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Should I Rent An Apartment Or Buy A House In Sylvania?

January 20, 2021

Exterior of apartment in Sylvania

In the past decade, common financial wisdom in regards to acquiring property or renting an apartment in Sylvania has been spun on its head. Buying property gives for a source of pride and belonging that you cannot derive from renting, but it may also be a source of frustration and big costs. Renting may come with some constraints, but also allows for adaptability and financial savings home ownership does not. Here are a few things to think about prior to deciding to acquire a house or rent an apartment in Sylvania.
 
Apartment building in Sylvania

Money is Central

Costs, both in-advance and reoccurring, can differ greatly between renting an apartment and buying a house. The house purchasing transaction is teeming with charges that traditionally have to be collected upfront - in addition to your down payment. There are house appraisal and inspections, earnest money, first-year insurance fees, and other various charges - all before your monthly bills even begin. Not to mention the added prices of repairs and any remodeling you may need.

Renting has a noticeably shorter barrier for entry. Standard renting upfront expenses include a security deposit, that month’s rent, and other assorted deposits or payments. While some say that money paid for renting is wasted, money used on a space to stay is never a loss.

Living room in Sylvania apartment

Room for Yourself and the Entire Family 

What you require out of your living quarters may be the key aspect in determining if you should rent an apartment or buy a house in Sylvania. The average house floor size in the United States is trending upward, meaning more room for a home gym or a nursery. A house may have a backyard for kids and pets to run free and play in.

You can discover apartments in numerous layouts and floorplans. At most complexes, you can get anything from a 1-bedroom to a 3-bedroom, but the units all come in predefined layouts. Your apartment should have have walking routes and a dog park, and other families living on the other side of the wall. Of course, most houses don’t come with amenities like a stocked gym or swimming pool

Repair in Sylvania apartment

All the Bells and Whistles

While the versatility that comes having a house is incredible, it does come at a cost. In the event that a pipe burst or appliance break, it is on you or a handyman you call in to conduct the repairs. In an apartment, there is a trained maintenance staff that is available 24/7. Not only is having a maintenance team on-call handy, but it may also save you some big replacement fees. Repair fees are included in your renting fees, while any repairs on a house come straight from your bank account.

Freedom and Flexibility for Your Way Of Living

Your profession and lifestyle can be determining factors in deciding to rent an apartment or buy a house in Sylvania. Selling a house can be a lengthy, stressful process. If you work a job that demands you to relocate frequently, undertaking the selling process may be more taxing than it is worth. Renting an apartment is a more simple process that doesn’t involve real estate agents or mortgages - simply the apartment staff and you.

Ready To Start Seeking For Your Dream Apartment Space?

When you need an apartment in Sylvania, your first choice should be SOMO Flats. We have luxurious floorplans, attentive staff, and sublime amenities. Simply call (419) 843-0855 or click the “schedule a tour button” to discover your new home.