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The Benefits of Apartment Living Compared to Homeownership

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Homeownership has many financial merits, but renting an apartment also has distinctive benefits. If you don't currently own a house, don't feel bad. There are several reasons why apartment living is good for many people.

Mitigate Unknown Financial Risks

Homeowners must always be prepared for an unexpected emergency, and the emergencies they must prepare for aren't small. For example, a new air conditioner, furnace, or roof can cost thousands of dollars to install if there's a major failure in a home's current one.

When you rent an apartment, you don't have to worry about or prepare for financial emergencies like this. You should still have some money in case the car breaks down or your computer is stolen, but these expenses usually cost less than what a whole new HVAC system or furnace would be.

If you don't have to concern yourself with a major home-related financial emergency, you can put your money to use in other, more beneficial ways. You don't need to keep as much in a bank account that may earn minimal or no interest, and you can instead your financial resources to pursue a college education, start a business, or build a portfolio of stocks.

Spend Less Time on Upkeep

When you live in an apartment, you also don't have to spend as much time on general maintenance and upkeep as homeowners frequently do. 

With everything from landscaping to kitchen repairs taken care of for you, you'll have more time for other activities that you have to attend to or love doing. For example, you can spend more time studying, taking care of children, growing a small business, exercising, or traveling since you don't need to put hours into routine home care.

Save with Community Amenities

Many apartment complexes have complimentary amenities, and these can result in substantial monthly savings compared to what you'd have to pay to get each amenity yourself if you lived in a standard single-family house. For instance, an apartment complex might offer you access to a:

  • Community gym, so you don't have to pay a monthly gym membership
  • Complex-wide Wi-Fi network, so you don't need to pay for internet access
  • General community room, so you don't need to rent a space for birthday parties or other gatherings
  • Business center, so you don't need to purchase a printer or fax machine for a home-based business

Altogether, these can add up to quite a lot of extra cash in your monthly budget.

To learn more about renting an apartment in your area, talk to a real estate agent.