 28% in 10 years, starting in 2009, and 10% alone from 2014 to 2019.

    night at lake house

    In that same decade, the housing market value surged by $11.3 trillion in value.

    If you buy a home with 2 or 3 beds/baths, you’ll be investing in a long-term asset that has the potential to bring in huge profits.

    A house near the lake, in a beautiful nature.

    It’s wise to work with real estate agents like Max Broock, which is one of Michigan’s oldest brokers, having opened their doors in 1895. Max Broock is still actively involved, but now under the umbrella of Real Estate One.

    home office lake

    Home Office

    When it comes to space, a home wins over renting an apartment. Most apartments for rent are small in size. Finding areas for your home office can be tricky, unless you convert another room for that purpose.

    big lake house

    On the contrary, buying a real estate home on Cass Lake gives you more spaces that you can utilize however you want. If it’s a home office, it’ll be easier to set it up in one of your rooms.

    Building Equity

    Equity is the difference between what you can sell the home for and what you owe. Equity grows as you pay down your mortgage.

    A couple of wooden Muskoka chairs sitting on the dock with a lake and cottages across in the background.

    Over time, more of what you pay each month goes to the balance left on the loan, rather than the interest, building more equity.

    Cons of Homes for Sale

    While buying a real estate home may be appealing, the drawbacks should tell you whether you’re ready to have it or not.

    Happy couple of kids dream of a home.

    Here are some of the cons of a home for sale:

    • Less Mobility
    • Constant Maintenance Cost
    • High Upfront Cost
    • Equity Doesn’t Grow Quickly
    • Property Taxes

    Less Mobility

    Houses for sale give you stability; however, when taking a job, it may take more thought to accept an attractive employment offer that requires you to pick up and move to another city, like going from Keego Harbor to West Bloomfield.

    House autumn

    It’s unlikely that you’ll put your home up for sale today and get a buyer tomorrow.

    Constant Maintenance Cost

    Homes for sale on Cass Lake aren’t a walk in the park; you’ll need to do constant maintenance and repairs. If you live in apartments for rent, you’ll get the pleasure of leaving maintenance to your landlord.

    Two wooden chairs on a wood pier overlooking a lake at sunset

    Maintenance for a home on Cass Lake can run into hundreds, and if not thousands, of dollars. For example, you may need to resurface your patio or attach a porch to your house.

    High Upfront Cost

    Securing a home requires substantial upfront costs that can be challenging to finance. Renting apartments requires much lower upfront costs.

    nice living room

    For example, you will pay for the security deposit, at least one month’s rent, and lease application fee, among other upfront costs, but generally, it’s nothing compared to the costs of buying a real estate home.

    Equity Doesn’t Grow Quickly

    While it’s true that you will build equity over time, that doesn’t happen overnight. For this reason, you shouldn’t expect to build equity within a short span.

    home room

    Property Taxes

    The big headache comes when paying property taxes. A home that is attached to land is considered a real estate asset. As such, property taxes will be levied on the asset, as required by law.

    Waterfront property

    On the other hand, apartments for rent require no property taxes. The tax responsibility is upon the owner of the property.

    Pros of Apartments for Rent

    Here are some of the perks you will enjoy if you choose to rent an apartment:

    • More Flexibility
    • No Maintenance Cost
    • Access to Amenities
    • No Down Payment

    More Flexibility

    If you want to move to another location, all you need to do is submit a notice to your landlord. If you’re in the middle of your lease, the downside may be the cost of breaking the lease.

    Facade of a modern apartment building

    After that, you pick up your house items and move swiftly. On the other hand, a home can be challenging to sell the next day. Therefore, it’s less flexible when you have an unstable job.

    If you run into some financial difficulties and need to downsize, doing that can be an easy venture if you live in an apartment for rent.

    awesome lake house

    All you have to do is talk to your landlord. Surprisingly, some landlords are kind enough to let you get away with the costs of breaking the lease.

    No Maintenance Cost

    One of the benefits of renting a home is that there are generally little to no maintenance costs or repair bills. This means that when you rent a property, your landlord assumes full responsibility for all maintenance, improvements, and repairs.

    awesome house by the lake

    Access to Amenities

    Another benefit of renting an apartment is access to amenities that would otherwise be a vast expense.

    Luxuries such as an in-ground pool or a fitness center come standard at many midscale to upscale apartment complexes, with no additional charge to tenants.

    winter lake house

    No Down Payment

    Another financial benefit of renting an apartment is the upfront cost you incur. Buying a real estate home will require huge payments upfront.

    When renting an apartment, you’ll be asked to provide less (security deposit, at least one month’s rent, application fee, among others) compared to buying a home.

    Apartment Housing

    Cons of Apartments for Rent

    Here are some of the cons of apartments for rent:

    • Limited Customization Options
    • Pet Restrictions
    • No Equity

    Limited Customization Options

    Once you secure an apartment, more often than not, you’ll be required to leave the walls painting as-is, among other things. As such, you may be limited if you want to customize it to fit your style.

    chair by the lake

    Pet Restrictions

    If you’re a pet lover, then looking for a pet-friendly environment is another task on top of searching for an apartment to lease.

    With that said, you can definitely find pet-friendly environments around Cass Lake, such as West Bloomfield, MI.

    Lakeside patio on beautiful summer day.

    While you may find the perfect apartment that is spacious, has reasonable parking space, has security, and all of that, if their pet policy is unfriendly, you’re likely to pass on that opportunity.

    No Equity

    The rent you pay to your landlord doesn’t build you equity over time. For this reason, you have no long-term investment if you choose to pay rent monthly.

    Apartment Living Room With Plants

    Conclusion

    Whether you choose to buy a home or rent an apartment will largely depend on your financial situation.

    house lake

    Living around Cass Lake has many benefits. For example, West Bloomfield, MI, and Keego Harbor are some of the safest cities in Michigan.

    However, after making the comparison above, we can ultimately conclude, in our opinion, that apartments are the better option.

    Tags: Apartment

    Categories: Apartments

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    About The Author

    Justin Becker is a property owner in the state of Michigan and has a passion for managing communities. He owns both apartment complexes and mobile home communities and has been writing his own blogs for his properties for several years.
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