Pros of Renting an Apartment
Renting or buying. Living in an apartment or taking care of your property. Staying at home with family or living on your own. Being someone’s roommate or having your own apartment. Questions, options, and possibilities. Here are the pros of renting an apartment and what to consider when looking at your living situation.
Though not all apartments have them, some apartment complexes have a long, long list of amenities. Everything from common areas to a fitness center, pool, a dog park, and laundry services. Located on the property, these are all advantages.
2. Short Term
A major pro of renting an apartment is it’s short-term. Whether it’s a year, longer than a year, shorter than a year, or whatever the terms of your renting agreement is, you aren’t tied to living somewhere forever. This provides you the chance to live comfortably while saving finances, building your life, and more.
An underrated element of renting an apartment is the safety involved. You have people around you at all times. They can hear you if you call for help. If there’s any sort of issue in the hallway, someone will hear you. For single women, families, single parents, and elderly people, close proximity of neighbors is an advantage.
4. There’s A Pulse
To this last point, having people around you means it’s easier to meet others, connect, make friends, and more. Every apartment building is different. Some are more senior-friendly, adults-oriented, or family-driven. In the right context, there is opportunity to meet others if you’re someone who wants to do that. If you don’t, of course, an apartment can also be very private.
5. No Mortgage
In a lot of places, a mortgage can be more expensive than paying rent monthly. It’s easier to qualify for an apartment as well, financially speaking. When you factor in upkeep and utility expenses, you really get a sense of the financial differences between living in an apartment against having a mortgage.
6. No Buy-In Or Ongoing Costs
A mortgage you have to save $1,000s for. You’re also subject to property taxes and a lot of financial variables you can be charged for, at the will of various authorities. In comparison, an apartment is easy to rent. It’s an agreed-upon cost you can budget for. There is no down-payment. It’s very straightforward, with no variance in how much you are paying month to month.
7. It’s Easier To Move To A New City
Moving to a new city is hard. A lot of variables. A lot can go wrong. By renting an apartment beforehand, you at least know you have somewhere to live. So much is taken care of in an apartment. This provides you the chance to get to know your new surroundings while having a guaranteed place to live.
8. Someone Else Does The Maintenance
When you own your own home, if something breaks down, it’s on you to fix. Cutting the lawn. Replacing faulty lights. Fixing plumbing issues. These all fall on someone else to do in an apartment. All you have to do is make the call.
9. Easier To Move
An apartment doesn’t settle you down somewhere permanently. It’s easy to get out and go somewhere else. If you’re only living somewhere temporarily or aren’t ready to commit, that’s alright. Some people rent apartments for decades and others only stay a few months. It’s very little commitment.
10. Saves You Time
The fact that you don’t have to deal with cutting the grass, shoveling, or doing chores means tremendous time savings. Every week, that’s hours on your schedule you can reinvest in your interests, passions, and yourself.
Most apartments are intelligently designed. They are put near bus routes, near major city amenities, job opportunities, and more. You’re well-insulated and able to get around without a car. You aren’t disconnected or isolated in any way in an apartment building, at least in terms of getting around.
12. It’s A Test For Independence
A lot of people rent apartments when they’re moving away from their parents for the first time. They rent when they’re moving to a new city. A person may be renting an apartment to see what it’s like to live with a romantic partner. They may want to try living with roommates to save a little bit of money instead of being on their own. It’s a test of independence.
13. You Aren’t Paying For Unused Space
Especially if you’re a single person or a young couple, a home can be a lot of space. It can feel ‘too big’. An apartment is evidently smaller than a house. Some 1-bedrooms or bachelor apartments are more or less a single room. It cuts down on cost quite a bit as well as help you feel secure.
14. An Apartment Gives You Time
Sometimes, we all just need a little time. An apartment gives you that. Some people need time to find out who they are as people, who they want to be, and to build some stability. It’s not always easy. An apartment buys you that time to reflect, create, and define a direction.
Want to learn more about your renting or buying options in Toronto?
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