Rent Versus Buy | Home Properties | Apartments for Rent

Rent vs. Buy – The Debate Continues…

You’ve heard the debate all your adult life. “Should I rent an apartment or buy a house?”  Both have advantages and drawbacks. Home Properties has apartment communities throughout the Northeast, Mid-Atlantic, and Illinois. We’ve put together some of the advantages to consider when renting a studio, 1-bedroom, 2-bedroom, or 3-bedroom apartment at one of our communities.

Buying and Renting Expenses
The costs for buying a new home vs. renting a new apartment at Home Properties is perhaps the biggest factor. The upfront costs for purchasing a house can be relatively high. A down payment, taxes, closing costs, insurance, and unforeseen expenditures along with possible condo or homeowner association fees and Private Mortgage Insurance (PMI) can make buying a home financially challenging for some people. However, the long-term benefits of building equity can be extremely beneficial down the road.

Renting an apartment, on the other hand, is a fairly straightforward process. After filling out the proper application forms and signing the lease, renting typically requires the first month’s rent, an application fee, and a security deposit. Renters’ insurance is also necessary, and costs less than if you were purchasing insurance for a house.

Unforeseen Miscellaneous Costs
Some of the most overlooked considerations for many prospective home buyers are miscellaneous costs. Pest control, roof repair, landscaping costs, a broken furnace -- the list goes on. Even if you purchase a recently built house, there will undoubtedly be unforeseen costs which you should budget for. 

Renting an apartment at one of Home Properties communities in FL, IL, MA, MD, NJ, NY, PA, or VA eliminates this concern completely. Unlike a house where all miscellaneous expenditures are your responsibility, when you lease an apartment at Home Properties, virtually everything is covered. If something were to go wrong in your apartment, a Home Properties maintenance professional is on the job to fix and repair any issue. Best of all, you won’t receive a bill or owe any money for these repairs. This is a major consideration for many people when balancing the pros and cons of leasing an apartment and buying a home.

Amenities
Most houses do not come with a pool, fitness gym, and other amenities. Home Properties offers a pool and fitness center at the majority of our rental communities. This added benefit is an important consideration for those who wish to relax by the pool or workout without the expense of separate memberships. Also, consider the cost and time associated with owning and maintaining these amenities on your own.

Easier to Move
Another advantage to living in an apartment is that you have much more flexibility to move. Selling a house can be a challenging task. Repair costs to make the house presentable to prospective buyers, realtor expenditures, and the entire sales process all can take time and money.

An apartment lease agreement is usually an annual commitment; you decide if you wish to renew when the lease is nearing the end. Even if you need to break your lease, the cost of early termination fees pales in comparison to the costs of selling your home. When it comes time to move, whether you want to or you need to, there’s much more flexibility when you are renting.

Pet Policy
Owning your own home enables you to have as many pets as you like. Home Properties recognizes how important your feline or canine is to you. We get it! That’s why we have a pet friendly policy at all our apartment communities. Click here to view all the details, rules, and restrictions.

Choosing to Rent
If you’ve made the decision to rent an apartment or townhome, be sure to check out our First-time renters' guide, full of tips and advice to help you throughout the process.

Summary
Other questions you should ask yourself are, “How long do you intend on living in your new apartment or house?”, “Are you financially prepared to take on a new house and the expenses that go along with it?”, “What is your long term plan?” We hope if you do choose to rent an apartment, you check out the locations Home Properties has to offer. Click here to search for a new apartment and arrange for a tour today!