Whether you are looking for your first home or you already own a home and are looking for a change, the question is the same: Is it better to buy or to rent? The choice is not always clear due to myriad factors, but more people are choosing to rent an apartment than ever. When you examine the various benefits of renting an apartment, it’s easy to deduce why apartment rental has become so popular.
Statistics show that the popularity of urbanization is steadily rising – more and more people choose to live close to work, shopping, and recreation rather than buying a home in a sprawling suburb that requires car ownership (and the costs associated with owning a vehicle). Unfortunately, purchasing real estate in an attractive urban neighborhood can be an intimidating goal – many desirable city neighborhoods come with a hefty price tag. Apartment communities can offer apartment rentals in the same areas at much more affordable prices, allowing more people to live in city neighborhoods without spending a significant portion of their income buying and maintaining a home.
Shopping for a home in our current market requires buyers to bringing 10-20% of the total value of the home you would like to purchase to the bargaining table. This can be an unrealistic amount of money to save before looking at average homes in attractive neighborhoods, making it especially difficult for first-time homebuyers to shop confidently. As a result, many home buyers decide to settle for a home or a neighborhood that is not ideally suited to their preferences in order to make the investment. Alternatively, apartment renters usually need only pay a security deposit and 2 months of rent, making it much easier to rent an apartment home that provides the lifestyle they seek at an initial cost they can afford.
First-time homebuyers don’t always account for the complete cost of maintaining a home. Routine maintenance costs can be steep – gutter cleaning, lawn care, and leaf removal, trash disposal, septic system service, property taxes, and driveway upkeep can add considerable expense to a mortgage payment that might already be demanding. In addition to routine maintenance, homeowners must be ready for unexpected repairs or appliance replacement. In addition to the cost of repairs, homeowners must find contractors and trustworthy maintenance providers, a task that can be fraught with pitfalls, including fraud or improperly completed work. A responsible apartment community will manage the needs of its residents and provide necessary repairs and maintenance, and allowing renters to enjoy their apartment without worry or additional expenses.
Purchasing a home can be an unpredictable, tedious process. A buyer will have to wait for inspections to be completed before moving in, and often there are additional fees and requirements that can extend the process and increase costs. Furthermore, previous owners are not expected to meet a specific standard to make a home “move-in ready”, leaving new owners to clean, paint, and often repair the home before or while moving in. An apartment community removes these burdens from the shoulders of the resident so that you can move hassle-free into an apartment that has been professionally cleaned, freshly painted, and fully repaired.
Modern culture emphasizes the role of life experiences, travel, and education, all of which can make homeownership inconvenient. Homeowners need someone to watch for emergencies or maintain the yard while they are absent. Taking a new job or choosing to pursue an educational opportunity forces you to get your home market-ready in a short period of time. If a family member needs short- or long-term care, you must either invite the family member into your home or sell your home to be close enough to meet their needs. Renting an apartment makes travel uncomplicated thanks to maintenance that will continue in your absence. You can also move without having to sell your home before you can seek a new place of residence should the need arise.
In addition to creating the ability to live in an attractive location with worry-free maintenance, apartment rental can enhance your lifestyle in ways that might not be possible for homeowners without extra cost or increased travel. Many modern apartment communities include fitness rooms furnished with a wide variety of state-of-the-art exercise equipment, allowing you to forego the gym membership. You can also take advantage of community movie theaters, swimming pools, playgrounds, walking trails, dog parks, mini cafes, and so much more, all included in your apartment rent.
Buying a home can be expensive and limiting, and often brings with it disadvantages and costs not associated with apartment rental. The right apartment community will provide freedom, manageable costs, and the opportunity to live in an area that suits your lifestyle. Apartment rental may not be right for everyone, but it’s a good idea to tour an apartment community before you buy. You may find your own piece of paradise.