Whether this is your first time on your own or simply the next stop on your journey, moving secures an unparalleled sense of freedom, excitement, discovery and, most importantly, self awareness. That doesn’t mean you have to be 100% certain about all the decisions that coincide with moving in order to set off for a new home. Even if you already have the curtains picked out and the wall fixtures ready to go, even if you already know which portion of the riverfront your balcony should face, there’s one major decision that many apartment hunters struggle with prior to packing their bags—to rent or to buy.
Since we at the Residences specialize in both sides of that particular market, we’ve compiled a useful guide to help you decide which option works better for you.
The Pros/Cons of Renting an Apartment in Wilmington, Delaware
Apartments for rent in Wilmington, DE may appear significantly less expensive when compared to the numerous Wilmington condos and townhouses for sale. The surface price of renting an apartment in Wilmington is, in fact, lower but buying could actually be the more frugal option if you plan on staying for a while.
When you rent, you also have nothing to show for the money you’ve spent once you decide to move out. Some residents view that as a major con but due to this aspect of renting, renters enjoy more flexibility and much less responsibility. One of the major pros associated with renting is the freedom to move around if you so choose. A short term lease or yearlong rental option is usually ideal if you fit one or more of the below mentioned criteria:
- You’re not sure where you want to be in five years
- You are sure where you want to be in five years and it’s a different location than where you are right now
- Your career is just beginning to take off
- You’re single or newly married
- You’re thinking about getting married or moving in with someone in the near future
- Your credit is still in the repair phase
The Pros/Cons of Buying a Condo or Townhouse in Wilmington, Delaware
While buying a Wilmington condo or townhome requires more commitment, you will probably save a great deal of money by choosing this option, so long as you plan to stay for five years or more. Owning something gives you the freedom to make architectural changes and truly customize your home. It also provides the security that goes along with establishing a long-term address.
Publicly, people who own their homes are perceived as more stable compared to renters. In effect, this stable reputation could positively impact your relationship with friends and coworkers. You fit the criteria of a prospective home buyer if you:
- Plan on staying in town for awhile
- Are married
- Have children
- Wish to make permanent cosmetic changes to your home’s interior
One apartment-hunting trick that could help you to make this pivotal decision faster is to carefully review floor plans and lease terms online prior to arriving to visit your potential new home. If you find a floor plan that fits, try it on for size. If it turns out that you couldn’t possibly imagine a life without your luxury waterfront home in Wilmington, you could consider going from a leasing plan to a mortgage.
Here at Justison Landing, we have options for renting and buying so you never have to rush in to a Wilmington condo or run out of time on your apartment lease. Contact us for details on these two distinct options, both of which could be ideal under the right circumstances.