Considering a luxury apartment?
Wondering what you get for the rent?
Not sure if you really want to make the leap?
Look, luxury living isn’t for everyone. Still, it can be a wonderful fit for many, giving them access to the finest amenities and upscale living that simply makes day-to-day life more comfortable, more convenient, and maybe even far more enjoyable.
Should I Rent a Luxury Apartment? 4 Questions to Ask Yourself
As you think about renting a luxury apartment, here are some questions that can help you break down the key issues to consider. Your answers to these questions can reveal what you may get out of a luxury apartment and whether renting one may be a good move for you.
1. What amenities will I actually use?
Beyond the high-end features inside luxury apartments, there are usually several luxe community amenities and services. Those can include (and are not limited to):
- Pools and hot tubs
- Outdoor kitchens and dining areas
- Fitness centers and classes, cycling centers, and yoga rooms
- Pet parks, dog walks, pet spas, and dog walkers
- Electric car charging stations
If you see yourself regularly using amenities like these, renting a luxury apartment can be well worth it.
2. What would I be missing if I rented a standard or lower-end apartment?
What would you have to give up — and what would you maybe have to pay extra for — if you didn’t live in a luxury apartment?
Specifically, it’s important to think about:
- Amenities: Will you need to get a gym membership if you don’t rent a luxury apartment? Don’t forget about having to commute to the gym too! Neither of those is going to be an issue if you’re renting a luxury apartment because practically all of them have state-of-the-art, 24-hour fitness centers.
- Utilities: Since many luxury apartments include things like electricity and internet in the rent, you may have to cover these on your own when you rent a lower-end apartment.
- Parking: You may not get a parking spot, secure parking, or covered parking at a low-end apartment. Similarly, don’t expect cheap apartments to have electric vehicle charging stations or parking valet service.
- Your day-to-day life: Where do you work or what areas do you have to commute to? Location could be a big deal if you’ll have a longer commute every day because a lower-end apartment is farther away.
3. How much extra would I have to pay for with a standard apartment?
After answering the first two questions, you can start to get an idea of the extras you’re going to have to cover if you go cheap on rent with a low-end apartment.
So, do some number crunching and figure out how much you’re going to have to pay for, beyond rent, at those cheaper places. You may find it shocking to see how much more it can actually cost when you go cheap on rent.
Keep in mind too that more costs won’t just hit your wallet. If you’re renting a cheap apartment in Houston, Dallas, or anywhere else in Texas, you may be spending more of your time going to and from the gym, the pool, the pet park, and other places that high-end apartments put right at your fingertips.
4. How much will I actually be at home or in town?
If you travel a lot for your job and you don’t spend a lot of time at home, you may think it’s not really worth it to rent a luxury apartment. And that may be true to some extent if the only thing you care about is the bottom dollar.
But consider this.
What do you want to come home to?
A comfortable, secure place where you can enjoy the finest luxuries? Or a budget home where life’s just not as convenient, relaxing, or enjoyable?
The chances are that if you’re on the road a lot, a comfortable home matters. And you’re going to get that when you rent a luxury apartment.
Renting a Luxury Apartment: The Bottom Line
When it comes to renting luxury apartments, the bottom line is that there’s a lot more to consider than just the price tag of the rent and the glitz of a high-end apartment community.
The truth is that these upscale apartment homes can offer so much more than just comfort, class, and chic living spaces. They can also give you access to amenities you’d otherwise be paying extra for, along with invaluable peace of mind that you’re living in a safe, secure community.
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