5 Ways Renting an Apartment Can Save You Money

Though getting a mortgage and purchasing a home is something that people say will save you money in the long run, you will find that living in an apartment can also save you money in many ways. If you are on the fence regarding whether you want to buy or rent, there are five main savings in apartment living that might appeal to you.

Paid Utilities

There are many apartments out there that come with many of their utilities, if not all of their utilities paid. If you live in a cold climate, having your heat taken care of can save you hundreds of dollars every year. You may also find that other bills are paid as well. Some apartment buildings offer paid cable and WiFi Internet service. This are all draws that can keep your costs low.

No Repair Costs

When you rent, the person who takes care of the standard repairs is your landlord. This is something that is clearly defined in your lease, and if they refuse to take care of it, you have legal recourse. Though it can be frustrating needing to wait for someone else to look into your repairs, it can be a relief to avoid needing to make the repairs yourself or to pay to have them done.

No Appliance Purchase

When you purchase a home, you have to purchase your own appliances. When you rent an apartment, you will be provided with a refrigerator, and you will have access to a washer and dryer. You will also receive an oven and a range to cook on. Some apartment buildings even have dishwashers. When you are just getting started, purchasing appliances can be quite expensive. Staying in an apartment for at least a few years can help you save up the money you need for appliances.

Fun Amenities

Some apartment buildings have amenities that would be significantly more expensive if they were appended to a house purchase. For example, some apartment buildings have built in gyms, concierge services, and pools. Others offer full community centers. These things would cost more if you had to invest in the independently, but when they are a package as part of an apartment deal, they are much less expensive.

No Association Fees

If you purchase a home in a certain area, you will be automatically enrolled in the local association group. A homeowner’s association can be a very serious commitment, and not only will you need to pay fees, you will also need to keep your home to the standard that the association expects. This is not an expense or a consideration that needs to be made if you decide that you want to stay in apartments.

Renting an apartment is a great way to save money. Consider your own situation and think about how having an apartment can keep money in your pocket. Whether you want to live in apartments forever or you are saving for a house, apartment living may be perfect for your plans!

Informational Credit:

This articles was inspired by H & R Property Management.

Tags: Apartment, Real estate, Renting

Category: Apartment Rental, Housing