When thinking of your next move, you might be weighing the possibility of buying a home vs. renting out an apartment. However, a third option can give you the various benefits of both – renting a townhouse apartment. If you want a bit more space and privacy than a normal apartment without all of the financial commitments of buying, then renting a townhouse might be the ideal choice. Read on to learn more about renting a townhouse apartment!
Advantages over Normal Apartments
Although not always, townhouses are bigger than apartments and offer a much higher level of privacy. Rather than sharing common hallways and always having other neighbors living below and above you, in a townhouse apartment, you have your own entrance, and neighbors are only on one or both sides. Townhouse apartments are also commonly built on two or three floors, creating much more separation of space and giving your family a bit more privacy inside your home. This means that noise from your kids on the third floor will not necessarily disturb you while you are on the first floor trying to get your work done before tomorrow.
Lower Upfront Costs
Although buying a house comes with a lot of benefits, it is far from ideal in most situations. Buying a home requires many upfront costs, including closing costs and down payments that might be as high as 20 percent of your original price. While you might be able to secure a mortgage with less than 20 percent down, the trade-off is that you will then be obligated to pay monthly private mortgage insurance costs, which typically can amount to between 0.5 percent and one percent of the purchase price every year, until you build up about 20 percent equity.
Freedom from Maintenance and Repair
In addition to any upfront costs, homeowners have to make a lot of substantial investments in maintenance and repair costs to protect all of their valuable assets. When you rent, you don’t ever have to worry about the price when your roof needs replacing or plumbing springs a leak. Leaving these day-to-day upkeep tasks to your property manager allows residents to free themselves from any financial and time restrictions.
The Apartments of Wildewood have a friendly community that’s waiting to welcome you!
At The Apartments of Wildewood, located in beautiful in St. Mary’s Maryland, we offer homes with access to pools, an on-site gym, and maintenance whenever you need it – and have access to all the information you need to affordably rent an apartment in St. Mary’s. To set up an appointment to check out an apartment or townhouse rental from The Apartments at Wildewood, call us at 301.737.0737 or visit the website!