October 17, 2022 at 11:21 am · Justin Becker · Comments Off on How to Maximize Space in a Small Apartment

How to Maximize Space in a Small Apartment

A common trend nowadays is small living spaces.

Many lean towards the temptation to rent a small apartment and do not think twice about having a small living space. Learning how to maximize living space and create more usable living space is a common question and pain point many renters want to solve. Especially after plunging into an apartment lease agreement for a small apartment or a studio apartment.

In short, you are not alone; and learning to save space or maximize space is something many want to learn how to do more efficiently.

Small apartments can be financially beneficial and allow you to save money for a dream home, but learning how to utilize the precious space available is imperative to make the living situation comfortable.

In this guide, we will discuss some tips and a game plan you can implement to begin organizing small spaces and turning small apartments into a great living situation, which will ultimately provide you with more room to work with.

How to Maximize Space in a Small Apartment

Small spaces can be more luxurious than you may believe. Small apartments are also common and one of the most popular units you can rent, especially in large cities.

That does not mean everyone plans accordingly, and perhaps you have more belongings than you originally thought.

What you do with your floor space, wall space, and even how you maximize built-in storage can make a world of difference.

To kickstart things, we want to cover some of our basic tips to help you maximize space and turn something, such as a small studio apartment or even 1-bedroom apartment, into the living space you desire.

Start with Saving Space By Organizing Your Own Belongings

We think that most will agree with the statement that a good majority of wasted space, even in a small area, such as a studio apartment, could be blamed on our own bad habits.

One specific bad habit that many individuals struggle to break comes to mind. Hoarding or cluttering the area for no reason when the ability to clean up the space is just waiting for you to take action.

In comes pro tip #1. Declutter.

TV shows are even built these days around decluttering, so it is clearly an issue many need to deal with.

Decluttering will open more space and in the easiest fashion before diving into more detail-oriented tips and ideas.

The saying goes like this “if you haven’t used it in six months”, you can get rid of it.

Of course, this won’t apply to everything in the apartment, but in general, use this mindset.

Go through your apartment and begin finding items that you don’t use or that you can honestly tell yourself is a waste of space. Donate it, trash it, or give it to a friend. The choice is yours.

The idea behind this is simple. You will open more storage space and begin maximizing space by implementing this step alone. Here are more tips on how to declutter your apartment.

Once the decluttering phase is completed, you can begin moving into the organization part of the process to maximize space even further.

The Belongings that Stay Need to Get Organized

With a small apartment, you need all the help you can get to utilize the small spaces.

The good news is that so much information is readily available to maximize small spaces, including this blog post.

Next, we want to begin organizing your furniture and items inside the apartment to open more storage solutions.

Sometimes, purchasing more versatile furniture may be necessary as well, but we will cover this later in this discussion.

The previous step should have helped you create more storage space, but now it needs to be organized. This way, we can eliminate the cramped space and make all space in the apartment usable and easy to navigate. If you organize all the previous clutter, the living space will be actual living space.

Before going too crazy, we recommend breaking up small spaces to create more organization. You can use dividers inside of drawers to separate items. You can do the same with kitchen cabinets, too.

You can also use storage bins that are labeled or storage stand-up units that can organize clothes or other items in small spaces, such as inside of the closet doors.

The organization will ultimately be the next crucial step for creating more room in the apartment. Read up more on organizational tips for a small apartment here.

Finish the decluttering and organizing, and then move into our next tip.

Our next tips will be more geared towards the individuals that completed the first recommendations, but still need more help opening up the space in a small apartment.

Consider Furniture that Can Serve Multiple Purposes

If decluttering and organizing have already made an enormous difference, but it is still not where you need to be, you can continue the process by using the larger living space to the best of your ability and begin considering dual-purpose furniture.

This can be hugely beneficial in small living spaces, such as small apartments or even small studio apartments.

Murphy Bed

One of these items or custom furniture we are referencing is the often-overlooked murphy bed.

