If you're renting an apartment, chances are that you've had somebody tell you you're just "throwing your money away." In most cases, that's the truth. But there are several other disadvantages to renting an apartment rather than owning your own home, too. If you've been trying to decide between staying in your apartment and investing in a home, here are five reasons why renting isn't the best idea for your family and your finances.

The Rent Constantly Changes People who have lived in an apartment for more than a year have probably noticed that their monthly rent payment increases with each lease renewal. Sometimes it can increase by only a few dollars, but other times it might increase by $100 dollars or even more depending on how many improvements the property manager has made. But if you have a fixed-rate mortgage, you payments stay the same for the length of your loan.

You Never Build Equity Unfortunately, those people who say you're "throwing your money away" are basically correct. You never gain any equity in your home regardless of how much rent you pay. Once you move out, you have nothing to show for your years of paying rent. With a home, however, your mortgage payments build equity and if you ever want to move, you can sell your home and get much (if not all) of those payments back.

There Is No Tax Advantage When you're renting, you don't have any tax advantages. You simply pay your rent each month and your landlord or property manager enjoys the tax write-offs and other advantages of owning a property. If you own a home, though, you can take advantage of deductibles for your mortgage, improvements, losses and several other aspects of home ownership.

You Can't Make Major Changes In most apartments, you can't even paint your living room without written permission from your property manager or landlord. In some cases, you can't even hang pictures without paying a fee when you move out. You are very limited in ways in which you can personalize your space. For some renters, that can be very frustrating. If you own your own home, though, you can make any changes you want to. You can add an extra room or even paint polka dots on your walls if you'd like. The options are endless!

Too Many Rules to Obey Whether you live in an apartment in Castle Pines Colorado, or anywhere else in the country, there are many rules you have to follow. Many landlords and property managers don't allow pets. If they do, you usually have to pay a huge deposit or a monthly fee just to have a cat. Some places won't allow overnight guests or visitors who stay for an extended period of time, either. What if you have a friend from out of town and you want them to stay with you for a couple weeks? With your own home, you make the rules and decide if you want somebody to stay or not.

While there are a few advantages to renting, there are many more advantages to buying a home. That's why there are very few people who rent apartments for more than a few years. If you're renting, check into buying your own home. You'll enjoy the benefits and advantages that home ownership affords to you.