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NARRATOR: Recently engaged Wilmington, Delaware, couple
Nicola and Mike are looking for an upgrade
of their current living situation...
Would you like more coffee?
...which for now is with Mike's parents.
MIKE: It's getting old. It would be nice if we could
just sort of move on with our lives.
But they're divided on their next step.
We really can't get this at your parents' house,
just walking around the city, grabbing a coffee.
Nicola wants to rent.
Renting's a lot quicker.
We can get out of here.
Mike wants to buy.
I mean, we could have our own place that we actually own.
With the help of their agent, they'll see two rentals...
NICOLA: Look at that view!
...and two properties for sale.
That thing is hideous.
They'll tour the spaces...
Please tell me that's a speaker in the ceiling.
...do the math...
Look at these shingles.
How much of that budget are we gonna have to use
to redo this porch?
...and make a decision.
I want to be a man that owns land
and owns a grill and cook for my woman.
[ Laughs ]
Which is the smartest move for them?
I think that's gonna take us way over budget.
Find out on "Rent or Buy."
-- Captions by VITAC --
Closed Captions provided by Scripps Networks, LLC.
After years of a long-distance relationship,
Nicola and Mike are ready to find their first place together.
NICOLA: We're looking for somewhere that definitely has some space,
since I'd like to make sure that we're not too cramped --
kind of how we are now.
After you.
Oh, okay.
I recently moved down to Wilmington
with Mike and his parents.
We've been here for about three months.
What time do you think you'll be home tonight?
I think I have a couple kids
staying after school for extra help,
so probably around 5:00.
What do you want for dinner tonight?
I guess it's not the ideal situation,
you know, considering we're engaged.
I came back here for grad school,
and I guess there's not really that much incentive to leave.
You have red shorts in with your white shirts.
You know what? I got this.
How about I do it for you, okay?
All right.
As much as I love it here,
I do feel like a guest all the time.
You know, it's not my place.
I'm living out of a suitcase.
NARRATOR: Nicola is looking to rent a move-in ready home and quick,
while Mike is thinking more long-term investment
and wants to buy the perfect space.
They both agree it's time to move out of his parents' house
and find a place the two of them can call home.
They hope to spend no more than $1,500 a month
in rent or on a mortgage.
If they buy, that means they're prepared to shop
for homes that list for up to $210,000.
We just need to take some time.
I guarantee that we can find a place
that's gonna work for us.
Personally, I'd like to rent something
so that we can get moving,
see what it's really like to live on our own.
The market in Wilmington right now is great.
Prices are just coming off the bottom.
Pros of purchasing a home right now --
you get a great tax deduction for your mortgage interest.
It makes sense for a lot of people to rent, as well.
Apartment communities to attract people,
and all sorts of amenities.
It's an interesting situation for Mike and Nicola.
She's in a hurry to get out. She wants to rent.
Mike really wants to buy.
Well, to buy a house, it may take them a few more months.
I'm ready to find them the right home,
whether it's to rent or to buy.
Hey, Ross!
MIKE: Hey. There he is.
Tell me a little bit about what you're looking for.
I think having some outdoor space --
That's kind of a must-have for me.
That could be a make-or-break.
Preferably a deck or a porch or a patio.
One of the most important things is gonna be parking.
I'd really like a space that's all mine.
I'm also looking for a nice, upgraded kitchen,
maybe somewhere with some granite countertops
and stainless-steel appliances.
We're not interested in somewhere that's cookie-cutter.
A lot of character is great.
Think above all, it needs to be move-in ready.
As you know, I'm ready to go.
I don't want to sit around and have to fix up a place
or wait any longer.
I just feel like buying a house is gonna just take too long.
I'm convinced that we can find something
that's gonna be, like, really ours.
All right. Well, I have a couple properties that I can show you.
Let's get started.
All right.
NARRATOR: Today, Nicola and Mike
are in the neighborhood of Bellefonte,
not too far from Mike's parents,
looking at a unique Cape Cod-style home
that's under their budget.
It lists for $204,000,
which means their mortgage would be $1,150 a month.
Hey, guys. How are you?
Hey, Ross.
This three-bedroom, two-bath house
is almost a hundred years old.
It's 1,600 square feet.
And one of its great features is this front porch
with cedar shake siding.
MIKE: I think this porch is great.
I could easily see myself
just kind of lounging around on this porch.
Look at these shingles.
I mean, it all looks like it's kind of falling apart.
This is like right in the middle of our budget.
It's true. But, I mean, how much of that budget
are we gonna have to use to redo this porch?
Wow!
It definitely looks old.
