How does living in a apartment work?

so how does living in a apartment work? lets say i sign a lease for a one bed room apartment and that is done, can i simply renew it?


i was also thinking about saving money to buy my own home... whats a good amount obviously i am not trying to buy a big home in my future but i was wondering if living in a one bed room apartment for a while, then move on to buying my own home would be the best route.|||Skip the apartment and buy a home NOW while they are as cheap as they've been!|||Well, you have no "right" to renew it. If the lease period is up, and you have been a good tenant, and the room is going to be rented again next year, then the landlord will generally (not always) offer you the ability to renew your lease for another year at approximately the same rent (or possibly, a little higher). But it is the landlord's property, and they are under no legal obligation (in most areas---not true in DC, for example) to continue to lease to you after your signed contract is up.





In terms of buying your own home, with the way mortgages are being underwritten nowadays, it's probably a good thought, just using round figures, if you have something like 30 months of what you normally pay for rent in the bank for a down payment to get the show on the road. That's a lot for most people.|||You sign a lease for a certain period, usually 6 months or a year, and after the first lease expires, you can always negotiate for and sign a new lease. With the real estate value lowest in maybe 20 years, if you could save enough over the next 2-3 years, it should be a good idea buying a house. After you know how much a house would cost, you should have at least 30% of that amount in cash before you go ahead. You should also think about if you would be able to make the monthly mortgage payment. Nowadays you need a really steady job or income record to get approved for mortgage.|||yes you can renew it by talking to the landlord/lady.





and yes i think it would be the best route. Personally i would advise you to save up the money and buy a house with the money you have and do not get a mortgage. It will be tough, but definitely worth it in the long run. do you really want to be paying for a house your whole life? :-)


good luck