Whether you are a young person seeking your first home or a seasoned home owner who is ready to move, the universal question persists: Is it better to rent or to buy? The choice is not always clear cut thanks to myriad factors, but more people choose to rent an apartment rather than invest in buying a home. When you explore the many benefits of renting in an apartment community, it’s easy to understand why apartment communities are becoming so popular.
Statistics show that urbanization is growing in popularity every year – thousands of people prefer to live close to work, shopping, and recreation instead of buying a home in a sprawling suburb that requires car ownership (and the added expense associated with owning a vehicle). Unfortunately, purchasing real estate in most urban neighborhoods can be a daunting goal – desirable city neighborhoods often comet with a high price tag. Apartment communities offer affordable apartment rentals in the same popular neighborhoods, allowing more people to enjoy popular urban areas without the need to devote a large portion of their income to the purchase and maintenance of a home.
In order to purchase a home in the current real estate market, buyers need to be able to offer 10-20% of the total value of the home they would like to purchase in order to obtain a mortgage. This can be an intimidating amount for many buyers to save before shopping for an average home in a good neighborhood. This makes it especially difficult for first time home buyers to shop with confidence, leading many home buyers to settle for a smaller home or a neighborhood that is not ideally suited to their lifestyles. Apartment renters, on the other hand, are usually only asked to produce a security deposit and 2 months rent, allowing them to secure an apartment home that provides the lifestyle they want at an obtainable initial cost.
Many first time home buyers do not account for the comprehensive cost of maintaining a home. Routine maintenance can be expensive – gutter cleaning, lawn care and leaf removal, trash disposal, septic system service, property taxes, and driveway upkeep can add to the expense of a mortgage payment that may already be demanding. In addition to routine maintenance, home owners also need to be prepared for unexpected repairs or appliance replacement. Not only must a home owner pay for the cost of repairs – they also have to shop for contractors and reliable maintenance providers, a task that present several potential pitfalls, including fraud or inadequate service. A responsible apartment community manages the needs of its residents and provides necessary repairs and maintenance, allowing renters to remain free of worry.
Purchasing a home can be a tedious, unpredictable process. Prior to moving in, buyers must wait for one or more home inspections, and often there are fees and additional steps that add to the cost and duration of the process. Furthermore, previous owners are not required to make a home “move-in ready”, leaving new owners to clean, paint, and often repair the home before or during the moving process. An apartment community assumes these burdens and makes them the responsibility of the apartment community management. You can move without extra hassles into an apartment that has been professionally cleaned, freshly painted, and fully repaired.
Modern society emphasizes life experience, travel, and education, all of which can be limited by the commitment of home ownership. Home owners need to find someone to take care of emergencies or maintain the yard when they travel. Choosing to take a new job or pursue an educational opportunity includes the difficult and time consuming task of getting your home market-ready and finding a buyer. If a family member is in need of short- or long-term support, home owners must either invited the family member into the home or sell the home in order to move to meet those needs. Renting an apartment makes travel simple by continuing maintenance in your absence, enabling you to move quickly, without the need to find a buyer for your home before seeking a new place of residence.
Apartment communities offer much more than merely an attractive location and worry-free maintenance. Apartment rental can enhance your lifestyle in ways that might be not be available to a home owner without incurring considerable cost or extra travel. There is no need for a gym membership – many modern apartment communities feature fitness centers that offer 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 creates more worry and expense than apartment rental. The right apartment community provides freedom, manageable expenses, and the opportunity to live in a location that is ideally suited to your lifestyle. Apartment rental may not be the right choice for everyone, but it’s wise to tour an apartment community before you buy. You may find your own piece of paradise.