I think it looks really cool, actually.
I mean, there's your hardwood floors.
ROSS: They're the original, random-width hardwood floors.
So they're a hundred years old.
You can hear the floors creaking
and, you know, they definitely need some work.
Yeah.
Definitely there's a lot of natural light in here.
Please tell me that's a speaker in the ceiling.
That is indeed a speaker.
The entire house is wired for sound.
Yeah, but what's that next to the speaker?
That's water damage.
Could be an easy fix with just some caulk.
Okay. So yet again, something else.
Is this even hardwood in here?
This isn't a hardwood. This is actually a laminate.
Yeah. I'm kind of disappointed about the floors.
I kind of wanted hardwood all the way through.
MIKE: But I am noticing all of the natural light here.
Look at all these windows.
Speaking of windows, there's an air-conditioning unit
in one of them.
Does that mean that there's no central air here?
There is no central air in this house.
[ Exhales ]
This kitchen is huge,
and it's got all the stainless steel
that I was looking for and the granite.
Definitely plenty of storage in here.
Oh, and, hey, Mike, look. There's even a dishwasher.
Nice.
Get out of doing dishes again.
I love that I can do dishes while listening to music.
This is huge!
Whoa. It just keeps going forever and ever.
I love how the hardwood
is carried through to the second floor.
Yeah. I mean it is a little creaky again.
And, I mean, these windows
kind of seem to be falling apart.
Look at this place!
MIKE: Just think, if we're gonna rent,
you might not even find anything as big as just this closet.
NICOLA: I'll give you this -- This closet is amazing.
It's just the rest of the house that I'm not that sure about.
This definitely fits the bill for outdoor space.
What's up with all this dead grass over here?
ROSS: This used to be a driveway for two cars.
If you wanted to extend it again, you could
Again, it looks like a little more work for us.
Nicola is a little bit freaked out
that this place is kind of old
and there might be some projects to do.
Painting, hardwood floors, air-conditioning --
that's several thousand dollars,
and I think that's gonna put us way over our budget.
NARRATOR: Next, Ross is taking Nicola and Mike
to a luxury high-rise rental
in the heart of downtown Wilmington.
There is a parking garage right there.
NARRATOR: Wilmington, Delaware, couple Nicola and Mike are engaged
and looking to move out of Mike's parents' house.
You're welcome.
They are trying to decide whether to rent or buy.
I'd like to rent something so that we can get moving,
you know, we can see what it's really like to live on our own.
They've looked at a house that's within their budget,
but the lack of parking and needed renovations
might be a deal breaker.
There's no central air in this house.
[ Exhales ]
NARRATOR: Today, they're in the heart of downtown Wilmington
to look at a $1,550 a month high-rise rental apartment
with lots of upgrades.
Oh, fancy.
This is one of Wilmington's only buildings
with concierge service.
It has excellent amenities that include
a state-of-the-art fitness center,
a business center, and an Internet lounge.
The property has a dry cleaner and a café in the building.
Look at that view! That is beautiful.
That river just kind of smacks you in the face
as soon as you walk in.
It's got some personality.
It doesn't feel, like, cold and sterile.
Love the hardwood floors in here.
It's got character. It's not cookie-cutter.
Yeah. It feels wide-open.
ROSS: Yeah. These are 12-foot ceilings.
This is a one-bedroom, one-bath unit.
Wait.
Did you say only one bedroom? For $1,550?
NICOLA: I really like the dark, granite counters.
I think it's really elegant-looking.
It's a nice contrast with these cabinets.
There's a lot of storage space.
Love the dishwasher. Don't love the size.
I think it's cozy.
"Cozy" seems like a dangerous word for a kitchen.
This is great!
Definitely bigger than I was expecting.
Yeah! It's really nice.
It's got granite countertops in here.
We have a full tub.
Kind of feels like a spa in here.
Remember, this is the only bathroom,
so we're gonna have our junk in here.
Well, it's, you know, incentive for you to keep it clean.
At least we have the washer/dryer in the unit.
There's also the dry cleaner that's in the building.
NICOLA: Yeah. That's really convenient.
You're not that great at laundry,
so maybe you need to leave it to the professionals.
Yeah.
I like that the high ceilings carry through.
Oh, look!
You can go all the way in!
Oh, hey. How are you?
So, I guess I'll have this little sliver over here.
Well, of course.
I like that we have a window.
Oh, it's a parking garage?
Oh.
Guaranteed parking.
All right. So much for that.
Don't be dramatic!
What? How am I being dramatic?
There is a parking garage right there.
