Finding Luxury Apartments
For the longest time “buy, don’t rent” has been a piece of common knowledge gladly spread by nearly anyone you ask. Recent events in the housing market have somewhat eased those claims (if not eliminated them), but no matter the market there are more than enough reasons to rent an apartment instead of buying a house. There are plenty of benefits of renting vs. buying, especially if you’re considering luxury apartments.
“If you rent you’re throwing money down the drain; when you buy you actually own it.” This is a fair statement, but not all of the factors are being taken into account. That statement assumes that you are going to get that money back if you buy a home, but the fact is that in most cases you won’t. Let’s think about this: you put up the money and buy a home, and your mortgage is about what you’d pay in rent.
On average, it is going to take you at least six years (sometimes over a decade) to get to the point where it is even comparable to renting. So first, you need to be there a long time. But if so, are you planning on selling that home after that amount of time? If not, then you’ve not really gotten any of that money back. The same goes if you do end up selling that home, but only use that money to buy another home.
At the end of it all, you are in about the same place you started unless you downgrade your living standard upon sale. What about if the market gets great for homes? Well, you are still going to need to buy another home in that great market, so that home price balances out all that money your investment returned when you sold that home.
So that rumor is dispelled. Homes are a good investment when you can buy multiple properties for rent and sale when the market is good, but not necessarily when that home is meant for living in.
When renting an apartment, you sign a six or twelve-month lease and enjoy the feeling of not being tied down to a single property. You also are not going to be a victim of the housing market. Apartments can only rent for what people can pay. This can go up and down, but not like the housing market…not even close.
If your plumbing breaks in your home, you could be out tens of thousands of dollars. If it breaks in your apartment, it costs you the time it takes to call the office. This is a huge burden lifted off your shoulders. Find apartments that help take that weight off your shoulders.
Why Luxury Apartments?
Simply, they are nicer and may not cost as much as you may think. Luxury apartments generally have better amenities, swimming pools, gyms, and better service, along with nicer carpeting and more modern appliances within the apartment itself. If you are considering being an apartment dweller for a long period of time, the investment can be worth it. However, you don’t need to move into a luxury apartment – you can make one out of your current apartment. Think about what makes up a luxury apartment; it’s easier than you think to outfit your plain old apartment to look like a true luxury pad.