If you’re looking to buy an apartment in the future, you might be wondering what the benefits are of buying new over renting. From being able to customize your living space to receiving maintenance and cleaning services, there are many great perks that come with owning your own apartment, especially if you’re in it for the long-term. Here are just three reasons why buying a new apartment could be one of the smartest financial decisions you make this year.
The Emotional Benefits
For many, buying an apartment for their first home represents a new stage in life. Not only does it mean financial independence and gaining security, but it also signals that you’re settling down to make your mark on society—for good. New apartments are often built with better features and amenities than older ones, making them more enjoyable to live in. Meanwhile, being closer to friends and family can be immensely rewarding. When they move into new apartments themselves down the road, they’ll almost certainly want to visit your new place… which means free food! You won’t have to worry about furniture or appliances when you buy a new apartment because everything will be provided by your landlord; all you need to do is furnish it yourself with whatever suits your style. Renting an apartment means giving up some control over how things look and feel, so if you’re looking for flexibility in your living space, then buying a new apartment might be right for you.
The Financial Benefits
First and foremost, you’ll likely see a pretty big jump in your personal finances. The median income for those who own their homes was $85,900 in 2016, according to census data. Compare that to renters with an average income of $40,000—not even close. It’s not just about how much money you make but also where it goes—spending on rent accounts for more than 28 percent of those earnings annually; mortgage payments are typically less than 15 percent. That extra money can be used for any number of purposes from starting a business or paying off debt to building up savings or making larger charitable donations. And as home values rise over time, so too does your net worth. If you want to build wealth quickly, buying a home is one of the best ways to do it. You may be able to leverage your existing cash equity by taking out a loan against it or tapping into some retirement funds if you’re feeling flush. But don’t forget that there’s no free lunch: Any new loans will come with interest rates attached, which will have some negative impact on your long-term financial picture.
…while current residents enjoy perks like free car parking, gated access and maintenance services.
The Practical Benefits
When it comes to apartments, there are numerous benefits to buying one as opposed to renting one. The initial benefit, of course, is that when you buy an apartment or house, you get to live in it for however long you want. But beyond that initial benefit lies even more practical reasons why buying can be better than renting – and why it may be smarter overall. For example, when you rent an apartment from another person or company, you pay for their upkeep and repairs; but when you own your own apartment or house (or even condo), those costs fall on your shoulders instead. This means that if something breaks down, you don’t have to call someone else about it – you can fix it yourself! And while minor fixes like replacing light bulbs or swapping out a broken doorknob might not seem like much, they’re definitely things that add up over time. In fact, if your landlord doesn’t take care of these small problems quickly enough or at all, they could eventually lead to bigger issues like water damage or mold growth. So if you ever find yourself having to deal with any maintenance issues at all, remember: You’ll never have these problems again once you own your own place!