If we were to buy a place,
there's no way that we could afford somewhere
with this kind of view right on the riverfront.
It's definitely worth it.
MIKE: The price tag on this place is way too much.
We should be able to get a lot more than 950 square feet.
So, $1,550 and 950 equals not gonna rent this place.
NARRATOR: Nicola may not be able to convince Mike
that sacrificing space for new and move-in ready
is the way to go,
so Ross is taking them to see a split-level home for purchase
just at the edge of the city limits.
It lists for $199,000,
which means their mortgage would be $1,100 a month.
This one is 3 bedrooms, 1½ baths,
1,725 square feet.
Wow. It's really bright in here.
NICOLA: It is really bright.
And they look in pretty good shape.
I'm not really sure about this window, though.
Those are the original windows.
Do they open? Looks a little bit old-school.
Kind of feels like I'm gonna break it.
I'm noticing that there's vents.
ROSS: You do have central air.
That's great.
I really need it for those hot summers.
Yeah.
I kind of wanted to have stainless appliances,
and this is all white.
I mean, this feels like a hospital.
No kitchen of my dreams is gonna have a giant hole right here.
Also, what's going on down here?
MIKE: We're way under budget here.
Maybe put a new custom cabinet there.
This feels old and cramped in here.
I don't know that I could be comfortable.
Is this wood paneling or -- What is this?
Ugh!
Yeah, I'm really not a fan of this room.
I'm feeling this is like my chill room.
I could easily play my guitar down here
and not bother anybody.
Oh, okay. It's storage.
We could easily fit some golf clubs and tennis rackets,
who knows what other kind of junk back there.
We do have a lot of junk.
This is your laundry room/bathroom.
Are we doing laundry in 1980?
How old are these appliances?
What's over here? Looks like another bathroom.
It's been updated with a new toilet, new vanity.
It's a little small, hard to get to.
This is the only one.
Yeah, it's kind of nice to have a bathroom
where you wouldn't really expect one, I guess.
It's kind of awkward.
I do like that the bedrooms are upstairs.
But, again, look what we have.
Painted wood paneling.
This room is kind of small for a master,
and these closets -- tiny.
We do have three bedrooms, so, you know, I'm sure
we could use some of the other closets for storage
and use one of the other bedrooms for an office.
Are all three bedrooms gonna have this?
Oh! We have a garage here.
I've always wanted to have a garage.
That's a big plus.
And the driveway right behind so both of us
could be off-street parking.
It is nice.
I don't know if it makes up for everything else,
but it's a perk.
The warmth of this home --
It makes me feel reminiscent of where I grew up.
And that's not something that we're gonna find
in any kind of a rental property.
NICOLA: I really like the fact that there's a garage,
which is a big plus.
I like the hardwood floors throughout.
What I don't like is the fact that this house
is very cookie-cutter.
NARRATOR: Next, Ross is taking them to see
a spacious rental that's move-in ready,
but comes with some features that may not work for Mike.
What is that noise?
ROSS: That's actually a freight train.
NARRATOR: Engaged couple Nicola and Mike are living with Mike's parents,
but are eager to move out on their own
and can't decide if they're going to rent or buy.
So far, they've looked at one home for purchase
that fits their unique taste,
but its age raises some red flags,
one luxury rental apartment in the center of the city
that's move-in ready, but over budget,
and another purchase with a ton of space,
but in need of some major TLC.
Today, they're heading to a $1,500 a month rental apartment
in the Monterey Farms area,
a little further from Mike's family.
Hey, Ross. Good!
Good to see you this morning.
This property has incredible amenities that include
a 24-hour fitness center, tennis courts,
a community garden, and a resort-style pool.
Wow. This pool is gorgeous!
I could definitely see myself out here all summer.
Look at this space!
Wow.
It's really nice, modern.
ROSS: This property is two-bedroom, two-bath,
and it is 1,129 square feet.
It's a really nice space.
I mean, look at how high the ceilings are,
and we have nice crown molding.
I really don't love the carpeting.
I was kind of looking for hardwood floors.
Oh, wow. Look at the view of the pond.
What is that noise?
That's a freight-train line,
and it looks like they're doing some maintenance on it.
That's very loud.
I don't know about how I feel about
having a train right outside.
It really is a nice view, though,
if you can get used to that.
Wait. What?
Everything they've done in this rental unit
It's very modern, updated.
Look at these frosted cabinets. This is great.
There's tons of counter space here.
And look. There's a dishwasher.
I know you don't like to do dishes.
Dishwasher is a big deal.
It's right next to the bedroom, so when you're in here,
Wait. Who?
You!
