While Philadelphia has much more affordable housing than most other large cities in the US, real estate is still difficult. As such, a lot of people ask whether renting an apartment is a better choice than buying one. And, to be honest, the answer is very situational and requires a lot of consideration. Situationally, renting might be better than buying and vice versa, and it changes from person to person. As such, before reaching any conclusion, you’ll have to consider your situation before reaching an answer. However, there are quite a lot of factors to take into account, which can make the decision somewhat difficult. So, to help you, we’ve put together a comparison of renting vs. buying an apartment in Philadelphia, and we hope you find it informative.
The difference in initial investment
One of the main differences between renting vs. buying an apartment in Philadelphia is the initial investment. And, without a doubt, renting is significantly cheaper when it comes to this. In Philadelphia, renters must pay the first, last, and security deposit to rent an apartment. Of course, then you have to pay the rent every month, but compared to buying an apartment, it’s much lower. So, renting is the way to go if you’re worried that the initial investment is too high. And because Philly has comparatively low real estate prices, rent tends to be lower. Of course, finding an apartment is different, and you should be prepared for the process. Depending on the part of Philly you want to find an apartment in, it might take a while, so prepare yourself properly and remember to be patient during the process.
Long vs short commitment
Another big difference between renting and buying an apartment in Philadelphia is the duration of commitment. If you’re looking for something to hold you over for a little bit, then renting is the way. After all, you’re only committed to the property for the duration of the lease, which, in Philly, is usually twelve months. If you’re looking for a place to be in for an extended period, 5 years or more at least, then buying an apartment is probably the better choice. This is because, while the initial investment might be higher, renting can be more expensive in the long run, as you need to keep paying rent. And when it comes to moving into your apartment, remember to enlist the help of professionals. Specialized apartment movers are the best choice, as they know how to handle the process properly.
Handling maintenance of the apartment
Something everyone should think about is considering the maintenance of their apartment. Regarding renting, you’re essentially at the whim of your landlord regarding repairs. This can be pretty bad if your landlord is slow in organizing repairs. And considering that some repairs can’t be ignored, this can be a very big drawback, although you don’t have to worry about maintenance besides reporting issues. On the other hand, if you buy an apartment, you are fully responsible for maintenance. While this means that all repairs can be done as quickly as possible, it also means that you have to finance all of it. Both cases have drawbacks and advantages, so consider them before deciding. Additionally, if you decide to rent, remember that there are things you need to do when renting an apartment, so don’t ignore your responsibilities.
Entitlement to tax deductions
In Philadelphia, property owners are entitled to tax deductions for mortgage interest and depreciation. This is a pretty big benefit no matter how you look at it. On the other hand, renters don’t get any of this benefit, so buying wins outright when it comes to taxes. These tax deductions might not seem that important initially, but they’re quite significant overall. And any chance to get tax deductions is appreciated, no matter how you view it. So, remember to consider all of this before you decide between renting and buying. However, when you find an apartment, experts from Zippy Shell of Greater Philadelphia note that you should work with local movers to get you moved in. Local movers are the best choice to ensure everything arrives on time.
Control over the property
After living in the same place for a while, it’s only natural that you might want to change things around. However, when renting an apartment, you can’t do much to change it without talking to your landlord first. And even then, the landlord needs to be involved when organizing the changes you want. On the other hand, when you own the apartment, you’re free to change it as you like, as long as everything remains up to code. So, buying is the way to go if you want full freedom over changing things around the apartment. If you don’t particularly care about changing things around, you can consider renting. Remember, storage solutions can be difficult in apartments, so getting creative is important. Especially if you struggle with decluttering, knowing how to maximize storage space is vital in the long run.
Renting vs buying an apartment in Philadelphia – closing thoughts
Both renting and buying have advantages and drawbacks, so deciding which is better is incredibly situational. It comes down to your personal preferences and situation. So, before committing to either of the options, sit down and consider everything and then make a decision. Remember to consider what you need and want and the benefits and drawbacks. And Renting is better for short-term commitments, while buying is better for the long run. We hope that this comparison of renting vs buying an apartment in Philadelphia helps you decide, and we wish you a good day.
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