Most people like the idea of living a life of luxury and that includes a really nice apartment in a swanky part of town. If you plan on living in your dream apartment then plan on paying big bucks for the privilege. Your budget might strain under the pressure, so before you move in you need to ask yourself is a luxury apartment worth it?
Is a Luxury Apartment Worth It?
Luxury does not come cheap.
The cost of living in a luxury apartment is always higher than the more affordable options.
This is usually because the apartment includes amenities like pools, gyms, and concierge services that are only found in luxury apartments and hotels.
But are the extras worth the extra money?
The Pros of Renting a Luxury Apartment
Luxury apartments tend to be located in more expensive areas and cities which may contribute to their more expensive rent prices.
It can be hard for some people to justify living in an expensive place if it is going to stretch their budget but it’s worth considering before you make your final decision.
A luxury apartment has perks that include things like security and impressive views.
For example, when you live in a luxury apartment, you don’t have to worry about living in an area where crime rates are high.
Luxury apartments usually add extra security like keycard access to the front door and doormen that will ensure people who don’t live in the building are not granted access.
Renting a luxury apartment can also provide an impressive view of your skyline – which can be a great thing if you enjoy living among the city lights.
You will have plenty of new things to see every day.
Luxury apartments can also come with a number of extra amenities.
A luxury apartment complex may include sports facilities like tennis courts, swimming pools, or even gyms.
It may also include a concierge service that will help you with things like getting tickets to the theater or making dinner reservations.
There could even be a staff member who can cook for you if it’s more convenient.
A luxury apartment can provide easy access to high-end stores and restaurants too.
When deciding whether or not a luxury apartment is a right choice for you, remember to consider all of the positive perks it could have that make living there worth paying hundreds or thousands of dollars more per month than other apartments.
When deciding whether or not it is worth renting a luxury apartment, keep in mind that paying more for rent may be worth it in the end.
If you can afford the extra costs, renting an apartment from a luxury complex could be a great choice.
The Disadvantages of Renting a Luxury Apartment
Some luxury apartments can cost more than $2,000 per month and that’s on the very low end.
You could end up spending $5,000 or even $10,000 dollar a month depending on where the apartment is and what it offers.
You Could Be Saving The Money That You’re Spending on Rent to Buy Your Own Home
If all you need is somewhere to sleep and shower, rent an apartment in a regular building that costs much less than a luxury apartment.
While renting a really nice apartment certainly has its appeal, you’re not really getting anything more than a roof over your head.
In the end, you don’t own anything and you haven’t created any equity.
If you rent a less expensive apartment you can take all the money you save and use it for a downpayment on your own house.
That way you will build wealth and equality and own something of value.
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You May Not Have Enough Money Left Over After Paying Rent for Entertainment or Travel
A luxury apartment will take most of your money. You won’t have much leftover every month for the fun things in life.
It will be impossible for you to have fun or to travel.
Forget about taking a weekend trip to ski.
Your friends might be out at the clubs on Friday night, but you won’t be able to afford to join in.
Your best friend who lives across the country is getting married, but you’ll have to disappoint them because you can’t afford the trip to make it to their wedding.
A cheaper apartment can give you some extra spending money each month, so you can afford to go out with your friends or take a trip and see the world.
You May Not Have Enough Money Left Over to Buy a Car
If you spend all your money on rent, you will not have anything left to buy a car.
Even if you plan on renting an apartment for many years, it doesn’t make sense to pay more than you should.
If you are paying too much for an apartment, it might be difficult to get a loan to buy a car.
The bank will see that you are overextended and your source of income is not sufficient to cover your expenses and not approve the loan.
Hopefully, you really enjoy your apartment because you will be stuck there when you’re not working.
You May Not Have Any Money Left Over After Monthly Expenses
Expenses are always rising.
Whether it’s the price of groceries or utilities or something else, there is always something that needs to be paid that will cost you more this month over the last.
If your rent is too high of a percentage of your monthly income, then you could have a really difficult time paying your other bills.
You also won’t have enough to save money.
Experts suggest that you shouldn’t spend more than 30 percent of your monthly income on your rent.
So, if you want to rent that $5,000 dollar apartment then you would need to make almost $17,000 dollars per month to actually afford it and still be able to cover all your other responsibilities.
There are several pros and cons associated with renting a high-quality living space.
Before you make your final decision, remember to consider the advantages of renting a luxury apartment as well as the possible downsides.
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To Sum it All Up:
Renting a luxury apartment is not always worth it, but it’s something to consider if you’re planning on staying in one place for a while and want to experience living in an upscale building with all of its perks and if you can afford it. If you can’t afford it, stick with a less expensive apartment and save your money to buy your own home one day.