Category: Rent an apartment

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3 Reasons to Choose Apartment Rental Over Home Ownership

Lofts in manayunk

About one-third of Americans choose to rent over own. There are many factors that go into deciding whether apartment rental or home ownership is right for you: income, location, and availability are just a couple examples of things that can greatly influence your decision. In most cases, especially for younger individuals that don’t have as much money, renting an apartment is almost always the better and more sound option. Here are 3 reasons for anyone to consider apartment rental over buying a house.

    1.) Service/Maintenance: The level of service and maintenance provided when you rent an apartment are amenities you won’t have free access to if you opt for owning a house. Many professional companies offer 24/7 maintenance service for things like leaking pipes, electrical shortages, or broken locks. Lawn care such as mowing, snow removal, and landscaping is also many times taken care of by the landlord if you’re renting.

    2.) Investment: There are multiple studies and research that has been done that shows the financial investment in buying a house is not as economical as apartment rental. Overall choosing to rent saves the average person $560 each month. Not to mention the housing market can be volatile at times causing depreciation outside of your control. Not to mention all the time and effort you must consistently put into a house to raise its value. Unless you know for sure you will be living in a house for over 5 years it’s downright foolish to buy a house. About a third of buyers will make this mistake costing themselves years of paying the price to own a home while not having the time to build any substantial equity.

    3.) Quality: By choosing to rent a loft, apartment or house you will be putting yourself into a position to live above your means in a way. The money you save on a down payment on a house as well as the overall lower monthly payments means you might be able to afford to rent a luxury apartment the quality of which you would not be able to afford to own.

The American public was in some ways sold a bill of goods when for years everyone from the government to schools were telling people home ownership was the American Dream. While it is a fine goal and certainly an option for many people, in most cases the more efficient and economical thing to do is apartment rental. You will have less to take care of on a day-to-day basis, you will save money outright and over the course of time, and you will put yourself in a position to enjoy a quality of life that might otherwise be unobtainable.

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Three Tips to Simplify Your Apartment Search

Apartment hunting

Living in an apartment has a number of attractive benefits, but most people agree that the process of apartment hunting is a different story. To find apartments that fit your lifestyle and your budget, you have to search through local apartment listings, schedule appointments, walk through different units, and get your application in before anyone else, all while managing your everyday responsibilities. However, when you find an apartment that perfectly matches all of your needs, it can all become worth it. To make the apartment hunting process easier in the meantime, however, follow the tips below.

Take Notes
As you head from listing to listing, it can be difficult to keep the various advantages and disadvantages of each apartment separate. For this reason, many apartment hunters benefit from keeping a comparison checklist with all of the initial factors that attracted them to each unit, which they can then add onto as they learn more. Snapping a few quick pictures is also helpful. Later, you can review this information to determine which apartment you saw offered the best overall living arrangement.

Ask the Tough Questions
While it is important to be polite when meeting your potential landlord, you should make sure you ask about things that will impact your experience living on their property. Ask if the window treatments or any utilities are included, if there are any parking or building amenity fees, and how much the current energy bills are. Likewise, don’t be afraid to get a little nosy: look for mold under the sink, check for odd smells and noises, test faucets, and open closets. If there are any problems or unexpected costs, you should know about them before you make a decision.

Be Ready to Make a Move
The current housing market is competitive, and you will need to move on an appealing apartment quickly. To avoid losing great places to other renters, bring all of the information you would need to fill out a standard rental application and your checkbook. This typically includes contact information for your employer, present and past landlords, your social security number and more. By having all of this information, you will be able to fill out and submit the application quickly, reducing the chances you will lose a place you really love.

What tips and tricks have you used to help your apartment hunting efforts in the past? Share them in the comments below! Helpful info also found here.