Rent vs. Buy: The Definitive Guide

By on December 13, 2019

Are you unsure whether you should keep renting or finally buckle down and buy an apartment? Renting a luxury living space can make your life much simpler due to the ease and convenience of the amazing amenities. Owning instead of renting definitely has its perks as well. (Image Credit: Leemelina08/ Pixabay)

Whether you’re looking to rent or buy the best apartments Valley Ranch, TX has to offer comes down to your personal needs, wants, and desires. Only you know if you are truly ready to take the plunge. But if you’re having a hard time deciding, we can definitely share some valuable pointers to help you make the right choice.

Without further interruption, let’s take an objective look at renting a luxury apartment versus owning one. You can then use this information to choose the best options suitable to meet your needs.

The Advantages of Owning a Luxury Apartment

Owning a luxury apartment definitely has its privileges. First of all, with home ownership comes the creation of wealth. Instead of paying somebody each month to rent their place, your monthly mortgage payments go toward paying for a valuable asset that you can sell for even more money in the future.

Owning a luxury apartment means owning the best of everything in life. It means having access to all of the best amenities in the building you live in. You’ll potentially have access to dog parks, pet grooming stations, fitness centers, indoor/outdoor swimming pools, a restaurant and/or grocery store on premises, concierge services, laundry services, and so much more.

Anyone can see the value when you buy an apartment in a luxury setting such as the one described above. Instead of having someone else tell you how to live, you have more choices than ever to lead a great life even if you happen to be really busy. These additional services can help you get everything done even when you are fully swamped at the office.

The Disadvantages of Owning a Luxury Apartment

Some people look at the financial responsibilities of luxury apartment ownership as a negative. If you happen to feel that way, then buying a luxury apartment might not be your particular cup of tea. You’re going to have to pay property taxes, mortgage payments, electric and water bills, maintenance bills, repairs, and everything else that goes along with owning your own home.

And at the end of the day, there’s no guarantee that your property will be worth more than you paid if you ever have to sell it. A major recession can hit out of nowhere and property values might plummet. That doesn’t happen too often with luxury apartments but you never know.

The Advantages of Renting a Luxury Apartment

Renting a luxury apartment definitely has its benefits. It’s a great option if you want all of the exciting perks of a luxury setting without making a huge commitment. Instead of buying the place outright and taking out a 30 year mortgage, you can sign a one-year lease and leave at the end of the term if you’re feeling stir crazy and looking for a change.

Renters also have the option of picking up and going wherever their heart desires. So if you’re the kind of person who prefers leading a nomadic lifestyle, settling down into home ownership might not be your style. But renting certainly solves your housing needs even if it is only for a short while.

The Disadvantages of Renting a Luxury Apartment

Finally, some people are so dead set against signing a lease agreement that they’d rather buy a luxury apartment then be beholden to someone else like a landlord or property management company. Because when you rent an apartment, you typically have to sign a lease for a year or more and it becomes a legally binding contract.

You must abide by the stipulations in the lease agreement at all times and you cannot make changes to your luxury apartment like you could if you’re a homeowner. So if you do not like to play by somebody else’s rules, then buying a posh home would be a much better choice when compared to renting a place.

Final Thoughts

As you can see, owning a luxury apartment certainly has its benefits and negatives. Renting a place also has its potential upsides and downsides. Pay close attention to the pluses and minuses of each option and decide which way makes the most sense based on your personal wants and needs and go for it!

About Jacqueline Maddison

Jacqueline Maddison is the Founder and Editor-in-Chief of Rancho Santa Fe Magazine. She believes in shining light on the best of the best in life. She welcomes you into the world of the ultimate luxury lifestyle.

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