Apartment living was once for those just starting their careers or those who did not want the hassle of home ownership. But today, it has become a more affordable way to live, even if the home costs in the millions or the home is a mere 250 square feet. Apartment living is not just for college kids anymore.
Apartments of the Wealthy
The luxury apartments of the wealthy are something to admire but homes the rest of us can barely afford. Most of them buy their apartment homes for millions of dollars and in upscale communities, in tall buildings with terrific views. Wealthy apartment buyers are sticking to where they want to live and not buying homes in other states like Florida. They are looking at more low-key ways to live and moving away from the chandeliers and marble counters kind of home. Even affluent Americans want a home that appears to be common and everyday.
Renting versus Owning
Home ownership may not be in the cards for some people. Perhaps it is the cost of buying one, plus insurance and the maintenance a home requires. Renting is a better option for many people. Someone else is in charge of the maintenance and all one needs is renter’s insurance to cover belongings. But it takes patience and some personal contacts to find the right apartment home. There are thousands of beautiful apartment complexes around the country and most are managed by management companies not located in the same city as the apartment community. These companies only have their bottom line in mind. On the other hand, a private rental gives the renter a little more room to breathe when funds are tight and rent is due. Renting versus owning is better for young adults who may relocate to a new city for a new job, for someone who does not want the hassle of home ownership or for an elderly person who sold the family house and wants to downsize.
The New Minis
Remember what bachelor apartments used to look like? Now cut the size in half and you have what is now called a micro apartment. These tiny spaces are the latest rage in apartment living. They come equipped with modern Murphy beds, kitchen tables which roll under the counters and cubes that are tucked into the ceiling instead of closets. If you like to cook, this is not the home for you since there are two small burners on the stove. Builders of the mini spaces say they are affordable in size in crowded cities and affordable in rent where rent would normally expensive. These are almost perfect homes for single people, married with no kids or the elderly. As demand grows for this trendy new kind of home, prices may drop. And it might be fun to figure out how to furnish a small space. Swiss and Japanese furniture designers have mastered this years ago. If this kind of living is for you, it may be the community you have been looking for.
Right in the Middle
Somewhere in between the ultra high end and micro apartment homes are the average apartments where most renters live. They consist of either one or two bedrooms, some have washer/dryers in them and some do not. They are owned by either a management company or someone they know. Many of the renters have lived in them for years. They have a modern look and plenty of room for all of a renter’s possessions. Kitchens offer enough space to cook large meals and closets are walk-in and spacious. The bedrooms are comfortable and welcoming at the end of the day. But with any apartment, it is up to you to make it home.