Apartments are not for everyone, but many have found them comfortable, well-maintained, and even freeing to a great extent.
The Apartment Advantage:1. More resources for children
It may take some planning and money to make sure a yard in a home contains enough facilities to keep a child happy for hours. Apartment complexes often have a well-stocked play area for residents and many structures to keep small ones happy.2. More family time
With no yard to maintain, there may be more time to spend with family. Instead of mowing the lawn, you can help junior with his homework.3. Public transportation and close shopping
Many complexes are located near public transportation stops and provide transportation. This is especially true of a family with both spouses working. With this in mind, no second car is necessary. This reduces the cost of transportation. Apartments may also be nearer to shopping and casual dining. Taking advantage of this may save time and money.4. Upkeep and taxes
Single-family homes require maintenance at times and always have taxes to pay. Some people may be very handy with tools and skills to use them. Others may need to hire or choose to hire work done. When an apartment is maintained by the management, no added expense is involved for the tenant. Taxes paid by the landlord are apportioned over several units.5. Budgeting made easier
Although rent and mortgage payments are fairly consistent, your budget questions are in the area of maintenance and additional expenses associated with a home. Budgeting is more easily done in an apartment with fewer unknowns. Apartments that surround you may furnish part of your heat and air conditioning just by their proximity.
What are the Advantages in Owning Apartments?1. Choice of involvement
One of the advantages in owning apartments as an investment is having the choice of managing them full-time or being a passive investor. You may choose to invest in apartments and then turn the management of them over to a qualified management firm. You needn't take a hands-on approach and still make money.2. A place to call home
A second advantage is the ability to live in one unit and rent out the additional units, cutting down on your own cost of living even though it does cut down on your revenue. The tradeoff may be there for someone who appreciates living in an apartment, but wants added income.3. Tax and record-keeping advantages
There may be tax advantages to investing in apartments also. Certainly you will also get these advantages in owning multiple homes, but you will also need to arrange for multiple loans, keep records for many different places, and pay taxes on multiple places. With an apartment complex, record-keeping is simpler, there is only one loan, and the taxes are just for one location.4. When costs increase, you have a place to meet the increase
There is media coverage when prices and costs increase, so using this media coverage to show why rents must increase is easier. There is no need to swallow all the impact of increased prices, the renters can help you pay them.
So whether you are looking to rent or own, make it your home or an investment, apartments have distinct advantages.