Upon moving to a big metropolitan city, you’ll probably assume that living in a new luxury apartment is not an option. The best luxury apartments are indeed expensive to own, and the prices only rise if you’re looking to live in a desirable area. However, if you’re willing to compromise and search for an apartment rental rather than one to own, you find out the best luxury apartments don’t have to be unattainable.
Renting Is Much More Affordable Than Owning
It goes without saying that renting an apartment can give you “more bang for your buck”; buying a luxury apartment is quite expensive, assuming you get approved for the necessary loans. In comparison, the average rent in in a city like Philadelphia was $819 as of 2013. The mortgage necessary is also a lengthy commitment. Renting a new luxury apartment gives you all of the desired amenities without the cost and commitment.
2. Owning A Home Has More Disadvantages Than Advantages
Not only is owning a city apartment a big commitment, but the costs go beyond a hefty price tag. The majority of American homeowners fail to receive any annual tax benefits from owning a house. Furthermore, the first five years of homeownership do not help you build equity; and statistically speaking, most homeowners are likely to move within five years. That is, before building any equity at all.
3. Renting Opens The Market
Looking to find an apartment in a big city is easier said than done. When you fail to consider rental apartments, you limit your options in a major way. A rental apartment can offer you all of the things you’re looking for … including features that you can’t find in apartments for sale
4. Rental Apartments Offer Additional “Perks”
Renting allows you to save a potential down payment and put it towards other investments that will ultimately pay off. It also keeps you from paying certain taxes and saves you money in maintenance costs that will be taken care of by the homeowner. A new luxury apartment rental in particular can offer things like security, high … quality fixtures and furniture, and other services.
Apartment living has a lot of appeal, and it’s no wonder that you would want to live in a nice apartment when residing within a big city. But that doesn’t mean that you have to own, especially if you’re new to the area and luxury apartments. These are just a few of the reasons why renting an apartment is a better option than buying … there are many more, and all will make perfect sense when give careful consideration.