Owning a home has long been associated with the American Dream, but the truth is, homeownership is simply not for everyone. While renting was once reserved for young people just starting out, or older folks looking to downsize, it’s actually the preferred choice for people from all walks of life these days. Before you rush out to secure a mortgage, consider these 5 benefits of renting a luxury Albany apt vs. buying a home.
1. Lower Move-in Costs
Compared to buying a home, the initial investment for renting a luxury Albany apt is much less. In fact, a 20% down payment on a $150,000 house will cost you 10 times as much as the security deposit and first month’s rent for a $1,500 per month apartment. Additionally, renters are not responsible for paying real estate taxes. These taxes are based on estimated property values and vary by county, often a substantial financial burden for homeowners.
2. No Maintenance or Repairs
Homes require lots of upkeep and repairs. No matter how new a home is, things inevitably break. The roof leaks, your hot water tank goes, the septic tank requires pumping – the list goes on and on. However, if you’re a renter and an appliance breaks or the roof leaks, your landlord or property management company is responsible for the maintenance and repair costs. Plus, there’s no mowing the lawn, raking leaves or shoveling snow.
3. Access to Amenities
Luxuries, such as a fitness center and personal training, are standard in most high-end apartment complexes, as are dozens of other amenities. For instance, tenants at the Albany Lofts at One Broadway also enjoy hardwood floors, stainless steel appliances and granite countertops at no additional charge. If a homeowner wants to match these amenities, he or she can expect to pay thousands of dollars in installation and maintenance costs.
Renting a luxury apartment means you have the “luxury” to relocate relatively easily and quickly. Since leases are typically from year to year, renters have much more mobility than homeowners. If your income changes, you decide to start a family, or your job asks you to relocate, renters have the option to downsize, upgrade or move at the end of the lease. As a homeowner, it’s far more difficult to unload an expensive house because of the fees involved with buying and selling a home.
5. Fixed Monthly Expense
If you own a home, your mortgage and property taxes can fluctuate based on the market and your property value. As a renter, you are rarely affected by changing market conditions. Since the monthly rental amount is typically fixed for the span of the lease agreement, it’s easier for renters to budget their expenses. In some cases, utilities are even included, such as cable television at the Albany Lofts at One Broadway.
The Bottom Line
While home ownership has its advantages, renting is the better option for many people. If you are interested in renting a luxury apartment in the Albany area, consider the Albany Lofts at One Broadway. We are a pet-friendly complex with a host of amenities and easy commutes to downtown Albany, Troy, Schenectady and Malta NY. Contact us for availability or apply online.
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