Whether you are looking for your first residence or you own a home and are ready for a change, the question persists: Is it better to buy or to rent? The choice is not always clear thanks to myriad factors, and more people are choosing to rent an apartment every day. When you explore the various benefits of renting an apartment, it’s easy to understand why apartment rental is becoming so popular.
Statistics show that the popularity of urbanization is increasing – more people than ever are choosing to live close to work, shopping, and recreation rather than living in sprawling suburbs that require car ownership (and the expenses associated with owning a vehicle). Unfortunately, purchasing real estate in urban areas can be an intimidating goal because many desirable city neighborhoods include a hefty price tag. Apartment communities moderate that cost and offer affordable apartment rental, allowing more people to enjoy attractive urban areas without spending a massive portion of their income purchasing and maintaining a home.
Buying a home in our current market means bringing 10-20% of the total value of the home you would like to purchase to the bargaining table. This can be an intimidating amount of money to save before looking at average homes in good neighborhoods, making it especially difficult for first time home buyers to shop with confidence. This forces many home buyers to settle for a home or a neighborhood that is not ideally suited to their lifestyles in order to make the investment. Alternatively, apartment renters are usually only asked to pay a security deposit and 2 months of rent, making it much easier to choose an apartment home that provides the lifestyle they want at an initial cost they can afford.
First time home buyers often don’t account for the cost of maintaining a home. Routine maintenance costs can be significant – gutter cleaning, lawn care and leaf removal, trash disposal, septic system service, property taxes, and driveway upkeep can add a considerable amount to a mortgage payment that is already demanding. In addition to routine maintenance, home owners must be prepared for unexpected repairs or appliance replacement. Not only must a home owner cover the cost of repairs, but they are also required to find contractors and trustworthy maintenance providers, a task that can expose owners to several potential pitfalls, including fraud or poorly completed work. A responsible apartment community can manage the needs of its residents, providing necessary repairs and maintenance and allowing renters to enjoy their apartment without worry.
Purchasing a home can be a long, tedious process. Prior to moving in, buyers have to wait for inspections to be completed, and often there are additional fees and requirements that can make the process expensive and long-winded. Previous owners are also not expected to meet any specific standard to make a home “move-in ready”, requiring new owners to clean, paint, and often repair the home before or while moving in. An apartment community allows you to place all of these burdens on the shoulders of the community management so that you can move hassle-free into an apartment that has been professionally cleaned, freshly painted, and fully repaired.
We live in a culture that encourages life experience, travel, and education, all of which can make home ownership a limiting factor. Home owners can’t travel unless they have someone to watch for emergencies or maintain the yard while they are absent. Taking a new job or pursuing an educational opportunity forces you to get your home market-ready in a hurry. If a family member needs short- or long-term support, a home owner must either move the family member into the home or sell their home so they can move. Renting an apartment makes travel uncomplicated because maintenance will continue in your absence. Or you can move quickly without having to sell your home before you can seek a new place of residence.
In addition to making it possible to live in an attractive location with worry-free maintenance, apartment rental can enhance your lifestyle in ways that might be not be available to home owners without considerable cost or extra travel. Cancel your gym membership – many modern apartment communities include fitness rooms furnished with a wide variety of state-of-the-art exercise equipment. You can also enjoy 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 is a major commitment, and often one that brings with it more disadvantages and costs than apartment rental. The right apartment community can provide freedom, manageable costs, and the opportunity to live in a location that suits your lifestyle. Apartment rental may not be the right choice for everybody, but it’s a good idea to tour an apartment community before you buy. You may find your own piece of paradise.