In choosing where to live one of the most important things to consider is whether or not to buy or rent. Even with the economy having recovered from the recession in 2008, investing in a mortgage can still be a very risky option. As an alternative, many are looking to the convenience of the best apartments they can find; with the many available in options in luxury apartment rental a great opportunity might be (literally) just around the corner. The following illustrates why one might find renting an apartment more advantageous than committing to a mortgage.
1. More Cost Efficient
The praises have been sung in the past about the financial advantages to investing in a mortgage; however, more recent data suggests this might not be a good representation of the modern day climate. In general, renters save about $560 a month against those that are paying for a mortgage, as well as avoiding the investment in something that may depreciate in value over time. As an example, $100 invested in a mortgage in 1985 would now only be worth $293, while that same amount placed in stocks could be worth as much $1,146. What?s more, home ownership requires financial responsibility for lawn maintenance on top of prices that increase over time, like taxes and insurance. Many of the best apartments also have water and heat included in the rent price.
2. Less of a Financial Risk
Disturbingly, as many as 40% of today?s foreclosures involve a single-family home, condo or a house rented out by the owner. The problem here being that house prices and taxes can fluctuate depending on many different factors while apartments generally keep the same prices while not requiring as large a commitment. This stability is coupled with the various complimentary amenities one can find in a new luxury apartment. What should also be remembered is that money is only being given away to a bank in the first five years of home ownership; equity does not begin to build until after this and nearly two thirds of all home buyers move within those first five years.
3. More Luxury and Convenience
Many will find apartment living to be far more luxurious and convenient than any other option, while still being completely affordable. Financial security is certainly appealing, but so is the presence of 24/7 maintenance service on site rather than having to call someone out or wait for part-time landlord. With amenities like these, financial security, and all of it an affordable price, finding the best apartments to fit each lifestyle is neither difficult nor impossible.