A murphy bed can be great for small spaces if you can add this to your studio apartment or other small spaces.

Murphy beds, when not in use, can be folded up into the wall and become part of the wall décor. Thus, turning a potential bedroom into an office during the daytime or non-sleeping hours, or a studio apartment sleeping area can now open into a living room without being noticed. Learn how to turn an apartment living room into a bedroom here.

Futons and Fold-Out Couches

The same could be said in a studio apartment by utilizing a futon that folds into a bed, or a couch that can pull out into a bed. This ultimately maximizes your space by creating two different living areas for two times of the day; sleeping and living.

This is another excellent way to begin creating extra space or turning a small space into a larger space.

Coffee Tables with Storage

A coffee table is typically one of the universal pieces of furniture you will have in a small apartment or a studio apartment. Without storage available with the coffee table, you become even more limited on areas to store stuff.

Consider a coffee table that either has shelves below or the ability to arm extend out for internal storage.

Use a Window Seat for Storage

Some small apartments may have a window view or a window seating spot that can also double as a spot to store some décor or items, such as books and movies.

You can use a windowsill as a shelving unit for additional space inside a small apartment to further utilize your space.

Consider a Drop Leaf Table as a Dining Table

Utilizing a drop leaf table as a dining table can also save a lot of space and still give you the option to entertain a larger number of individuals.

When you have company over, you can place the leaf on the table, providing more seating and table space for food. You can then remove the table leaf when the company leaves, collapse the table together, and save yourself additional room.

This also allows you to potentially double up the abilities of a studio apartment by incorporating a dining area with a living room.

With some natural light and appealing décor, a drop leaf table can be a great addition to save space while having a small apartment that still features style. Learn how to arrange furniture in a small living room apartment here.

If furniture, organization, and decluttering has not fully gotten the job done, we need to consider other potential ways to open up storage areas in the apartment.

Try New Storage Solutions to Maximize Space Further

If you still need to further maximize space in your small apartment, you can try creating new storage solutions.

For areas like closets, vertical storage options can be a great option. They can act as additional drawers for clothing or miscellaneous storage items, which could potentially remove the need for something such as a dresser.

Vertical storage options can also be used in other ways, such as on walls or above doors. You can purchase or build shelves and place them in areas you would not normally think of, such as overhead doors or even above kitchen cabinets. Utilizing this space that typically goes wasted can free up additional space in your living area.

Other Storage Options

Sometimes people forget just how much is available to purchase these days and how many gadgets are available on platforms such as Amazon specifically designed to help with storage needs.

Other options for freeing up space can include simple ideas, such as purchasing storage shelves for the insides of kitchen cabinets for items like cleaning supplies.

You can even purchase decorative ottomans that can be placed in front of a couch for decoration, but also serve as a way of storing shoes.

A nesting table is another great possibility for a small apartment or studio apartment because they can be placed and stacked on top of one another to save space when space is needed, or serve your needs as end tables or coffee tables when space is not needed.

Consider a Room Divider

Another great option to utilize small spaces to the best of your abilities is to consider using a room divider or a partition.

For a studio apartment, this can work out great for certain situations, such as separating your living space from your bedroom or a living area from an office area; especially for those who can work remotely.

Room partitions can be financially beneficial as well. They can provide a divider between two living spaces without additional construction or actual walls.

This may not be the most appealing method to utilize small spaces, but it can create separate living areas on a tight budget.

Paint in Light Neutral Colors to Make Your Apartment Feel Larger

Sometimes the décor and style of the apartment can be just as game-changing as the organization itself, especially when you are dealing with small spaces in a small apartment. Consider this when you are brainstorming how to make your apartment functionally have more space and appear to have more space.

Natural light and the light colors in the apartment can go a long way toward giving an apartment a larger feel. Neutral tones are typically the colors you will want to lean on to accomplish this.

For small spaces or small apartments, consider re-painting the apartment in lighter colors. To give you a better idea, some of these colors can include cream or white.

