If you are in the market for your first home, chances are you will be weighing up the choice between choosing a starter home or getting an apartment. While young people are prioritizing home buying on their to-do lists, buying your first home is not always as great as it’s made out to be. According to research by Zillow, 17 percent of young homebuyers have regrets. If you are in a high in-demand housing market, you will be faced with inflated home prices and additional expenses. So how do you know whether to go for a starter home or an apartment? In many cases, the benefits of apartment living can outweigh the perks of homeownership - at least at this point in your life. Whether you choose to rent an apartment or purchase one, living in an apartment can have exclusive benefits that you and your family can enjoy.
Fewer Bills To Keep Track of At The End Of The Month
When you are a homeowner, you can expect several bills to turn up in your post box every month. In addition to a mortgage, there are utilities like electricity, water, and home insurance to think about. However, when living in an apartment, most landlords include the cost of utilities and regular maintenance fees in your monthly rent. This means that all you have to do is make one payment each month and not worry about missing a utility bill payment. Also, it can be a better option for your wallet. Large apartment complexes can get better rates for utilities or maintenance.
Worry Less About Home Maintenance And The Costs
The average homeowner spent $1,105 on home maintenance projects in 2018 alone. Combined with home improvements and general maintenance tasks, and that is a total of $9,081 spent on general upkeep of your home every year. In fact, housing experts often recommend setting aside 3 to 5 percent of your home's value for home maintenance every year. Most apartment rental and maintenance leases contain a maintenance clause which states that your landlord or housing association has the responsibility of providing essential maintenance works to keep your apartment and apartment building safe, free from harm, and in good liveable condition.
These duties can range from replacement of communal light bulbs to fixing decay or mold (a top spend for most homeowners in 2018) and aesthetic maintenance tasks like providing a regular carpet cleaning or floor polish for high traffic communal areas, which can easily become damaged over time. According to the Landlord-Tenant law, landlords are held to an implied warranty of habitability. This means that in most places, the responsibility is imposed on the landlord to maintain the premises in a safe, livable condition that complies with health and housing codes.
Rest Easy With Built-In Security
A rising number of homeowners are worried about their home security. In a recent survey, two-thirds of homeowners said they worry about security in their homes. Participants also said they experience the fear of someone breaking into their homes at least four times a year. With an apartment complex, there are often security surveillance systems, multiple security measures like alarms, and in some buildings, on-staff security personnel. This makes it more difficult for intruders to enter your home. Best of all, it is all done for you so you don’t have to worry about installing them yourself.
Living in an apartment can also help you live in great locations with access to amenities like bustling nightlife, shopping, and good schools. Apartment living may be the perfect living solution for some people if the perks are what you are looking for. It’s all about assessing the perks and drawbacks so that you can make the right housing decision for you and your lifestyle.