Apr 10, 2020
Apartments: A Temporary Living Situation
A lot of us, since we were children, have dreamed about the day we get to move out of our parent’s house and live independently on our own. Of course, back then we also thought that being an adult meant that we could do whatever we want, but our expectations regarding adulthood eventually adjusted. Once we do move out of our parent’s house, our new home is usually an apartment.
Some people choose to live alone in their apartment, while other people can end up having one or more roommates. Apartments are a great option for an adult who is still trying to achieve financial stability and is still trying to figure themselves out since apartments are temporary property, and we only have the right to occupy that apartment until the lease expires. So, this allows you to spend your early days in smaller apartments, and then, like your job and/or lifestyle changes, you can buy more expensive apartments and move to a different area in the city and so on. This flexibility is a huge bonus for a lot of young adults that are still trying to make ends meet in today’s economy.
While apartments had always been seen as a temporary fix, and a house was seen as the ultimate goal, things have changed. A lot of people are now voluntarily choosing to stay in rented apartments, even when they have the finances to afford a permanent property. This trend has confused a lot of analysts and has of course only added more problems to a still-recovering real estate market. Of course, if you happen to be interested in exploring your options in property ownership, you can look into property central for more information regarding the subject.
Apartments, as we have mentioned before, can only be categorized under the temporary property ownership block. Once a lease is signed between a landlord and a tenant, the tenant has to pay a certain amount of money as rent every month up until the lease expires. Once the lease expires, you sometimes have the option to either renew the lease for the same apartment or move out and find somewhere else to live. Of course, this is great for people who have just entered the workforce or are still trying to become financially stable enough to afford more permanent property ownership options, but it is not useful for people who are already financially stable because that means that the money they are paying every month for rent is essentially going down the drain given how they are not getting anything of tangible value out of it.
It is understandable why a lot of people that are choosing to live in apartments do not want to move into a house. Apartments are comfortable, convenient, and cheap, are located in the city, and make commuting a whole lot easier. Houses are now seen as more of a nuisance by most young adults today. However, you cannot deny the importance and need for permanent property ownership. So, if you love your apartment and want the same benefits that come with your apartment, then you can look into condos as a potential option.
Condos, unlike apartments, can be bought, allowing you to become a permanent property owner once you have made all of your payments. Apart from that, you also have other advantages like the fact that condos are also located in the city, and while they are bigger than apartments, they are still not as big as a house. This means that if you see yourself having a small family in the future, you can comfortably live with them in the condo. Condos are also great because you get to have many amenities like a concierge, security, shared facilities like gyms or pools and so on. Condos are essentially the perfect hybrid between a house and an apartment. Plus, condos are cheaper than houses, so you do not have to worry as much. The demand for condos has grown along with the decline of the demands for houses, and the demand for condos is projected to keep growing for a while, so if you are open to new ideas, you should look into condos.
Having a condo means that you get to become a permanent property owner, which means that you not only have a secondary means of earning income if you want (by renting out the property and collecting rent), you also get to have a safety net at the end of the day, and this safety net is very important in our current economy where things are still turbulent. So, start with an apartment, and as time progresses and you find yourself becoming financially stable enough to take the next step, we would strongly advise moving from your temporary living situation to a more permanent living situation.