The real estate sector is always evolving, giving people a variety of housing styles. However, although there are more options than ever, people tend to lean towards the same type of housing –apartments! As with everything in life, there are advantages and disadvantages to living in an apartment. As both a tenant and an investor, pay close attention!
A major advantage to living in an apartment is its “pocket-friendly” pricing. Rent is typically cheaper than a mortgage, therefore, choosing to rent an apartment proves to be cost-effective. And, thanks to rent control, you can expect what you will be paying month to month, year after year!
Alongside being cost-effective, renting an apartment also means that you get to avoid the headaches that come with owning a home. It sure is handy to have a landlord when the water pipes randomly bursts!
The majority of newer apartment buildings have state of the art security systems and concierges. Besides security systems, apartment buildings can also provide a closer-knit community, which is ideal for single women, families and the elder.
Restrictions to Space
If you’re renting an apartment, the chances of being able to expand are slim to none. Additionally, the limited space can be hard to work with, especially for growing families. When you’re touring apartments, ensure you walk through slowly and are able to envision each room.
Unless you’re willing to pay (in most cases) a large sum of money for a parking spot, chances are your options will be limited. Street parking can be hard to come by, especially if you aren’t willing to pay for a permit.
Moving into an apartment is great for the short term, the rent is predictable and the accessibility eases the mind. However, long term it is more financially responsible to own your own living space. Analyze the pros and cons, and take your lifestyle into account!