Apartment

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An apartment is where most people live when they first leave home or college; some people may live in apartments their whole lives. An apartment is usually in a building containing many apartments, and to live there you pay rent to the owner of the apartment or apartment building, who is your landlord. It's typically the cheapest form of housing, although some apartments can be very expensive, depending on location and size. Some apartments can be rented already furnished, but most are rented empty and the renter (the person renting) must provide his own furniture. There are good things and bad about renting an apartment. Good things are usually the lower cost and the fact that someone else is responsible for upkeep of the building and making sure all the equipment works (washer, dryer, fridge, oven, etc.). Plus, if you don't like the apartment you don't have to renew the lease; you can move somewhere else. However, the money you pay as rent is money some people view as "lost." You get no tax deduction for rent payments and you build up no ownership ( equity) in the apartment. When you buy property, you generally get a tax deduction on the interest you pay for the mortgage (typically limited to mortgage debt of up to $1,000,000 [2010]) as well as the benefits of owning an asset that might appreciate in value.