Can I live in an apartment forever? This question might pop into your mind if you’ve fallen in love with an apartment and want to move in ASAP. The short and sweet answer to this question is, yes, you can!
However, this depends on whether you can renew your lease on time. While living in a two-story, four-bedroom house is every American’s dream, not everyone can afford such a luxurious home.
So, to help you decide whether you can stay in an apartment forever, you need to consider a few things. Some of them are listed below.
Forever Apartment vs. Starter Apartment
Before diving into the housing market, ask yourself if you’re ready for a forever apartment or if a starter apartment would be a better fit for you.
A place where you can picture yourself staying forever is a lifelong apartment. And believe us when we say that, in this case, creativity may be required.
Due to this, when looking for an apartment, attempt to picture the elements that can be changed and those that cannot.
You could, for instance, install stained flooring, refinish the ceiling, or install an electric fireplace. Modifications like these might come to mind if you want to live in an apartment forever.
On the other hand, a starter apartment typically involves a smaller investment and can be resold for profit.
This is a great choice for anyone wishing to increase their credit score at a lower cost while investing in real estate.
When you sell your starter apartment, you often make back the money you invested. In fact, in some circumstances, you may even be able to get more than you spent for it.
Your financial return can, at the absolute least, be used as a down payment to pay the closing charges for your next apartment.
Therefore, ensure you are clear on what you want, what you are willing to give up, and which aspects of your apartment you know you cannot change.
Factors You Must Consider Before Buying a Forever Apartment
Buying an apartment and living in it forever means turning your living space into a place you call” home.” Here are a few factors that will affect your stay:
Structural Integrity of the Apartment
Your apartment’s ability to sustain structure with time without collapsing or crumbling is known as structural integrity. Naturally, all homes eventually require repairs.
However, you should consider looking elsewhere if the apartment has serious structural problems.
Therefore, older apartments should have their aging foundations inspected; any extensions should have been correctly built, etc.
So, to ensure you won’t inherit a ton of issues from the previous owner, all apartments, old or new, must be inspected for structural soundness and other concerns.
This will ultimately make or break your decision to live in an apartment forever or not.
Consider how much labor is required and the cost of making the changes when buying a forever apartment. Do the walls, for instance, require new paint?
Does the kitchen require quick attention, including new appliances, cabinets, and countertops? How much time and effort are you willing to put in upfront versus over time?
After all, you’re buying an apartment and turning it into a forever home. However, your perception of what your forever apartment should look like will evolve.
But generally, it would be wise to keep in mind that living in an apartment forever means putting down money and time for renovations as your living space ages.
So, if you’re ready for this, living in an apartment forever is your best option.
Room for Expansion
Making sure your home is the appropriate size is crucial if you have plans to have children in the future.
An addition is a great investment that can increase the value of your home and give your family more space over time.
So, if you locate an apartment you adore but it’s small in size, research if it would be feasible to expand it in the future. But remember that upgrades require permits and licenses.
Ultimately, purchasing a forever apartment is wise if you plan to break down walls for expansion reasons.
The Apartment’s Layout
When going for a forever apartment, think about the location of the bedrooms and how close (or far) you want your children’s bedrooms to be.
That said, you should also dive a little bit deeper than that. Will you have a space that can be converted into a master bedroom on the main floor?
Ultimately, if your apartment doesn’t have an open design, it won’t be easy to live in forever. On the other hand, if you have a spacious apartment, you can change its layout however you want.
So, if you’re looking for a forever apartment, ensure it’s the latter.
Type of Apartment
Apartments come in various architectural designs and styles, including Victorians, colonials, modern, etc. These have their own appeal and characteristics, and learning about the differences is your best bet.
For instance, a top-floor apartment can cause issues for seniors. They will definitely face problems when climbing up and down the stairs, especially if your shortlisted apartment building doesn’t have an elevator.
In fact, such an apartment will also have a risk of injury due to falls. So, such an apartment might not be suitable to live in forever.
On the other hand, a ground-floor apartment will be easier to live in forever, especially if you’re moving in with older folks.
This will completely eliminate the risk of falls and injuries caused by ascending and descending stairs.
Location of the Apartment
The location is one of the things you can’t change when purchasing a forever home, so keep that in mind. After all, your forever apartment’s location is one thing that will make or break your decision.
So, here are a few location-related questions you must ask yourself before moving into your forever apartment:
- Do high-traffic locations bother you?
- Can your children play safely in the neighborhood?
- Is your apartment surrounded by neighbors or located in a secluded area?
- Will you be okay living in an area that sees all four seasons?
Ultimately, location will decide whether an apartment is suitable to be called a forever home. So, find the answers to these questions and choose wisely!
Should You Buy or Rent?
Are you stuck in the dilemma of renting or buying your forever apartment? While it might be the American dream to own a property outright, renting will always be a good option.
This is especially true if you can’t fork out thousands of dollars. So, with that in mind, here are a few pros and cons of renting vs. buying your forever apartment:
Disadvantages of Buying
When you buy an apartment, you’ll be responsible for performing all necessary repair work as well as paying the mortgage, HOA dues, property taxes, insurance, and repairs.
Of course, this will be challenging initially—however, it’s not impossible.
For instance, your newly acquired forever apartment might need a new paint job. While this sounds simple enough, are you willing to spend thousands of dollars repainting everything? Probably not!
This is especially true if you’re constantly on the move for work reasons. Therefore, buying a forever home outright won’t be feasible, especially if you plan on moving in the future.
Advantages of Buying
An apartment’s worth can rise, meaning you’ll get more money if you decide to sell it in the future. Homeowners often have higher credit scores since they must have strong credit to obtain a loan.
So, if you take out a fixed-rate mortgage, your payment won’t fluctuate throughout the loan; it will stay the same.
Are you concerned about the mortgage or rent paid in interest? Don’t be afraid; tax deductions may be available.
Furthermore, you have complete interior design freedom when you purchase an apartment outright. Not a fan of the cabinets the previous owners installed? Change them.
Don’t like the carpeting? Install hardwood flooring. Ultimately, the sky’s the limit regarding how you want to upgrade your forever apartment.
Disadvantages of Renting
Although renting has many benefits, it also has drawbacks. The community rules established by the owner, landlord, or property management must be followed by tenants.
These guidelines may cover topics like pet restrictions or when visitors are permitted to stay in a unit. In fact, you might have to pay extra for a storage unit or detached garage.
However, one thing is a constant with renting an apartment: Rental prices will inevitably change over time.
So, if rent increases beyond what you can afford, you may need to move because you will have no control over this.
Advantages of Renting
When renting an apartment, you’re relieved of all ownership duties, including upkeep, renovations, and structural repairs.
Additionally, unless you wish to, you won’t have to pay for replacement parts like smoke detector batteries, light bulbs, air filters, etc.
Renters are considerably more likely to have a set monthly expense and will be less concerned about unexpected house repairs or increases in property taxes.
The amenities are also another clear benefit of renting. Apartment complexes provide various distinctive amenities, such as playgrounds, walking trails, swimming pools, etc.
Whether you choose to live in an apartment forever or not depends on what you value the most. For instance, an apartment is a perfect choice if you prioritize low-cost living.
A temporary apartment stay will be perfect for you if you don’t want to overpay for maintenance.
So, consider the factors shared today to understand whether you should consider staying forever in an apartment or not!
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