For more than a century, home ownership was the cornerstone of the American dream. Today, Americans are deciding in droves to buck this long-standing trend in favor of the convenient and luxurious life one can enjoy living in an upscale apartment community.
Luxury apartments tend to be rich in amenities. A pool, a fitness center, and a lounge may all be available for you to use at your leisure. Few standalone houses come equipped with amenities that can compete with those available to tenants of luxury apartment communities.
Additionally, moving into an apartment is much simpler than moving into a new home. Fewer appliances and furnishings must be purchased, and little to no remodeling work is required to bring the apartment to a state of repair that exceeds one’s expectations.
Not only is an upscale apartment likely to be retrofitted with more amenities than any of the houses you are considering buying. When you live in an apartment, these recreational outlets require no maintenance on your behalf. Neither do the apartment grounds, which provide you with an omnipresent, well-maintained space for appreciating the changing of the seasons.
When a sink or dishwasher malfunctions in a home, it is the homeowner’s responsibility to contact a plumber and bear the costs of appliance repair or replacement. When the same machine starts acting up in an apartment, a quick call to the property manager is the only effort required on the tenant’s behalf. (Learn more about AMLI’s 48-hour Service Guarantee.)
Typically, people buy homes hoping that they will be able to build equity as they pay off their mortgages. Unfortunately, as millions of homeowners have found out over the past few years, this is not how things always work. The housing market is unpredictable, and purchasing a home is not always a wise investment. In most cases, apartment leasing makes more financial sense for people who do not plan to live in an area for more than a few years than buying a house does.