For many years, homeowners and property investors thought that owning houses is better than renting apartments. It’s because the land, where the house stands, can be highly appreciated in the following years. These investors are more likely focused on the lot, rather than the property itself.
Trends are meant to change, however. Several homeowners are now focused on the house structure, rather than the land. These days, an increasing number of people are investing in apartments, where they can enjoy greater facilities, fewer maintenance responsibilities, better security, and lower living costs.
Gone are the days when living in apartments is only opted for when working or staying in another city, away from home. Here are six reasons why residing in apartments is a great investment choice.
Home repairs are always frustrating, especially when you own a house. You have to dig out a snowy driveway, unclog your sink, sort the wheat on the chaff, and many more! It becomes a problem when you don’t know how to solve them or when you, unfortunately, hired unreliable contractors.
Residing in apartments, on the other hand, can be translated to low to no maintenance costs. The landlords generally handle most maintenance issues and their costs. In fact, reputable property owners tend to have their own handymen or are in contact with contractors with specialized skills.
Hence, when anything else is amiss in your apartment, help is often just a phone call away. There are even well-known apartment complexes that offer 24/7 maintenance services. That would be a great advantage for homeowners who work during graveyard shifts or others who need urgent assistance.
Amazing and Convenient Accessibilities
Apartment living typically provides a very favorable living arrangement. Swimming pools, fitness centers, and laundry facilities are typically within walking distance when residing in an apartment complex. You can even enjoy spas, saunas, movie theaters, and on-site stores in other apartment buildings!
Sure, you can enjoy facilities like pools, gyms, laundry rooms, movie rooms, and other amenities when you own a property. However, you’ll also be facing burdensome financial obligations, including installation, maintenance, and repair costs. Doing so is not as rewarding as you think.
Consider Urban Rest short term rental as an example. Regardless of the length of one’s stay, the apartment has always given simple, flexible, and great support. They can offer renters with five-star hotel-like services, including 24/7 concierge and even spa treatments.
Leaving your children by themselves or going on some business trips are now less worrisome, more specifically when your home is situated in an apartment building. Most apartment communities are under security surveillance, usually with 24/7 video-surround monitoring coverage.
The close proximity of neighbors could also help in catching any out-of-the-ordinary happenings near your apartment.
The best part is when this home security system is already provided by your landlord, which is a standard safety measure for multi-unit dwellings. In other words, you may not have to spend installation fees or pay monthly fees for any home security system, as opposed to single-family homes. If you have to pay for some expenses, it wouldn’t be that much compared to personally installing a security system in a house.
A communal feel and its social implications don’t only exist in a “community,” like those of rural and suburban locations. The sense of community can also exist in an apartment building, where the close proximity between neighbors can potentially generate life long connections.
In an apartment building, as mentioned, the distance between you and your neighbor is at least only a wall. Houses, by contrast, are separated by yards (can be wide) and fences (can be tall), which makes socialization a bit hard to do. That’s why it seems easier to develop neighbors’ relationships when you live in an apartment than for those people who live in houses.
Buying a house requires a down payment, appraisal costs, inspection fees, and closing costs. If you’d applied for a loan, then you have to secure insurance and pay for an ongoing mortgage that can last for years.
Selling your house doesn’t immediately mean earning money, too. You also have to pay around 5-6% of your home’s selling price to a realtor and spend substantial costs for your house’s improvement before it can be sold.
On the other hand, when you reside in an apartment, you only pay for the rental fee. That’s it! Although the sound of “monthly payments” sounds financially taxing, it can actually give you some time to save the necessary amount for rent. Most apartments don’t require down payments, too, unlike moving into a new house. On a positive note, renting an apartment is more likely an opportune time to invest in your future.
People thought short-term options of apartment rentals are a waste of money—no, it’s not. Renting an apartment is one of the best interim choices in becoming financially (and mentally) prepared before owning a home.