The natural light bouncing off the lighter colors will give the small apartment a much more open feel and make it feel larger than it is.

If All Else Fails, Consider a Storage Unit

Depending on where you plan to rent your apartment, a studio apartment or a small apartment may be the only affordable options.

Additionally, you may have already exhausted many tips we have discussed thus far.

If that is the case and you still need to clear some space and make a small apartment have more living area, a storage unit may be the next best solution.

In most circumstances, storage units will cost you less to rent monthly than you would pay for upgrading apartments. It will save you a move and allow you to stay in your current apartment.

If you have not moved into your new studio apartment or small space, you still have plenty of time to decide which items need to go to a storage unit and which items are critical to your everyday living to bring with you.

Storage units also offer features such as climate control and security systems to protect your belongings and often can cost less than $50.00 per month, depending on how large of a unit you need.

This can be an option to consider so you can keep the living space open and not so cluttered.

The Takeaway

Sometimes, a 2-bedroom apartment, or even a 3-bedroom apartment, is not an option, and a studio or small apartment is the only choice that will fall within your desired budget. Saving space in these situations becomes crucial.

Plenty of resources are available for individuals looking for more ideas on utilizing space in a small apartment or a studio apartment.

Creating additional storage and making the best of a small apartment surely has its benefits. Trying to come up with square footage for a small apartment or studio apartment out of thin air does not always work out the best without some clever ideas and the ability to get creative.

If you implement the tips we have discussed in this guide, we are confident you can make the space in your studio apartment, or any small apartment, appear to be larger and effectively give you more usable living space to work with.

Renting an apartment is always exciting, but it does not come without some challenges.

If you are currently looking to rent in the Keego Harbor, Michigan area, be sure to check out the units we have available at Cass Lake Front Apartments.

We wish you the best of luck with your organizing and space-creating efforts.

Read more

September 26, 2022 at 10:50 am · Justin Becker · Comments Off on How to Prove Income for Rent when Self-Employed

How to Prove Income for Rent when Self-Employed

There are many advantages to renting an apartment, but it doesn’t come without a few nuances too.

Verifying income is part of the tenant screening process when renting an apartment. When trying to secure a rental property, it makes sense that the property owner would verify your ability to pay your monthly rent.

Monthly rent is the entire security and income of the property owner’s business. They need to be sure you can cover rent, utilities, and security deposits before approving a renters application.

Hence, proof of income becomes very important if you are trying to rent an apartment.

During the screening process for an apartment, it is common for the property owner to inquire about all your income or obligations, which could include unemployment benefits or child support among many other factors.

The rest of this guide will provide you with the best ways to secure an apartment and successfully show proof of income. Additionally, we will cover the income documents or processes you can follow that should make proving income to rent your apartment that much easier.

Let’s start with some of the basics.

How to Prove Income for Rent when Self-Employed

Often, self-employed individuals struggle to prove income due to not having regular pay stubs and not having consistent income.

Consistent income is typically crucial for property management teams to verify in order to consider an applicant that desires to rent a unit or property.

Clearly, proving your income becomes slightly more difficult when you do not receive regular pay stubs. Sometimes, you don’t even have a steady income due to the ups and downs of owning your own business or being self-employed.

Paystub.org helps users create accurate pay stubs, invoices, and tax forms to save time and effort. In these cases, it generates accurate pay stubs that serve as reliable proof of income for rental applications and financial transactions.

All prospective tenants in this situation will need to turn to alternative methods to prove income to secure an apartment. Luckily, self-employed renters have plenty of options they can turn to so they can prove income during the rental application.

Let’s first cover what proof of income means and then dive into the methods you can use to show income.

What Exactly is Proof of Income?

When a potential property owner asks you for proof of income, you may not know precisely what they need if you have never been through the process.

Proof of income is, essentially, precisely as it sounds.

Proof of income shows formal documentation that allows someone, such as a property owner considering you to rent an apartment, to see how much you earn during a specific period.

