Every day, the news is filled with stories of the growing cost of rent in the U.S. and the challenges of finding quality apartments in many metro areas. However, the news media has only given you one side of the story. The simple fact is, in nearly every metro area in America, the total costs of renting an apartment are equal to or far less than those of home ownership. If fact, apartment living can provide you with many luxuries that most homeowners cannot afford. This means that today is as good a day as any to leap into the joys of renting an apartment.
30 Years vs. Next Year
When you purchase a home, you contract to a long-term financial agreement to pay back thousands upon thousands of dollars to the providers of your home loan. Credit scores are a huge factor on the burden this may put on your life, as well as a variety of economic conditions. And, even after your first several years of payments, you have really only been paying interest and fees, with very little of the total amount going towards the tangible bulk of your new asset. Sadly, in today’s economy, very few people will live in one place long enough or see the economy grow enough to make a home an investment that will return substantial growth. However, with an apartment, you are often only committed to a contract of a few months to just over a year. Your payments are just like a utility, which always has the same fee. You may not be able to have an apartment as a potential real estate investment, but at least you always know that your money it going directly to your lifestyle – not to pay back a bank.
Lifestyle Is Key
Urban dwellers can rarely afford a place in their city to call their own. This means having to look at places that create a long commute. In addition, the high monthly cost of a mortgage often means that purchasers have to settle for homes that lack the amenities they desire. But apartment renters have any level of luxuries and amenities that are included as part of their monthly rent at their fingertips. Pools, movie theaters, package delivery centers, sports offerings, and pet perks are all part of the lifestyle that renters are able to enjoy. While homeowners are dealing with the daily work commute, an apartment renter is already relaxing poolside and enjoying the free high-speed internet access.
And Don’t Forget the Hidden Costs
Even beyond the interest rates, commute time/fees, and other costs of basic home ownership, there are many hidden costs that the news media is not mentioning. Whereas apartments are set with the single payment each month, homeowners are burdened with a variety of monthly, yearly, and unexpected expenses. HOA fees, increased utility costs and repair costs are the first of many additional expenses home owners are set to encounter. If the air conditioning goes out, a homeowner has to pay hundreds if not thousands of dollars in repair or replacement costs. A renter simply picks up the phone, calls maintenance and heads out to walk the family dog in the community bark park while keeping their money in their pocket.
If you are ready to take the leap and find your next amazing apartment, then visit www.ApartmentSearch.com. There you can search by any criteria imaginable so that you can find the apartment that best fits your location, your lifestyle and your budget. Don’t forget to tell your leasing agent that you found your apartment on Apartmentsearch.com, and you can earn up to $200 in rewards. That is money well-earned on Leap Day – and every other day of the year.
