Dogs vs cats.
Eagles vs Cowboys.
A night on the town vs an evening at home.
These are just some of the many rivalries may have to deal with every day.
Yet, there’s one that most adults have to consider at one point in their lives: renting an apartment vs buying a home.
If you’ve ever wondered what is the right choice in the great “renting an apartment vs buying a home” debate, Reinhold Residential is here to help you make an informed decision. Below, you’ll see why renting an apartment may be the better choice for you!
Renting An Apartment Is More Affordable
Perhaps the biggest advantage of renting an apartment is its affordability. Buying a home is expensive. Not only does the homeowner have to account for a sizable down payment to avoid severe interest rates, but they also have to pay off their mortgage each month. In some cases, the monthly mortgage payment may be less than the monthly apartment rent. However, that’s not always the case, especially if the properties are in a major city or an affluent suburb. Plus, a mortgage lasts for years unlike an apartment lease, Which leads to our next apartment advantage …
Renting An Apartment Is Not A Long-Term Commitment
As we stated above, purchasing a home requires obtaining a substantial loan from a bank. The homeowner (or the borrower since they technically do not own the property yet) commits to paying the lender back every month for an agreed-upon amount of time. If the agreement is broken and the lender doesn’t receive payments, they secure the loan through their collateral: the home. Additionally, if the borrower needs to relocate to a new state for their job, they not only have to go through the above process again. Plus, they have to sell their current property. If not, they end up with two mortgages.
Renting an apartment is a more short-term solution to finding a home. Instead of requiring a substantial down payment, most rental properties ask for a much more affordable security deposit and the equivalent of a month or two’s rent.
Also, renting an apartment provides greater flexibility for the resident. Instead of being locked into a multi-year agreement, apartment leases are offered on a yearly basis. If a resident wishes to remain in their apartment, they simply renew their lease.
When the time comes for them to move, they opt now to renew their lease.
Apartment Residents Enjoy Wonderful Amenities
There’s no doubt that most homes offer their residents more floor space and a bit of land. Yet, the home is an empty shell that needs to be filled with the everyday essentials. This means purchasing an array of appliances, such as a refrigerator, dishwasher, oven, microwave, and washer and dryer. With an apartment, residents do not have to worry about the additional expense of purchasing appliances. Apartments include most of the household essentials listed above. Best of all, many apartments feature lots of wonderful community amenities, too. From fitness centers and pools to lounges and business centers to outdoor spaces and grilling stations, many apartment communities offer their residents additional perks outside their doors. View Reinhold Residential properties to find a community and apartment that matches your needs.
Apartment Residents Save Money On Costly Upkeep
We’ve already established that purchasing a home is a costly investment.
But the expenses of homeownership do not start and end with the loan.
Homeowners are also burdened by the costs of maintaining their property. Whenever a pipe bursts, an appliance breaks down, or heavy winds rip shingles off the roof, the homeowner is responsible for paying for these repairs. Even though insurance helps, homeowners still need to meet deductibles first. And warranties only cover so much before a homeowner has to pay out of pocket.
Apartment residents do not have to experience the pains of paying for upkeep.
The property owners and their maintenance technicians are responsible for ensuring that the apartment and its surroundings are in optimal condition. That means they cover the cost of repairs or replacements of in-unit appliances and heating systems. Plus, they maintain the community amenities, landscaping, and other needs (such as parking lot pavement, snowplowing, etc), as they arise.
Renting With Reinhold Residential Is A Great Choice
There you have it!
While homeownership has its benefits, there are a lot of strings attached to it. Residents can avoid these expenses and issues by renting an apartment. If you’re considering renting an apartment in Philadelphia, we would love to welcome you to one of our communities! Reinhold Residential properties feature spacious floor plans and in-demand amenities. Plus, our properties are located in some of the most desirable neighborhoods!
To learn more about the advantages of Reinhold Residential apartments, contact us today!