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Looking for a New Home? 4 Important Benefits of Living in an Apartment

Looking for a New Home? 4 Important Benefits of Living in an Apartment

Americans spend about $485 billion on rent every year. That accounts for the 44 million renters in the country.

Look at the news and you’ll learn all about this crazy housing market. It’s hard to tell these days if you’re better off buying a home or living in an apartment.

It turns out that it makes sense to join the 44 million renters. Read on to learn four benefits of apartment living that you can’t ignore.

1. Don’t Have Overhead Costs

There are more costs to buying a home than just the monthly mortgage payment. You have to take into account repairs and maintenance.

If you buy an apartment, you have to pay community fees on top of your mortgage payment. The community fees pay for the maintenance of common areas.

You’re still responsible for repairs inside the apartment, such as leaks and appliance issues.

Then there are property taxes. This was an advantage for homeowners because you could deduct property taxes. That changed in 2017 when it was capped at $10,000.

One of the advantages of an apartment means you don’t have to worry about these things. You contact the property manager when there are issues and they take care of them.

2. You Can Test an Area Before Buying

It’s hard to move out of a home if you find that you don’t like the area. You need to list the home and hope that you don’t take a loss on the sale.

The benefits of apartment living allow you to explore an area before making a long-term commitment to living there. You’ll discover what an area is truly like.

You’ll know if the commute is too long, if there’s too much activity, or if there’s a better location for you.

3. Cheaper Insurance

Owning an apartment or home means that you need to protect your investment. You need to get insurance for apartment owners or property insurance.

If you rent an apartment, you can get renter’s insurance for a few hundred dollars a year. This insures your belongings. The landlord’s insurance covers the structure of the property.

4. Mortgage Payments Are Expensive

The median rent in the U.S. is now more than $2,000. It’s the first time ever that the median rent crossed that threshold.

You might look at buying a home and think that’s a better option. Mortgage rates are actually more expensive now. Home values climbed over the last couple of years.

Interest rates are nearing 6%, which makes mortgages much more expensive now than they were a few months ago.

In other words, rents are up, but it still makes financial sense to rent than own right now.

The Benefits of Living in an Apartment

It’s hard to know if you’re better off buying a home or living in an apartment. It turns out there are many benefits of apartment living at the moment.

You can learn about a location without making a commitment and save money at the same time.

Be sure to visit this site often for more outstanding home tips and advice.

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