When you’re making the decision whether to rent or buy, it’s important to consider the pros and cons of each. Depending on your situation and your lifestyle, there may be a clear choice. Other times, however, the decision isn’t so cut and dried. Here are some advantages of apartment living you may not have considered.
- No repairs. A tenant doesn’t have to worry when the dishwasher breaks or the toilet backs up or the air-conditioning no longer works. Finding someone to make the repairs – and paying for them – is the responsibility of the landlord.
- Amenities. Things like a swimming pool, a tennis court, or a fitness room are things that many people would like in their homes, but may not be able to afford. They’re available in many apartment complexes – particularly larger ones.
- Location. The location of a home or apartment is crucial. Location is also one of the factors that most directly affects the price of a building. It’s easier for an apartment complex to afford a desirable location than for a single homeowner.
- Security. Another of the advantages of living in an apartment is the availability of several layers of security. There are gated apartment complexes as well as complexes with security at the entrance to keep an eye on the people who enter and leave the complex. It’s also common to have alarms on individual apartments. Some of these features could be too costly for homeowners.
- Short-term commitment. If you are only looking for a place to live for a short period of time – for whatever reason – an apartment is usually the best choice. You can negotiate a lease that fits the amount of time you plan to live in the apartment complex in advance, or you may be able to get a month-to-month lease if you are only looking for an apartment for a few months.
- Cost. Because of many of the other advantages of living in an apartment, the cost for rent is usually quite a bit lower than the monthly mortgage cost for a homeowner.
As you can see, there are many advantages to apartment living. It can also be a great stepping stone to later home ownership. It isn’t unusual for people to choose an apartment in order to save money for the down payment to purchase a home. On the flip side, there are plenty of people who choose to live in an apartment even when they have the resources to live in a house, simply because they like it better.