Buying vs. Renting: Comparing Homes and Apartments

October 12, 2016 6:35 pm Published by Leave your thoughts

Best time to rent an apartment in Dallas

Many people struggle with whether to buy or rent their living space. The “American Dream” encourages people to buy, but purchasing a house comes with a lot of strings attached. When it comes to making that final decision to purchase or rent, here are a few items to consider:

1. Cost of Buying a Home

The costs of buying a home adds up quickly. And especially in Dallas, house flippers are driving up the market baseline. Some homes have increased in value over 100 percent in the past 5 years, and the prices continue to grow. The average value of a house in Dallas – $180,000 – is slowly becoming an easy flip. That means that the $180,000 home are becoming $220,000 homes.

If you decide to move on a purchase, that means you’re going to incur some costs. First, there’s a down payment. Buyers must provide 20 percent of the home’s value upfront in order to avoid paying an extra monthly mortgage fee for insurance. Then there’s the home inspection, closing costs, and loan payments. The average house will end up costing buyers as much as $43,900 in upfront costs, and then an additional (including utilities) $1515 per month for 30 years. Home buying is a long, arduous process. Use the online calculators to calculate how much house you can afford, but pay close attention to those monthly payments.

 

2. Convenience of an Apartment

Apartments, on the other hand, offer simple convenience. The process involves a security deposit, the first month’s rent, a background check, and fees for any pets. The process can take some time to complete, but it doesn’t even come close to the 40 days it takes to close on a house. Is the apartment too expensive? Cut the costs in half by finding a roommate.

3. Amenities

Take advantage of all that an apartment complex has to offer. Apartment buildings offer so much more than just a place to live. Pick the building that has it all – a pool, outdoor entertaining spaces, an exercise facility, and anything else you might want. If you don’t want to drive, find a place near public transportation. Apartment amenities exist to simplify life. They cut down on the number of different places that residents must go to find what they want.

4. Maintenance

Speaking of convenience, houses can be a pain. Homeowners are ultimately responsible for all maintenance issues, which experts predict to be around 1 percent of the home’s value every year. At an apartment complex, renters just need to call maintenance. Homeowners also have to decide whether or not to learn home repairs to cut costs. Apartments offer simple solutions that require minimal involvement.

 

5. Flexibility

An apartment complex offers its residents flexibility. Apartments don’t require residents to put down roots. Leases are ultimately short-term commitments, so there’s no hassle in moving. There’s no need to contact real estate agents, plan for open houses, or anything of the sort. If you want to move, simply wait until the lease is up and enjoy your journey!

6. Benefits of a Smaller Space

Bigger is not always better. A smaller space gives renters a lot more free time. “Together time” is unavoidable. And game night can become a staple. An apartment pushes you and your family or friends to interact and be together. This can be the biggest benefit of an apartment.

Cleaning also happens much quicker, especially if you took the time to organize your space. An apartment won’t take nearly as long as a 3,000 square foot standalone home. Houses get dusty in a hurry, and there’s always another room to catch up on. Apartments cut down the cleaning and give you the time to spend at the pool, the pub, or curled up with your family on the sofa.

Looking for a place to live can indeed be stressful, but there’s no need to make things harder. Home ownership is right for some, but not everyone is at that stage of life. Apartments offer convenient solutions to your modern problems, but houses slow down or even stop your fast-paced adventures. Look for apartments to keep your journey rolling.

 

If you’ve made the decision to live in the Dallas area, skip the hassle of home shopping and contact us today to learn more about 27TwentySeven Apartment Homes! Call 866-604-6843 or fill out the online form.

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This post was written by 27TwentySeven Apartment Homes Team

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