A property owner renting an apartment to a tenant will be most concerned with how much money you make monthly because they want to ensure that rent will be paid on time each month.

They would also like to see a history of stable income.

Typically, a brand new job that just began in the last week or two or income that is all over the place on a weekly or monthly basis may cause some concern for the property owner. Sometimes, requirements may call for up to a year of income to be proven so you can rent an apartment.

Depending on the standard practices at the property you desire to rent, the documents required to prove your income may vary.

Since we are primarily focused on self-employed individuals, we will go through the documents that will be the easiest to use in order to prove your income and get you into your apartment as soon as possible.

The Best Ways to Prove Income when Self-Employed

1.) Tax Returns

Tax documents and tax returns are almost always universally accepted as valid proof of income.

Tax returns are typically one of the most trusted and desired documents you can use to help show income history.

One of the most important things you can do as someone self-employed looking to rent an apartment is report all income on a yearly basis and to always remain accurate with your reporting.

Many times, if you make less than $600.00 with one individual while self-employed, the income will go unreported. This is technically legal, but it does not make it suitable for you to show income in the future.

Keep accurate records and file accurate returns. This way, a tax return can be a great way to prove income in order to rent an apartment.

2.) Bank Statements

Another option for self-employed renters is using bank statements to prove income. This is typically the approach you would take if you had income that has been deposited, but has no 1099 to verify.

The bank statement can help clarify deposits and income when the income has not been reported to the IRS.

It is typically best for a self-employed individual to consider having separate accounts at your bank. One for your business and one personal account. This way, you can deposit only business-related money into the business account, making it easier for someone to verify the income.

Using bank statements may be sufficient, but it also may not be with a potential landlord.

Something else to note is that it typically does not look appealing during the tenant screening process to see a lot of money deposited into the account as a lump sum.

To put simply, it looks best if the self-employed income is consistent compared to lump sum deposits.

3.) Profit and Loss Statement

A profit and loss statement is another excellent way to prove your income when trying to rent an apartment.

However, it does require that you have been diligent with your bookkeeping before the renting and approval process.

Profit and loss statements typically work best when the records have been taken consistently over a long period.

The statement itself will show your business’ revenue and deduct the expenses. This will show who you are potentially trying to rent from your overall profit each month.

Self-employed individuals in this situation who lack other documentation can likely use a profit and loss statement to prove income during the background and income verification process of renting an apartment.

4.) 1099 and Miscellaneous Income

A 1099 or multiple 1099 forms will be one of the best ways to prove income when self-employed.

1099 forms are sent to you if you have earned more than $600.00 from any individual. When you make more than $600.00 from an individual, they are responsible for filing the 1099 form with the IRS.

A copy will also be mailed to you in this situation, which gives you a hard copy of the documents needed to prove your income during the apartment renting process.

1099 forms are typically a viable method for proving income when attempting to rent an apartment.

5.) Self-Employed Pay Stubs

Self-employed pay stubs are becoming more popular in recent years with the increase in self-employed individuals around the world.

This typically works best when you utilize our advice and keep separate bank accounts for business and personal use.

Most individuals in this situation have a set amount of money they pay themselves either weekly, bi-weekly, or monthly, making a consistent income from the money earned while being self-employed.

Self-employment stubs are easy to generate on your own using your any number of software programs of your choice, and you will typically show:

● Gross Pay

● Deductions

● Net Pay

This is another viable approach to prove income as someone self-employed.

6.) Letter from Former or Current Employer

For certain occupations, obtaining a letter from your employer or previous employer may be possible to show income to secure an apartment. This could also be known as an income letter.

One of the best examples of this could be self-employed individuals who work for an insurance company.

Independent insurance agents often have 1099s from multiple companies, but sometimes work on reduced compensation deals with general brokerage firms because all income is in the form of commission.

If you know you have earned more than you can prove in a situation like this, consider asking your agency for a letter that can help verify your total income.

