Deciding where you’ll be living is one of the more daunting decisions you can make. There’s a lot that goes into the process. Here are some of the benefits of living in an apartment to help you make that decision from property development expert Tim Manning.
The Financial Benefits
Of course the main benefits of living in an apartment are the financial ones. Renting as a whole can be cheaper than owning your own property. The monthly payments of renting your own apartment are often cheaper than the monthly repayments of a mortgage, and the cost of utilities and upkeep tends to be cheaper as well due to the smaller size of apartments. Renting is also cheaper as the landlord takes on some of the financial responsibility. Some renters never have to worry about paying for water or electricity because the landlord takes care of it.
Maintenance falls under financial benefits, but there is more to it than just that. The maintenance expenses of living in an apartment tend to be paid by the landlord, not the tenant. Outside of the financial benefits of not having to pay maintenance, it’s also a big check off the list of things you have to do. There’s no need to shovel snow or mow the lawn. It’s something the landlord will take care of. Living in an apartment frees you financially and mentally.
Living in an apartment generally means living in an apartment complex. If you shop around you can find a lot of great amenities are built into your apartment complex. This includes pools, gyms, laundry facilities, and even convenience stores all being available either on site or nearby. While you could have a pool or gym built into your home, they come with a huge financial obligation. The amenities involved with living in an apartment make it convenient to say the least.
While a homeowner will make some investments in their home security, an apartment complex owner will invest in security for every resident. There is also the fact that you are so close to your neighbors – rather than being the only one in a home with neighbors a short distance away. Combine this with the standard safety measures of an apartment complex and apartment living becomes a very safe prospect.
Short Term Solution
Renting an apartment offers a short-term option compared to buying your own home. Of course most people dream of owning their own home and living in it, but you have to find somewhere you can live in the meantime while you work on making your dream a reality. Whether you need to improve your credit, save money, or just need to mentally prepare yourself for the responsibilities of home ownership, renting an apartment is a great short term solution.
There are plenty of benefits to renting an apartment over buying your own home. If you’re looking for something in the middle, then you can always just buy an apartment! That way, you have the security that comes with home ownership, and the benefits of living in an apartment.