Your mom's not gonna be here to do it for you.
This is nice.
ROSS: New tile floors, new mirror, new light fixture.
NICOLA: It's very bright, very clean-feeling.
I like it.
This is what would be classified as the master bath.
So if we had guests over,
they would be using this bathroom?
That is a little weird.
For a master bedroom, it seems, like, long and skinny.
NICOLA: You have a nice, big window. There's a lot of natural light.
It could be a great, little reading area.
ROSS: Two closets for his and hers.
This is huge!
Look. I can go all the way in here.
I think so.
Let's see how much --
Oh, yeah. This is definitely yours.
I can't handle that.
This rental comes in right at the top of our budget,
so it doesn't give us much wiggle room as far as
trying to save if we're eventually
wanting to buy a place.
I think this rental has a lot to offer.
There's excellent amenities with the tennis.
I do think that eventually, Mike's gonna come around and see
that this is really one-of-a-kind
and that we could really make a home here.
NARRATOR: After seeing four locations,
Nicola and Mike have their opinions.
It was really move-in ready.
I mean, there was laundry right there.
It was out of our price range.
It's gonna be a tough decision which one we go with.
Which will it be?
Will they rent or will they buy?
NARRATOR: Wilmington, Delaware, couple Nicola and Mike
are excited about finding their first home together.
While Mike wants to take the time
to make a good investment and purchase a property,
Nicola is growing impatient
with their awkward living situation
and is ready to move into a rental home now.
So will they be able to reach a compromise?
And will they rent or will they buy?
Location 1 -- a unique house to buy.
MIKE: I love the Cape Cod-style home.
I think it's got everything that we're looking for.
It's definitely unique.
That surround sound -- How ridiculous would that be?
Yeah. But, I mean, did you see the water damage above?
That's certainly not move-in ready.
We're gonna have to fix that.
That closet upstairs is just the best closet I've ever seen,
but there wasn't really much parking,
and it didn't have central air either.
It is under budget,
but how long are all these renovations gonna take?
Location 2, a high-rise apartment to rent.
I loved the riverfront high-rise.
What about that kitchen, though?
Don't you think we can do much better?
That kitchen was kind of small.
I think that place was really move-in ready.
There was laundry right there.
It was only 950 square feet, with only one bedroom.
I don't know if I could live
with that parking-garage view, though.
That was an eyesore.
Seeing the parking garage reminds me that I have parking,
which is something that I really want.
Location 3, a large home to purchase.
That house kind of looked like
the rest of the ones on the block.
Maybe from the outside, it was a little cookie-cutter,
but once you got inside,
there was definitely plenty of character.
This place had a nice, big driveway and a huge garage,
so parking is definitely not gonna be an issue for you.
I agree.
I love the fact that there was a garage.
However, the appliances in that place
are not what we were looking for.
The ones in the kitchen were white,
and the ones in the laundry room were from like 1980.
Location 4, a luxury apartment to rent.
I thought the resort-style property was amazing.
Remember all the amenities?
It had a tennis court, that pool,
and the little area where you could grill.
And that kitchen is done really nicely -- all-new appliances.
It was all really nice.
By the way, one thing we definitely don't want
is a freight train right outside the window.
Will they rent or will they buy?
Location 1, a Cape Cod-style house to purchase
with lots of character.
Location 2, a high-end apartment for rent that's move-in ready.
Location 3, a house for purchase with lots of space to grow.
Location 4, an affordable, resort-style rental.
So, what's it gonna be?
We want to buy,
and it's got to be the Cape Cod-style house in Bellefonte.
You're right.
That place has everything we want.
it's got the unique character. It's got a ton of space.
I really love that huge kitchen.
Beautiful granite, stainless-steel appliances.
And the closets upstairs are any girl's dream,
not to mention plenty of place
to have a dog or to have cookouts.
And you know what? I'll park on the street.
You can have the driveway.
I really was concerned about parking,
and that makes me feel a lot better.
This house is so much better than our old place.
Not being at your parents is great.
You know, we get to be independent,
but, you know, we still have the space to have them over.
Hear that? That's the sound of delicious.
I'm glad I can feed my ladies.
[ Laughter ]
Yeah, it's nice to really feel like a grown-up.
Mike, I'm gonna take these out to the table.
Hang on. I got it.
This is our place.
We don't have separate bedrooms now.
Yeah. I'm very pleased about that.
We have one gigantic bedroom.
With a gigantic closet.
Yes. The closet is excellent.
Having surround sound in the house
makes doing laundry not so bad.
At first, I was a little nervous about committing to this place,
but, you know, I fell in love with it.