Housingis a significant investment for most Bostonians, considering the exorbitant prices of real estate and Boston apartments. Because of this, much of the city’s residents opt for renting an apartment due to it’s relatively low upfront cost and flexibility offered.
Many property firms seek to bridge the gap between the need for decent housing and the increasing demand for living space. Here are a list of advantages renting an apartment in Boston compared to buying a home.
- More affordable upfront costs
As mentioned earlier, a single family home is much more expensive upfront cost than renting an apartment in Boston and most places. To own a home, one needs to secure a mortgage and save for a down payment and closing fees. This can cost upwards and beyond $20K compared to just a few thousand dollars for renting an apartment.
- Easy to maintain
Once the owner occupies the house, there are utility bills to be paid and other maintenance charges. A cheaper alternative is renting a mortgage. The apartment contains smaller rooms and heating, cooling and lighting consume minimal energy bills. Many young people and families can afford the maintenance fees for renting an apartment.
- Better amenities
There exists increasing competition in the property market dealing with apartments. Many apartments come with a variety of social amenities such as a gym, swimming pool, underground parking, children’s playground, and many more. Typically, installing all these amenities in a family house is impossible for most people and the better option is to rent or lease an apartment.
Cons of renting an apartment
- Limited space
Apartments do not occupy a lot of space and the rooms are only big enough to cater to small families. This explains why apartments are more affordable than securing a mortgage to buy a family house. Young people who’re starting life after college may find the space appropriate but soon they begin family life, plans to move to a bigger house must begin. Space does not support other amenities such as a lawn, a yard, or cabin house.
- Communal living
Living in an apartment means you do not have a private life. You may live and pay for your rent but you have several amenities with other tenants. The children’s playground, swimming pool, gym, and other facilities are shared among the neighbors.
Additionally, the apartments are close to each other and so there may be noise and all sorts of distractions. You may hear and see a lot more than you would have if living in a standalone unit.
- Limited parking space
Most apartments have limited parking space. If one has more than one car, one may have to move to a more spacious apartment or move to a standalone unit. However, some apartments offer extra parking space at a premium. This costs a little more alternatively, you can choose street parking, though your car may not be secure.
Renting an apartment has its merits and demerits. The choice to lease or rent one depends on an individual’s current needs. The greatest benefit is the ability to live in an affordable unit to allow you time to plan your finances before moving to a larger house as the family expands.