In some areas, it makes sense to build apartment complexes in order to fit several people in a smaller area.  This is a benefit of both the people who own the property (they can make more money) and the renter (more availabilities when it comes to choosing an area to live).

An apartment makes sense for several reasons:

• You can choose where you want to live, and have more choices than if there were only single family homes available.
• Move in costs are cheaper (usually).
• Yard maintenance is handled by the property owner.

However, you may want to consider a few other things before jumping into a lease.

Remember that you are going to be living RIGHT next to your neighbor.  There is no extra space – just the walls between you.  Depending on if you are above or below, and if you have a neighbor on both sides, you are mostly going to hear things that you don’t want to hear.  While this may be true in some single family homes, it’s even more prominent in apartments.

You also want to keep in mind that while the cost of getting into the apartment may be cheaper upfront, you usually make up for that after the first year.  Consider move in costs.  Some landlords want you to pay a full months rent as a security deposit.  The deposit and the first month’s rent can add up quick.  Apartments however usually run several deals throughout the year.  Most of the time, the move in costs are significantly lower than that of moving into a house.  Also consider later on, when it’s time to renew, and they don’t have as many apartments available, the rent is going to creep up closer to the market rate.  So while you may get to move in and pay $1099 a month for the first year, later on, it could be as high as $1500!

Also, keep in mind that you will have to pay for preferred parking.  If you come home late, there may not be any “free” spaces available close to your apartment.  If you want that guaruntee, it could run you anywhere from $20 to $40 a month just for covered parking.  A garage could be $75 to $100 a month!

And as always, regardless of what type of place you choose, whether an apartment or a single family home, remember to consider location, location, location!  If you are not located near your job, or close to regular shopping stops, then you may want to rethink the area.  What you save on rent, you may make up for in time and gas money!

If you can think of any more tips or reminders, leave us a comment below!

Further Reading

• How to Negotiate With Your Landlord (1)
• Six Reasons to Buy Instead of Rent a Home (3)
• Apartment Hunting When You’re Out of Work (1)
• Your Mortgage: When It’s OK to Walk Away (6)
• Estate Planning Dos and Don’ts (0)

Tags: apartment, Lease, Lodging, Park, Real Estate, rent, Single-family detached home, Travel and Tourism

This entry was posted on Friday, April 10th, 2009 at 9:00 am and is filed under Life. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.