Now that you are relocating to a new town, the big question is, do you prefer to live in a house or an apartment?
Living in a house might sound good since you are subjected to tax deductions and complete decorating autonomy. However, taking care of the yard and carrying out maintenance are activities that you can't avoid.
Let's be honest: most home maintenance repairs are complicated and must be handled by experts. Hiring such experts might turn out to be very expensive. In saving yourself from such costly repairs, an apartment would be a better fit.
The advantages of apartment living go beyond avoiding expenses. It's about living your private life in a serene environment.
If you are still unsure whether to choose a house or an apartment, continue reading this article and learn the 7 amazing advantages of apartment living.
1. No Need for Paying Real Estate Taxes or Homeowners Insurance
Unlike buying a house, an apartment lease saves you from real estate taxes and homeowners insurance. In most counties, real estate taxes are expensive and can drain your pocket dry. The bigger the land your house sits on, the higher the real estate and homeowner insurance you will have to pay.
Don't forget after buying a house, you still have a mortgage to pay at the end of the month. If you add real estate taxes and homeowners' insurance costs to the already burdening monthly mortgage, you might have nothing to save at the end of the month.
The good news is that after renting a new apartment, you don't have to pay for the real estate tax, mortgage, or homeowners' insurance. You only have to mind the rent and other utility costs.
2. Flexibility to Downsize
Suppose you want to downsize, as a homeowner it's more complicated than it is with apartment renting.
If you want to downsize as a homeowner, you must sell your house. If this happens when the real estate market is not good, you might not make the desired profit.
In addition, the cost of maintenance that you might have incurred by the time of selling the house might be too huge to recover. In apartment living, to downsize, you only need to pack and move to a smaller apartment.
To attract residents, most of the complexes have invested a lot in amenities. The most common amenities you are likely to find include swimming pools, community rooms, and fitness centers. Some complexes have gone a step ahead to include coffee bars, dog parks, and housekeeping services.
Living in an apartment with such amenities allows you to save money. In addition, when you are bored, there are many activities that you can engage in in the comfort of your living space.
4. No Need for a Down Payment
Purchasing a house is usually an expensive affair that most people can't afford using their savings. Therefore, applying for a mortgage is the only option they might have. If you opt to apply for a mortgage, you must be prepared to make a .
In some cases, the down payment can be up to 20 %. Thus, if you buy a house for $ 500,000, you will need a cash upfront of about $ 100,000 to complete the purchase.
However, if you opt to live in an apartment, you will only need 1st month's rent and a security deposit equal to one month's rent. (This ranges from apartment to apartment. Make sure to contact a leasing agent to get the specific deposit for the unit you are looking at.)
Unlike acquiring a mortgage where you will need to deposit up to $ 100,000, you might need as low as $ 7500 to get a living space with apartment living.
5. Build a Sense of Community
Even the most introverted people in the world love connecting and socializing with other people. An apartment living offers you a chance to engage with people that you have something in common. Looking out for each other is possible when living close to each other in a complex.
When using various amenities in the complex, such as the swimming pool and coffee bars, it's easy to make new friends. However, if you don't like your neighbor, you can still opt not to interact with them.
Homebuyers are more restricted to the places where they can live. The location you choose as a home buyer depends on your ability to buy a home in that place. There are some areas where buying a house might be beyond your capability.
Renting an apartment is the key to living where you want- may it be near the beach or at the heart of the city. Unlike buying a house, renting an apartment is cheaper, and it's possible to rent an apartment in areas where you can't afford to buy a home.
7. Cost of Living
To acquire a house, you might be forced to apply for a mortgage. The cost of renting an apartment is typically less compared to that of a mortgage. In addition, the consumption of utilities in an apartment is relatively lower compared to that of a house.
When living in a house, maintenance cost is your responsibility. But when living in an apartment, such cost is taken care of by the property management.
As a resident of an apartment, the only costs you encounter are electricity, internet, and gas, unlike in a house where all costs would be your responsibility.
In addition, some apartments offer month-to-month leasing options. This means that you don't have to get stuck in a long-term commitment.
Enjoy Amazing Advantages of Apartment Living
Choosing the right place to live can save you money and offer the comfort that you need. The advantages of apartment living go beyond offering a cover over your head. Not sure whether apartment living is worth it?
Are you looking for rental apartments in Vigo County? At Willow Crossings Apartments, we got you covered. We provide traditional apartment homes with various features and expansive layouts to suit a variety of lifestyles, with a broad range of floor plans to choose from.