Rent vs. buy: What works best for you.
Pros and Cons of Leasing or Buying
Leasing or buying is often not a financial question but a question of what stage of life are you in. Is this your first time leaving the nest or are you looking to downsize from a house into an apartment, or vice versa? When deciding to lease an apartment or purchase a home, there are advantages and disadvantages to evaluate. To help with this process, we list several points to consider when taking this leap and making that big decision:
Pros of Leasing:
- Substantial stability allows you to be free of any ownership responsibilities: building maintenance, upgrades, repairs, structural issues, etc. As a renter, you don’t have the responsibility or burden of maintenance or repair costs – all you must do is simply communicate with the landlord, apartment complex superintendent, or property manager and inform them of the issue.
- A renter’s housing costs are monthly fixed expenditures without the surprise maintenance costs associated with homeownership. You know, in advance, exactly what your monthly expense will be.
- Renters are insulated from the fluctuations of the housing market.
- Access to unique apartment amenities may include but are not limited to, the following: resident clubrooms, rooftop decks, wine lockers, dog washing stations, and fitness centers.
- Leasing offers you freedom and flexibility to relocate and move elsewhere. Relocating for work (or pleasure) is less costly and less time-consuming in a rental situation.
Cons of Leasing
- Renting an apartment does not build equity.
- Renting typically affords less privacy than owning a single-family home.
Pros of Buying
- After paying down principal, the homeowner can build a substantial amount of equity if the housing market appreciates. A sharp rise in local property values could mean a sizeable profit when you decide to sell your home in the future.
- There are a handful of tax benefits that are exclusive to homeowners. However, new tax policy changes may have an adverse impact on these benefits, especially in high tax areas.
- Single-family homes often allow for more privacy than multi-family arrangements.
- Storage options in a single-family home are usually more abundant than in an apartment.
Cons of Buying
- There is often more limited flexibility if you decide that you would like to relocate. It often takes time to sell a home at your desired price, to the right buyer. If you need to sell your home quickly, you may be forced to accept a lower offer from a buyer and take a loss on your investment.
- There is a potential for financial loss. Although homeownership allows you to build equity over time, that doesn’t mean that equity automatically equates to profit. If home values in your area remain the same or decrease while you own it, your investment will be at risk when you choose to sell.
- It’s your financial responsibility to maintain and repair your home when necessary.
The Shipyard at Port Jeff Harbor
Located directly along the North Shore of Suffolk County’s Village of Port Jefferson rests The Shipyard – a modern, maritime-inspired community that offers a mix of 112 one- and two- bedroom luxury floor plans. The Shipyard is Port Jefferson’s only apartment building in the Village that marries high-end, harborfront apartment living with a relaxed nautical style.
Benefits of Living at The Shipyard
The Shipyard’s 27 different one- and two-bedroom luxury floor plans are guaranteed to fit your lifestyle. We have reinvented what it means to live by the water on Long Island, offering features that make your home feel more like a five-star vacation getaway than a typical luxury apartment. With in-home features that include expansive 9-foot ceilings, private harborfront balconies, and sleek stainless steel Energy Star® appliances, our luxury apartment floor plans will cater to your every need.
With modern, open spaces that are perfect for socializing, exercising or relaxing, The Shipyard creates a lively community with unparalleled amenities, including the unique rooftop deck with lounge seating and premium views of the Village and waterfront, accessible pedestrian walking paths in proximity to the Village’s downtown, dog wash stations, wine lockers, a bike repair station, a fitness center and yoga studio, an expansive outdoor plaza with BBQs and a fire pit, and electric vehicle charging stations.
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