Many of us strive for the ultimate dream: homeownership. In fact, the idea of owning property drives the American story. But do we have a clear picture of apartment vs. house living? Are there aspects to homeownership that may not be as glamorous as we’re often lead to believe? The simple answer is, undoubtedly, yes. All things, regardless of their perks, will have a downside. Aside from down payments and ongoing sacrifices, homeownership isn’t always as amazing as many claim. There are some benefits of living in an apartment instead of a house.
Should this deter individuals and families from seeking real estate ownership? Not necessarily. There are definite bonuses to having and living in a house that you can call your own. However, there’s a lot that goes into owning residential property and it is not always suited for everybody. If you’re more of an apartment dweller, be sure to check out Urban Phenix properties in Denver, CO. Contact us today to schedule a tour of our apartment properties.
Why Choose Apartment Living?
Apartment living definitely has its bonuses. While many complain about space or lack thereof, apartments still have a lot of great features. We’re reviewing some of the benefits of living in an apartment instead of a house. The fact remains, apartments don’t include a hefty commitment and unforeseen expenses. Urban Phenix offers apartment rentals in Denver and surrounding suburbs. Take a look at some of our featured locations! Keep reading to find out why apartment living is actually better than purchasing a house.
Often apartments are selected because they are close to work and/or to public transit, and/or to entertainment. Many renters like the downtown location offered by apartment complexes where you could never afford to build a home. You don’t have the hassle of that long traffic-clogged commute to work or theater. In fact, many apartment dwellers can walk or bike to work by design from their apartment’s downtown location.
2. No Down Payment
When you rent, you may have to come up with first and last month’s rent but that’s it. When you buy a home, you need a significant down payment. Then, there are fees for a home inspection, appraisal fees, and closing costs.
If you plan to resell, your realtor will charge five percent or more.
Mortgage payments, insurance costs, and taxes are just part of the costs of homeownership.
3. Bigger isn’t Always Better
When people buy homes, they often convince themselves that they need more space. However, owners of tiny homes with half the space of many apartments say they use every available space and have multi-purposed many spaces. In bigger homes, we tend to spread out our possessions and keep things we are no longer using. Apartment living makes us more economical of both space and possessions. There are excellent ways to make wise use of available apartment space (https://www.diamondairportstorage.com/storage-ideas-for-small-apartment/).
Homes also require much more furniture than apartments. Entire rooms in larger homes—like guest bedrooms, guest bathrooms, dining rooms, and living rooms—are hardly ever used. Yet, they are furnished and temperature-controlled at great cost.
4. Freedom from Maintenance
We don’t all have the time or wish to mow lawns, plant and weed flower beds, or maintain a garden. These take time, talent, and equipment. In an apartment, the grounds are maintained by the owner’s staff. There are costs to renters. All you have to do is enjoy it the beautifully kept grounds surrounding your apartment complex. And, if you have an urge to grow your own vegetables, you can always do container gardening on your balcony.
Inside maintenance is also no-care-to-renters. If your faucet leaks, call the building superintendent. If an appliance malfunctions, the owner will fix or replace it. Reputable landlords want to keep their renters happy. They try to resolve maintenance issues rapidly.
The appearance and healthy maintenance of common areas like the foyer, pool, and gym areas is also the landlord’s responsibility.
If you own a home, you are the inside and outside maintenance person. When you can’t do the home maintenance job yourself, you have to hire plumbers, electricians, carpenters, painters, landscapers, and pool maintenance companies. This can become quite expensive.
Among the benefits of living in an apartment instead of a house is miscellaneous costs. Homeowners’ insurance assesses the cost of your house and any other buildings on the property. Homeowners’ insurance can amount to several thousand dollars a year. Costs are based on the appraised value of the structure and all the contents.
Renters’ insurance covers only the apartments’ contents. The building itself is insured by the landlord. The difference between homeowners’ and renters’ insurance is another significant saving.
If you own a home, someone must check it every day for insurance purposes. House checkers can be as costly as baby sitters. In an apartment, when you go on vacation, you need only inform your building superintendent. He/she will even water your plants. It’s just part of the renter’s service.
6. Freedom from Commitment
If you’re someone whose job takes you to different cities, you don’t want the cost, labor, and inconvenience of selling a house each time you move. If you’re someone who likes to reside in new neighborhoods, then being tied to a house makes it inconvenient to experience new venues. With an apartment, your commitment is never longer than a year’s lease. Subletting your apartment is often even handled by your landlord or building superintendent. This gives you greater flexibility in your lifestyle.
7. Social Circle
If you’re new to a community, you’ll find that apartment living gives you many opportunities to meet others in your building. Social encounters abound by the pool, in the gym, or in the common areas. Many complexes have a happy hour once a week. Some also have bridge clubs, book clubs, and travel opportunities organized by enterprising tenants or landlords.
8. Built-in Amenities
Who wants the time and cost of outfitting and maintaining such amenities as a pool, a fitness center, a kids’ play area? Apartment complexes than houses increasingly come with appealing options where you can relax and have someone else worry about maintenance, upkeep, health, and safety.
9. Freedom from Winter Woes
If you live in a temperate climate, then digging out from snow and ice storms in order to get out of your snowy driveway in time for work is always a winter concern. You need time and equipment to fight the winter transportation woes.
Not so with apartment living! Clearing parking lots and making sure sidewalks are safe is not your worry. When the snow starts to fall Sunday night, you can go to bed knowing someone else will be hard at work getting that snow removed in the wee hours of the morning so tenants like you can get to work Monday morning.
10. Parking Options
Homes often have limited space for parking. Many times, they have to vie with neighbors for on-the-street parking for extra vehicles. Apartment complexes often have spacious parking lots or even underground garages with personal parking spots and room for guests to park.
11. Round-the-Clock Security
Good apartment complexes come with 24/7 security guards. Most also have video-surround surveillance. They also have locked entry and/or front desk security. Homeowners have to pay to install and maintain security.
There are many reasons people are choosing apartment living over homeownership. Apartment living is no longer a temporary option for those who cannot yet afford a house. Nor are apartments just for singles or couples. Many families, professionals, couples, active seniors, and business executives are choosing apartment communities in new cities because they recognize the great value and wealth of amenities that are available for that monthly rent check.
Urban Phenix Apartments
The benefits of living in an apartment instead of a house should always be taken into consideration. Apartment living can be great in the Mile High City. Learn about our featured apartment communities in Colorado Springs and Denver.
Why not book a time any weekday between nine and five to see the amazing rental options? Contact us at firstname.lastname@example.org.