Proving Income for Self-Employed Individuals is Important for Other Purchases

Another essential thing to note during this discussion is that the documents discussed above are crucial to proving the income to rent an apartment and will also be necessary for other major purchases.

Items such as vehicles, traditional homes, mobile homes, or even securing a personal loan will require you to show proof of income as a self-employed individual.

Be sure to keep prior years’ tax returns and keep up with accounting and bookkeeping with your business so you are not stuck in a situation where you can’t make a purchase you desire to make due to a lack of paperwork available.

The Takeaway: You Have Plenty of Alternative Options to Prove Income

Being self-employed may cause a little more legwork on your end to prove income when trying to rent an apartment.

It is certainly doable, and self-employed individuals do it every day.

Take the time to put together your documents and do your best to find the other potential required documents a landlord may desire; then you will be in great shape.

Of course, if you are looking to rent in the Keego Harbor, Michigan area, be sure to check out what we have available at Cass Lake Front Apartments.

Read more

September 19, 2022 at 11:41 am · Justin Becker · Comments Off on When Do Apartment Leases Usually Start?

When Do Apartment Leases Usually Start?

Renting an apartment is a major part of your adult life. Some might say that it is a stepping stone into adulthood or the first taste of independence. With that said, this independence comes with a lot of responsibility that could confuse you at first.

For first-time apartment renters, there are a lot of things to keep in mind. You have to double-check certain factors, make sure to know your priorities, know what invalidates a security deposit, and so much more. It is not just a matter of moving in and paying rent; there are all sorts of matters to handle before the move-in date.

What Do Apartment Leases Usually Entail?

One of the first and foremost aspects of renting an apartment is the lease signing. Whether you are dealing with a property management company or directly with the owner, apartment leases will set out the agreed-upon monthly rent, the move-in date, first month’s rent, and many other details.

After the lease signing, you are legally bound to uphold this contract for the stipulated time. So, don’t get too excited and sign right away; take a deep breath and know as much about the lease as possible beforehand.

When Do Apartment Leases Usually Start?

One very important question about a lease signing is when it actually happens. You do not want to sign it before a proper apartment hunt nor do you want to leave it so late that someone else snaps up that perfect apartment.

In the U.S., apartment leases will usually begin on the first date of a month. You may have signed the lease some time before that, but the actual start date could be later on or on the same day. However, some leases may start in the middle of the month right when the previous tenant leaves and the apartment is ready for new occupancy. It might take a week or two for the preparation period, which means the new lease will begin once the apartment is ready.

How to Make Sure of the Right Signing Time

Signing apartment leases is not a small thing. While you can break them later, there are major penalties involved (learn how to break a lease without penalty here).

Before you plan that move-in date, check out these guidelines for determining the perfect time to sign a lease:

1. Strike a Time Frame Balance

Before you rent an apartment, keep in mind to move at just the right pace. Signing too quickly increases the risk of scams, but being too hesitant could result in the property owner renting to some other tenant. Ideally, the time for signing should be 20 to 24 days before you plan to move-in. The lease start date might be different from the move-in date, so make sure to double-check that and plan accordingly. You may also want to do some research on how to read an apartment lease.

Starting the Apartment Search

If you look for an apartment early on, it probably won’t be too easy to find units for your intended move-in date. If you do find a good option, there would probably be a wait until the previous tenant moves out. If there are less than two weeks left, though, you won’t get many options. Plus, there will not be enough time to check out the apartment properly or fix any wear and tear from the previous tenant.

2. Month-to-Month Leasing

If the 20-day window is gone, you may still have a good chance with month-to-month rentals. There are apartments that are ready for you to move-in on the same day or some days after signing the lease. They only charge one month’s rent at a time, so there is not such a major commitment. You will have to wait until the previous tenant moves out, but that is it.

How to Find a Month-to-Month Leasing Deal?

