Renting apartments and lofts continues to be one of the more popular living choices for Americans. Currently, approximately 35% of Americans rent their living space. This is because renting allows a degree of flexibility and freedom that owning a home doesn’t provide.
There are also many unexpected financial benefits that come with living in a loft or luxury apartment — just take a look.
Here are the top four reasons why renting a luxury apartment is a good decision for your finances:
1. Renting allows you freedom from homeowners’ debt: Did you know that people who rent vs. own save as much as $560 each month? When you rent a luxury apartment, you simply make your monthly rent payments and don’t have to worry about a mortgage or your home’s value depreciating.
2. Luxury apartments make luxury living affordable: For a cost not that much higher than that of a normal apartment, you can take advantage of the many extra amenities and features that come with luxury apartments. You’ll be able to get rid of your expensive gym membership because of the on-site fitness center at your apartment complex, and you can enjoy a spacious, beautiful living space at a cost you can afford.
3. Renting gives you financial security: Unexpected repairs and maintenance costs are a fact of life for people who own a home. By renting a luxury apartment, you can benefit from 24/7 onsite maintenance from your developer at no extra cost.
4. Renting lets you invest: When you purchase a home, you are basically making payments to your bank for the first five years — it’s only after this that you begin to build any equity on your home. By renting a luxury apartment in contrast, you can choose to invest the money you’d be spending on a down payment in a fund that will grow over time. Read more blogs like this.