Ready to downsize and simplify your life? Apartment living might be the right call. While it’s not for everyone, living in an apartment comes with plenty of upsides, including the fact that it tends to be much more affordable than owning a comparable single-family home. On the other hand, single-family homes offer benefits that apartments simply can’t. Not sure if moving to an apartment is the right decision? Here are the pros and cons of apartment living.
Easy to maintain
No doubt about it: apartments are easier to maintain than single-family homes. It’s for this reason that many empty nesters and retirees decide to downsize from large houses to more manageable apartments. Less square footage means less space to clean, maintain and keep up with on a regular basis. Since apartments require less furniture, they’re typically easier to furnish as well. Apartment living also means you don’t have to keep up with regular lawn maintenance. If apartments have outdoor spaces, they’re typically managed by the building. If you’re looking for ease and convenience, you can’t beat apartment living.
Plenty of amenities
When assessing the pros and cons of apartment living, you can’t overlook the many fantastic amenities offered by apartment buildings. One of the best upsides to apartment living is the fact that most apartments come with amenities in and around the building. Examples of common community amenities offered by apartment buildings include indoor gyms, indoor or outdoor swimming pools, rooftop grills, outdoor gardens and courtyards, balcony spaces, storage units, business centers, parking, concierge services, bike sharing and recreational spaces. Common in-unit amenities (meaning, amenities inside the apartment) include a washer and dryer, updated appliances, walk-in closets, central air conditioning/ heating and furnished spaces.
One of the main reasons why apartment tenants choose apartment living over single-family home living is the cost. Apartments tend to be cheaper than single-family homes in the same location. In dense, urban areas, where space is limited, apartment living makes the most sense. Rental rates for apartments are typically much lower than rental rates and mortgage rates for single-family homes that are comparable in square footage and location. In addition, apartments tend to be smaller than single-family homes with less square footage to heat and cool, which means lower utility bills and less maintenance expenses. Less square footage also means less furniture is needed to furnish the apartment.
Less storage space
Less square footage means less storage space for your belongings. Apartments typically have smaller closets and less cabinet space. They also lack storage space that typical single-family homes have, such as attics, basements, guest houses and large walk-in closets. If you’re someone with a lot of belongings, then apartment living may not be the best fit for you. If you’re planning to downsize to an apartment, you’ll need to figure out what to do with all your stuff. For clever storage solutions, check here. If you need a storage unit, try finding one using our Storage Center. Just type in the zip code or your city and state of residence and click the ‘find storage’ button. We’ll pull quotes from the closest storage unit facilities near your new home to compare.
Close proximity to neighbors
When it comes to the pros and cons of apartment living, not everyone considers living close to neighbors a con. However, for many, this aspect of apartment living is one of the main reasons they choose to live in a single-family home over an apartment building. Living close to neighbors can be disruptive, inconvenient and irritating, depending on who’s living next door. Living next to and across the hall from neighbors means you’re likely to hear people come and go throughout the day. Loud noises may be your new normal when living in an apartment, so make sure you are okay with being in such close proximity to neighbors before moving to an apartment.
Rules and regulations
Apartment buildings always come up with certain rules and regulations. These rules and regulations often include: pet policies regarding the number and size of pets allowed; hours of operation regarding communal spaces, such as gyms or recreation rooms; mail rules, such as how long the front office will hold a package; and loud noises and parties, such as limiting the number of guests you’re allowed to have at one time – among many others. Rules and regulations vary from apartment building to apartment building. Be sure to have a solid understanding of the rules before signing a lease.
Should you choose to move to an apartment?
Still not sure if apartment living is for you? We recommend touring an apartment building and units before signing a lease. Get a good idea of the different floor plans offered as well as the amenities, rules and fees that come with the apartment building. There are many pros and cons of apartment living to consider, so make sure to do your homework first.
Why is moving to an apartment a great idea?
Moving to an apartment is a great if:
- You’re looking to downsize.
- You want a low maintenance lifestyle.
- You don’t have a lot of stuff to store.
- You’re looking to save money on a monthly basis.
- You enjoy living close to other people and don’t mind occasional elevator small talk.
- You’re looking for turn-key amenities, such as a gym or pool within walking distance.
How do I find an apartment?
We recommend doing research on the various apartment buildings (and their management companies) in the location in which you wish to live. Familiarize yourself with the different options and compare offerings. If you decide you need a Realtor to help with the search, here’s how to find a good one. In addition, you should reach out to various buildings to set up tours and receive informational brochures, etc. to learn more about the buildings and amenities.
For any real estate need either Buying or Selling or Investing , contact me either via email or phone given below.