Whether you are a young person looking for your first residence or a seasoned homeowner ready for a change, the question persists: Is it better to rent or to buy? The choice is not always straightforward due to myriad factors, and currently, more people are choosing to rent an apartment. When you analyze the various benefits of apartment rental, it’s easy to see why this option is becoming so popular.
Statistics show that urbanization is increasing in popularity every year – thousands of people are choosing to live close to work, shopping, and recreation in lieu of living in sprawling suburbs that require car ownership (and the maintenance costs associated with owning a vehicle). Unfortunately, purchasing real estate in many urban areas can be a daunting goal – desirable city neighborhoods often include a hefty price tag. Apartment communities can moderate that cost and offer affordable apartment rentals, making it possible for more people to enjoy attractive urban areas without dedicating a massive portion of their income toward the purchase and maintenance of a home.
In order to buy a home in our current market, a buyer needs to come to the bargaining table with 10-20% of the total value of the home they would like to purchase. This can be an intimidating amount of cash to have on hand when looking at average homes in good 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 ideal in order to make the investment. Alternatively, apartment renters are usually only asked to produce a security deposit and 2 months of rent, making it much easier to find an apartment home that provides the lifestyle they seek at an obtainable initial cost.
Many first time buyers don’t account for the cost of caring for a home. Routine maintenance costs can be sizeable – 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 is already demanding. In addition to routine maintenance, homeowners must also be prepared for unexpected repairs or even the need to replace appliances. Not only must a homeowner cover the costs of repairs, but they are also required to shop for contractors and trustworthy maintenance providers, a task that can present several potential pitfalls, including fraud or shoddy work. A responsible apartment community manages the needs of its residents, providing necessary care and maintenance and allowing renters to remain free of such difficult worries.
Buying a home can be a long, tedious process. Before moving in, buyers must wait for inspections to be completed, and often there are fees and extra requirements that can make the process costly and long-winded. Furthermore, previous owners are not expected to meet any particular standard in order to make a home “move-in ready”, making it necessary for new owners to clean, paint, and often repair the home before or during the moving process. An apartment community allows you to leave all of these burdens on the shoulders of the community management. You can move in hassle-free into an apartment that has been professionally cleaned, freshly painted, and fully repaired.
The culture we live in currently encourages life experience, travel, and education, which can make homeownership a limiting burden. Homeowners can’t travel without finding someone to take care of emergencies or maintain the yard while they are gone. Taking a new job or choosing to pursue an educational opportunity includes the daunting task of getting your home market-ready and selling. If a family member needs short- or long-term support, homeowners must either bring the family member into the home or sell the home to be close enough to meet those needs. Renting an apartment makes it easy to travel, knowing that maintenance will continue in your absence, or to move quickly without having to find a buyer to purchase your home before you can obtain a new place of residence.
In addition to providing an attractive location and worry-free maintenance, apartment rental can enhance your lifestyle in ways that might not be possible for a homeowner without considerable cost or extra travel. Forget the gym membership – many modern apartment communities include fitness rooms with a wide variety of state-of-the-art 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 presents more disadvantages and costs than apartment rental. The right apartment community offers freedom, manageable expenses, and the opportunity to live in a location that is ideal for your lifestyle. Apartment rental may not be the right choice for everyone, but it’s a good idea to tour an apartment community before you buy. You may find your own piece of paradise.