Young professionals getting settled in their careers often face a common problem: Should you rent your living space, or buy a house? While the American Dream has long included owning that house in the suburbs, there are many reasons why deciding to rent a loft or luxury apartment can be a better choice, both financially and in terms of lifestyle. Here are three reasons to consider:
- Lofts and Apartments Control Costs
As the housing market continues to fluctuate, renting will allow you to live as luxuriously as your budget allows without a long-term commitment. If you need to move, change jobs or downsize for other reasons, you’re never locked into a situation you can’t afford for very long. Homeowners, even those who have fixed mortgages, need to worry about other costs like property taxes and insurance rising over time.
The conventional wisdom that buying a house is a better investment that costs less over time may not hold true either. By renting, you can use the money you would have saved for a down payment to invest in higher-yield markets. In fact, research from Harvard University shows that for many places over the last 15 years, it has made more financial sense to rent than to buy.
- Lofts and Apartments Offer More Amenities
Nearly all apartment communities offer some shared amenities. But the best luxury apartments rival hotels in terms of services. Luxury apartment buildings often include pools, gym space, common meeting or entertaining rooms, sports and recreation facilities and on-site concierge service. Living in the center of the city in an apartment or loft can also get you closer to nearby hotspots like bars and restaurants.
- Lofts and Apartments are Hassle-Free
The best thing about beautiful apartment buildings is that you don’t need to do any of the maintenance work for common areas. Lawns will always be mown, paint will always be fresh and areas will always be kept clean — without you having to do a thing besides pay your rent.
And renting from a professional management company, as opposed to a private owner, can make maintenance inside your apartment far easier to arrange, as well. Instead of putting in a request and negotiating to have it fixed by a part-time landlord, a process that can take some time, you’ll have access to 24-hour, on-site maintenance staff.
What do you love about apartment living? What are the advantages of lofts for young professionals? Share your experiences in the comments!
Get more on this here: www.postrents.com