An apartment (American English) or a flat (British English) is a self-contained housing unit (a type of residential real estate) that occupies only part of a building, correctly, on a single level without a stair.
An Residential apartment or a flat is a self-contained housing unit (a type of residential real estate) that occupies only part of a building, correctly, on a single level without a stair. Such a building may be called an apartment building, apartment complex, and flat complex, block of flats, tower block, and high-rise or, occasionally mansion block, especially if it consists of many apartments for rent.
As discussed in the financial benefits, maintenance expenses are generally lower due to responsibility generally falling on landlord/owner. Not only is the lack of maintenance worries a financial blessing, but it’s also a check off the “Things to Do” list. When it snows, no need to shovel, when the lawn looks a little rugged, it’s not your concern – Ovation will take care of that. The peace of mind associated with the mental freedom of renting is priceless.
Although homeowners often invest in some form of home security system or another, apartment complexes also invest in the overall safety of its residents. The close proximity of neighbors (in contrast to being the only one in a house at any given moment) and typical apartment complex safety measures prove that multi-unit dwellings are the safest locations for single women, children, families and the elderly.
Apartment proportions are, simply put, convenient. A newly graduated college student is generally looking for a place to call home; a living room, bedroom, bathroom and maybe a kitchen for show. This space does not have to be large and lavish, it just needs to feel safe and quaint (even for the guys). This same basic need is apparent in most people, college kids, single women, bachelors and even friends who chose to live as roommates.
So far we have discussed money savings from rent, lack of need to maintain the property and, well, that’s it. The lack of need to maintain property is not only a financial windfall but also a stress reliever. Homeownership comes with a lot of headaches and issues and deciding to rent will help you avoid these types of setbacks. Instead of using the “rainy day” fund to fix the boiler, it can be used for a much-needed vacation to a tropical island.
The number one benefit of living in an apartment is the financial aspect of renting. Rent is generally cheaper than a mortgage. In addition to an overall lower monthly payment, other financial components such as upkeep and utilities are generally lower because of the smaller space and the overall responsibility of a landlord/owner versus a tenant.
Unlike houses, apartment complexes are generally built with specific amenities such as pools, gyms, convenience stores and laundry facilities directly on the premises or at the least in very close proximity. Although you could always have these elements built into your home, the financial obligation is not as rewarding. Apartment living can prove to be a very convenient living arrangement.
Other great benefits of apartment living are the social implications of the close proximity and connections one develops during their residency. Although a sense of community exists in both rural and suburban areas, the close proximity of apartment life enhances the probability of creating lifelong connections.
Parallel to buying a home, apartment rentals make great short-term options. Deciding to buy a home is a lifelong dream but you have to live somewhere while you prepare to make that dream come true. Whether you are working on credit, saving money or mentally preparing for the responsibility of owning a home, an apartment is the best interim option.
The financial benefits discussed here are gateways to our future. While we endure less burden and responsibility while renting, this is the opportune time to invest into your future. By placing the money saved into a “rainy day” account, this can be the beginning of a brighter financial outlook.