Apartment Life: Rent vs. Owning
Spend time pursuing your joy. Leave the details to us.
If you believe apartment living can’t meet the same level of value found in home ownership, you need to consider Renaissance Lofts and The Grove Apartments. Unique touches, angles, and views throughout each residence give evidence of an architect’s attention to craftsmanship. The lock-and-leave convenience of apartment living exceeds even townhomes in security and energy efficiency and your townhome will never have a top floor community room like the Renaissance Lofts’.
A boutique style and quiet neighborhood location puts Renaissance Lofts in a class of its own.
All the Comforts of Home
• Generous private outdoor living spaces
• Secure indoor parking
• Premium home finishes and appliances
• Energy efficient lighting
And extras home ownership will never have:
• Walking proximity to Downtown Bismarck services and entertainment
• 4th floor private terrace views
• Extra space in a large community room
• Commercial grade construction standards
Never Sweat the Small Stuff
Home ownership comes with the costs and time demands of upkeep and maintenance. Renaissance Lofts and The Grove Apartments takes care of all the details that drag you down – and cost extra money:
• Snow removal, lawn care and/or HOA fees
• Interior and exterior maintenance
• Property taxes
• High utility costs
• High insurance costs
• Better flexibility
A Cost Comparison: Is Renting Right for You?
Convenience factors have greater value for some people and less for others, but the costs involved with property ownership are real numbers.
According to Zillow’s rent vs buy calculator:
After 3 years, your total cost of homeownership (down payment, mortgage, taxes, etc.) for a $350,000 home in Bismarck, ND 58504 would be $172,983. Your total cost to rent would be $83,839. Renting leaves you with $89,143 in your pocket (including the money you didn’t spend on a down payment).
In three years, your property will have $139,000 in equity that may be reclaimed – less the closing fees (paid on purchase) and agent fees. If you seek long term gains at the cost of flexibility, buying a home may be your best move. But if you’d rather keep that down payment and spend a few weeks in Florida every winter without worrying about ice dams, talk to the leasing team at Renaissance Lofts.
Renaissance Lofts ApartmentUnit 302 - 2+br / 2 ba
- One parking space is included
- Utilities not factored
Purchase Townhome$349,000 (3br/3ba)
- Principal and Interest: $1794/mo
- Property taxes: $402/m0
- Home insurance: $122/mo
- HOA fees: $150/mo
- Utilities not factored