Everyone must make the big decision on their home at some point- should they rent a home or apartment, or buy a house? Both choices have advantages and disadvantages, and to make the right decision you must look at various factors. Learn more about how to decide between renting and buying– and for those who want to rent, find your dream apartment at Harborside Village!
Disadvantages/Advantages For Buying
When buying a home, you will need to have a down payment between 3-20% of the home’s price. You will also pay for closing costs, which are around 2-4% of the home’s price. In addition to your monthly mortgage payment, you’ll have to pay for utilities, maintenance and repairs, and all remodeling and renovations. Essentially, buying a home requires a substantial amount of money and really depends on the amount of money you have in your savings. It’s a very real possibility that you could lose money if your home value declines.
As for advantages, buying a home may build your equity and credit, and provide more stability for your lifestyle, especially if you have kids or plan to have children in the future. There are possible tax benefits, as well as property tax bills. If you like to design your home to your taste and love to remodel, buying a home allows you to make any improvements you want without having to answer to a landlord.
Disadvantages/Advantages For Renting
Renting an apartment has its fair share of disadvantages as well, depending on your lifestyle. One drawback that stands out is the limited choices of apartment buildings, as so many people prefer to rent that there may not be many vacancies in your area. A renter also doesn’t build equity and doesn’t get tax benefits.
However, there are many advantages to renting, including fewer upfront costs and paperwork. Renters are also not responsible for maintenance and repairs and have a maintenance crew on-call to fix most issues in their apartment. Apartments are the best choice for those who want flexibility, and the freedom to move around and live in various cities before settling down. You know that renting is the right choice for you if you’re not sure how long you want to stay in the area due to work or changing family circumstances, or just want to option to move whenever you please. At Harborside Village, we strive to make our apartments as comfortable as possible for our tenants, and to make the community a wonderful place to live!
Let Us Be Your Apartment Home!
Whether you need your very first apartment home or are relocating to the area, Apartments of Harborside Village would love to be your dream apartment home. Looking for beautiful waterfront apartments in Joppa, Maryland? Let us show you one of our spacious and affordable apartments at the Apartments of Harborside Village. To learn more about our apartment options, visit us online, give us a call at 410-679-1130, or email us. For a peek into what it’s like to live in our community, follow us on Facebook, Twitter, Pinterest, Google+, and YouTube!