Apartment dwelling versus buying a home or renting a single-family home was on my mind the other day. I was thinking about the pride we have of home ownership. Then I was thinking about the hours and the resources we put into maintaining our home. We don’t have children, but we do have two dogs. Just a few years ago, we could not even dream of getting an apartment that allowed dogs. Now there are apartment homes, such as our nearby CityPark View South, that allow dogs and even have a Bark park. I thought about the freedom to just go out, get the garden hose and wash my car. Well, I found out that the same apartment complex has a care care center. I was running out of comparative advantages for home ownership versus apartment dwelling.
Sure, there is the equity thing. However, what do a lot of homeowners use it for? Yes, you guessed it. They use it to get a home renovation loan. Oh, and the idea of owning property is not all it is cracked up to be either. You pay taxes on the property including local school taxes. Don’t pay that for a couple of years and see just how much you own that property. If you need to move because of a job or other life event, you need to buy another house while still paying for your old mortgage until you sell the house you are moving from. Downsizing after the kids move out is a big deal too. You need to pull up stakes and move to a new house.
Modern apartments are built to give you privacy when you need it and community when you want it. Sure, you share a fitness center and the pool, but they are huge! You can have your own personal space even in community areas. Plus, you get stainless steel appliances, ceilings as high as 10 feet, easy to care for hardwood style flooring and much much more. All this and you never have to worry about fixing a broken pipe or reshingling a roof.