For this kind of deal, you have to find a well-known company that offers flexible leasing. This way, you make a quick decision, but are still fairly safe.

3. Consider the Cheapest Time of the Year

Renting an apartment can be very costly, especially with the security deposit and apartment move-in fees for at least a month’s rent. Learn what is the best month to look for an apartment. If budget is a major consideration, you might want to have the lease start date in the winter months. Fewer people are renting new apartments at that time, as they are already bogged down with the holiday rush and expenses.

Avoid the Summer Months

A lot of college students are moving into new apartments during the summer. This drives up the prices and gives you less of a choice. If there is no option but to move in the summer, you might want to see if your parents can lease an apartment for you.

What We Get in the Winter

Prices and rental rates may be lower during winter, but the difference usually is not a miraculous one. However, you will be a bit more comfortable while moving before your lease starts.

There may also be other advantages to moving during winter. At this time of the year, the property owner can offer certain perks. In return for a shorter or longer lease, you may get the following:

• Lower month’s rent
• Reduced or waived apartment deposit
• A great deal on utilities

4. The Best Time During the Month

Once you know which month you want to move-in, you can start planning your tours and the eventual lease signing. Keep in mind that the lease for any previous tenant will expire at the end of a certain month. There will be at least a 30-day notice before they leave, so this is the ideal time when you want to start looking for a place to rent. For instance, anyone wanting to move homes in December should begin their search in the last half of November. Checkout our top five websites to search apartments for rent here.

Apartments in Mid-Month

The middle of some months is also prime time to rent an apartment. While landlords will probably still perform credit checks, they would love to have a tenant for their empty units. You can save a lot on rent by moving in quickly, but do check out all apartment lease options before signing.

About Prorated Rent

Month-to-month leases usually charge prorated rent. The same goes for an apartment that one rents for just a day or week.

So, what is prorated rent? The prorated rent is only charged for the term that the tenants occupy the unit. Try to opt for a monthly rate if you are staying there that long. A daily rate might be an option, but those are usually quite high when you do the math.

5. Different Times in Different Cities

The city where you are planning to live will also have varying peak times and down times for apartment rental rates. A college town, for instance, will probably have no units available if you start looking too late in the summer. The huge student population will snap up anything that is affordable, and even expensive options if they have help from their parents. In such cases, if you are not a student yourself, begin your apartment search after the start of the term in September. The landlords of the remaining apartments will rent them out at a beneficial deal for you so that they don’t have empty property eating up their money.

Renting an Apartment in Winters

You might want to rent an apartment in a little town that is known for its winter festivals. For such places, the winter months might be the busiest time for the housing industry. People will probably travel from far and wide to attend the festivities and rent apartments for some time. While they might not be there for long, the rental rates will certainly go up in such an atmosphere. You would be far better off waiting it out and start applying for apartments when the visitors are on their way out.

The Takeaway

When you see a shiny new apartment in a decent apartment complex, you might get tempted to whip out that first month’s rent right away. However, signing on the same day that you tour an apartment is rarely a good idea. Consider all the semantics, run a background check on the property manager, and make sure your current bank statement is in order.

The tips above will also help you understand when to sign apartment leases and read them properly as well. In some cases, you might even consider having a lawyer review your apartment lease before signing. Here is wishing you the best of luck in your apartment search and first apartment!

Read more

September 5, 2022 at 12:54 pm · Justin Becker · Comments Off on What are Some Advantages of Renting an Apartment?

What are Some Advantages of Renting an Apartment?

It has always been the American Dream to purchase a home and turn it into the house of your dreams. Depending on your current financial situation, the cash to afford a mortgage or take on additional costs associated with buying a home may not always be the right fit or the ideal choice.

Luckily, other options, such as renting apartments near El Paso, can be highly beneficial depending on your circumstances.

Sometimes, patience and building up reserve cash flow for a large down payment can be more beneficial.

Renting an apartment is a great option and it is 100% possible to make an apartment feel like home.

It can even be less troublesome and reduce some stress.

