Making the choice of where to live can be difficult, especially in regards to the pros and cons of renting and buying. While the economy has since recovered from the housing crisis several years ago, investing in a mortgage is still not without risk. Many people are now looking to the convenience and luxury of options like city loft apartments for something more secure, but what are the exact advantages of choosing apartment living?
1) Apartment rental has proven to be less of a financial risk than buying a house.
Many of us saw the effects of the Great Recession towards the end of the 2000’s with an increased number of foreclosures. Homeowners still run that risk and they’re not the only ones; almost 40% of foreclosures happen to single-family homes, condos or any other form of housing rented out by a primary owner. Those who choose to rent an apartment are obviously immune from something as earth shattering as having one’s home foreclosed on by the bank.
2) Renting an apartment is more cost efficient.
A lot has been said over the years about the financial virtues of investing in a mortgage. However, statistics show these may no longer be representative of our modern situation. On average, renters can expect to save $560 a month in comparison to those who pay a mortgage, as well as avoid investing in an asset that may depreciate in value. As an example, $100 invested in a mortgage in 1985 would be worth only $293 today, whereas that much invested in stocks would’ve multiplied as much as four times to $1,146. Furthermore, home ownership requires separate payments like those for lawn and home maintenance on top of prices that can increase, such as property taxes and insurance. For these reasons, it’s not hard to see why the financial benefits of city loft apartments outweigh those of houses in the suburbs.
3) Apartment life is more luxurious and convenient.
What can be better than having tedious tasks like lawn and home maintenance taken care of for you? Along with providing better financial security, lofts and apartments offer on-site customer care and quality amenities, such as pools and workout rooms. This onsite care provides for quicker maintenance service than having to wait for a landlord’s assistance. Luxury apartments are now more affordable than ever, making these benefits more accessible to any kind of lifestyle.
Whether it’s in a place closer to the suburbs and bedroom towns or city loft apartments in the center of activity, luxurious full-time residential service need not be an elusive dream any longer.
The evidence shows that now is a great time to find an apartment over any other residential options. With the stressful busyness of today’s modern world, a place where a person can find peace of mind in knowing their finances are secure and their responsibilities are lessened can make all the difference.