Rental properties are excellent for those who want to live in a specific city or neighborhood for a limited period. But for those who plan to stay for a more extended period, it can be challenging to find an affordable place to call home. Renting an apartment can be expensive and time-consuming. Not to mention, you need to find a place that’s both safe and comfortable.
For example, if you want to become a full-time resident of a city, renting an apartment might not be your best option. However, buying an apartment may make sense if you want to stay in that city for an extended period. Here are a few good reasons you should buy an apartment instead of renting one.
You get to choose where you live
Buying an apartment allows you to choose exactly where you want to live. If, for example, you are a student or lecturer and live in Birmingham, you might consider apartments near uab because of their proximity to the institution.
You get to customize your new home
When you buy an apartment, you get to decide about the layout of your new home. You can choose from a wide variety of floorplans, sizes, and configurations. This gives you a lot of flexibility in designating space for your various needs. For example, you can choose from multiple layouts, either for one or two bedrooms.
You get a bit of ownership in your new home
After buying an apartment, you experience a bit of homeownership. You get to select the furnishings, fixtures, and appliances used in your home. You also get to choose the flooring and wall paint.
It’s a solid investment
You essentially purchase a portion of a building when you buy an apartment. Depending on the location, apartment buildings can be pretty affordable. In many cases, a single-family home will cost more than four times as much as the same square footage in an apartment building. While there are certainly some apartment buildings that are undervalued, on average, buying an apartment is typically a good investment. By taking the time to research different ways to invest your money, you can find solid investments that will last for decades, and buying an apartment is one of them.
You get to enjoy city life
One of the best things about buying an apartment is that you get to enjoy the conveniences of city living.
You get to have all the benefits of city life, such as:
- Excellent public transport
- Easy access to stores, restaurants, and other amenities
- Parking close by
- Large, beautiful parks in which to take walks or jogs
- Access to cultural and recreational activities in the city
- Proximity to nature – an incredible change from the concrete jungle
You can stay for an extended period
Another great thing about buying an apartment is that it allows you to stay in that city for an extended period. In many cases, you can purchase an apartment for just a few months of your stay in the United States. This helps you avoid the expense and trouble of finding a new home for extended family or friends. You also get to save some money on your move, as you won’t have to pay for both your move and the move of those you are relocating.
You can sell your apartment after you move out
One of the best things about buying an apartment is that it allows you to sell your apartment after moving out. So, for example, if you were a student or lecturer at the University of Birmingham, you could sell your apartment once you are done doing what kept you there. This is an excellent option if you want to monetize your investment and get some cash in your pocket. While it is challenging to find a buyer for an apartment after you move out, it is possible.
For example, if you are looking to unload your apartment, you will typically have at least a year after you move out to find a buyer. By that time, you can expect to have saved enough money to buy a comparable home in most cases.
Buying an apartment can be a great way to get a home in a city you plan to visit for an extended period. You get to experience all the benefits of city life without the hassles of renting. You also get to enjoy a bit of ownership in your new home. And, if you choose to sell your apartment after you move out, you get to cash in and move on to your next adventure.