What are Some Advantages of Renting an Apartment?

Homeownership is typically the goal for most individuals. While not all individuals will purchase a home at some point during their lifetime, the idea of it has crossed their mind at one point or another.

For most, many will try or ultimately purchase a home, whether today or several years later. It is perfectly understandable, and we are not here to argue against purchasing a home.

In this discussion, we are here to cover some of the advantages of renting an apartment that is often overlooked.

Here is a look at some of the best benefits of renting an apartment.

Not Needing a Substantial Down Payment

Buying a home may seem like the right thing to do; and with current financing offers, it can be easy to sign paperwork locking you into payments for 30 years.

That is what most new homebuyers believe.

However, it is not always that easy. Depending on credit and the financial lender you choose to work with, other costs that can add up substantially will be involved.

The first of which will be your down payment on the home. Most lenders in 2022 will require a down payment equal to a percentage of the home’s purchase price. According to U.S. Bank, the average down payment for 2021 was 6%.

However, many consumers still strive to put 20% down on a home purchase because it provides further benefits that save additional money, including eliminating PMI (Personal Mortgage Insurance).

Assuming you intend on purchasing a home for $200,000.00, 6% is an additional $12,000.00 cash you will need on hand at the time of purchase. Not to mention the additional cost to furnish a home that is larger, more significant utility bills, and other costs, such as closing costs.

When you rent an apartment instead, you do not have to worry about these costs.

Sure, you may opt to or be required to purchase renter’s insurance. You may also be required to pay a security deposit and an additional month of rent, but, outside of these costs, the expenses incurred to rent an apartment are minimal compared to purchasing a home.

Apartment renting will require less income and have less stringent requirements to rent compared to purchasing a home. Learn how much income is required to rent an apartment here.

Avoiding or Delaying Mortgage Payments

Mortgage payments are something that most will undoubtedly experience at one point.

An argument can also be had that renting an apartment is still a monthly rent payment. Still, no ownership and equity are being established when renting an apartment.

However, you must remember that paying rental payments and paying a mortgage are two separate concepts.

A mortgage is essentially a promise to pay for 15, 20, 25, or 30 years.

A lease on an apartment is going to be much shorter. Usually 6 months, 1 year, or 2 years.

Life has a lot of unexpected changes, especially in a fast-paced world dominated by technology and even working remotely.

The desire to remain capable of quick change and move to a new location on short notice has begun to trend up and become more popular.

If you are early in your life, it may not be the best idea to jump straight into a mortgage that requires a full-home sale before you can exit the agreement with the lender.

An apartment while finishing school, starting your family, or building investments can be a great option that keeps you capable of accepting change more fluently.

The point being, if you are not 100% sure if you want a house or are not quite ready for that commitment, consider the advantage of renting instead.

You can remain capable of moving and get out of your apartment typically with more ease than you can once you purchase a home.

Not Being Responsible for Property Taxes

While homeownership is excellent, it is not always the cheapest route you can take.

In fact, homeownership ends up with other expenses such as pay property taxes that cost thousands in most situations.

Real estate taxes vary based on the home value and the area. Real estate taxes can also be escrowed into your mortgage payment.

It is not uncommon for individuals to pay their real estate taxes separately to avoid the monthly mortgage payments being higher each month.

On average, in the United States in 2021, real estate taxes cost about $4,527.00.

You get to avoid these costs as someone who opts to rent an apartment instead.

The property taxes will be the responsibility of the rental property owner and/or management company.

No Concern with Home Values or the Potential of Losing Money

Homes come with a lot of excitement and potential.

However, great things in life typically do not come without some risks. Purchasing a home instead of renting an apartment is one of those examples.

Renting an apartment may not present the upside in financial gain that a home can, but renting an apartment is definitely advantageous from a risk standpoint.

Homes can fluctuate in value. Sometimes values can even drop heavily, like they did in 2008. While this is not super common and does not occur with any regularity, it can happen.

