Although buying your own home is usually good advice and a smart investment, it isn't always the right thing to do in the urban luxury apartment real estate market. Of course, if you are considering living in your chosen apartment block for many years to come, then the benefits of buying outright start to become more and more appealing. However, with city-based lifestyles being what they are, you may already know that a couple of years in one apartment will be enough before you want to move. If so, why rent a luxury apartment instead of purchasing one?
Life in the city should be dynamic. If you want to change careers or your personal circumstances, then it is often easier to do so in a city. Therefore, renting offers the flexibility to change apartments or even ship out from the city to the suburbs as your life priorities change. Doing so without the burden of selling a property means you can seize opportunities as they come along. If a job relocation were to arise, for example, or if you simply wanted a change of scenery, then renting a luxury apartment will often be beneficial with the sort of versatile lease terms available in many cities today.
Avoid Upfront Costs
Purchasing a luxury apartment requires a substantial financial commitment. Not only are the down payments to think about but there are also mortgage costs which can go up depending on the underlying interest rates. Note that there are also additional costs associated with closing the deal, such as city or state taxes and legal fees. Renting, on the other hand, will only involve coming up with a security deposit and the first month's rental installment paid in advance.
Bypass Maintenance Chores
Avoiding repair responsibilities is another benefit that often tilts the scales towards renting, among city dwellers at least. Owning an apartment means being responsible for all the internal maintenance needs, from leaking faucets to malfunctioning heating. In a luxury rental, however, the onus of maintaining the property usually falls on the building's management. You might not spend less on maintenance in terms of dollars, depending on the specific clauses of your tenancy agreement, but you are likely to be able to avoid the hassle of repairs and maintenance issues while you rent.
Live In Luxury
Lastly, living in a luxury apartment often means being able to access amenities such as swimming pools, gyms, and concierge services. These might be financially prohibitive if you were to buy. However, high-end rental complexes often provide such facilities at a much more affordable rate that is included in the price of your monthly rent.
For more information on luxury apartments, contact a company near you.