The upside of renting an apartment is to remove this stress and not have to worry about it. Especially until you are ready and know the home you want and plan to stay in for a long time.

The Potential of Reduced or Eliminated Utility Bills with Apartments

Do not get us wrong, there are certainly apartment monthly expenses.

However, the savings can usually outweigh the expenses when renting an apartment.

Utility bills can add up quickly, especially with home ownership.

In addition to other required expenses with home ownership like homeowners insurance, you also have utility bills such as electric, water, and gas.

You may even have additional bills for trash pickup.

An advantage of renting an apartment is that these utility bills will be cheaper.

Not only will the apartment bills be more affordable, but a few may even be covered by your apartment complex property management team/ownership.

Sometimes, you can enjoy covered utilities for an apartment, such as water and gas in many complexes.

In most situations, the renter will require a few utility bills, and almost always, electricity is not included.

However, in many circumstances, and if you shop around enough for your apartment, you can find an apartment that will include a few of the other utility bills in the rent.

If you are trying to save money to eventually purchase a home, having a few of your utility bills covered while you rent can be highly beneficial.

Maintenance Costs and Major Repairs are Not Your Concern

Another significant benefit often overlooked when renting an apartment is the amount of free time you can gain and the hassle you can avoid.

Things break and need to be replaced eventually. With homeownership, the cost, and potentially even the labor, is on you.

Owning real estate means that if a furnace, air conditioner, or even a major appliance is your responsibility if it becomes faulty.

Repair bills can become a significant financial burden when you own real estate.

Renting an apartment typically shifts this responsibility and the cost to the landlord or property owners.

If you rent an apartment and an appliance or your heating stops working, the property owner will have it fixed.

The property management teams often do everything from getting the apartments leased and occupied to handling all service and apartment maintenance requests and getting a technician on-site to fix the issue.

The Cost for Repairs that May Arise if You Choose to Purchase a Home

If it is your house that needs repair, you would either need to fix the problem or hire someone to fix the issue out of your pocket.

Not to mention the cost you would incur to purchase parts or the necessary items to complete the said fix.

Other Costs or Common Repairs and Upgrades on Homes to Consider

We mentioned some areas where you could save money and headache when renting an apartment.

While the list could certainly be much longer than this, we wanted to point out some of the primary upgrades, fixes, and repairs that come with homeownership:

● Roof Repairs

● Flooded Basement

● Windows

● Yard Work and Landscaping

● AC and Furnace

● Major Appliances

● Electrical Upgrades and Repairs

Additionally, renting an apartment can be beneficial and timesaving for smaller tasks, such as snow removal.

While this is not the first thing that many think of when deciding whether to rent an apartment, it is certainly an added benefit to enjoy as opposed to going outside in the cold and taking care of it yourself.

Apartments can Create Reduced Distance to Favorite Places

One of the last notable advantages of renting an apartment vs. buying a house is the reduced amount of travel needed in many cases to the desired locations in the town or city you decide to live in.

To find the perfect piece of real estate or the most desirable neighborhood, you may need to look at the outer parts of cities.

Sometimes, you even find a home in a rural area 10, 20, or 30+ miles from the city.

This could cause additional drive time for work, grocery shopping, or even visiting your favorite restaurant.

While it may cost extra to be in the prime locations for an apartment, you may be able to save money on transportation and save yourself a reasonable amount of time.

Not needing to travel 10+ miles can make it easy for you to get to your favorite restaurants, activities, and even work.

The Takeaway

Renting an apartment presents some unique benefits and advantages, but homeownership can also have its own fantastic upside.

Renting an apartment is an excellent option if you have not found your forever home. Renting an apartment can also be highly beneficial if you are not ready for the time commitment of purchasing a home.

Renting an apartment is also an excellent idea if you still need additional money for a down payment, closing costs, or even specific renovations you want to complete after purchasing your home.

Either way we hope you find the perfect place for you and your family to call home.

Read more