Many would love to live in a contemporary apartment complex, but the potential costs are holding them back. Modern apartment buildings have many excellent advantages over older ones. First, energy efficiency is typically a top priority when building modern apartments. Units often include insulation, energy-efficient heating, and cooling systems. They are purpose-built rather than starting as a house and later divided into oddly-shaped, occasionally awkward flats. A contemporary apartment building has the necessary amount of soundproofing between units. It’s easy to see why moving into a modern building is attractive and worth the costs. Still, there’s no denying one needs to be realistic about what is possible. This article gives a balanced insight into the affordability of modern apartments in today’s market.
The benefits of living in a modern building
Many wonder, “which apartments near me for rent would best suit my needs,” and land on modern apartment buildings. Your lifestyle and happiness may be significantly impacted by the place you call home, so it is crucial to consider why modern apartment living can be a better option for you. Some of the benefits include:
Amenities – Modern apartment buildings are constructed with specialized amenities like pools, gyms, convenience stores, and laundry facilities either on-site or close by, unlike traditional housing.
Maintenance – This is one of the critical benefits of relocating into a contemporary apartment. Your to-do list disappears when you aren’t concerned about keeping the property and its surroundings in good condition. There’s no need to worry about being responsible for replacing broken appliances or repairing a leaky roof. If there is a problem, all you have to do is pick up the phone and call property maintenance.
Communal Engagement – Even though not everyone is outgoing, it’s usually a delight to meet and greet neighbors in an environment that makes it easy to get to know them. This can happen quickly and readily in contemporary residential buildings. In complexes with many social spaces for relaxation, it is effortless to meet intriguing people.
The costs of living
Let us look at the cost of renting a modern apartment and what you’ll spend on bills and furniture once you move in. While it may seem like a lot at first, doing so will enable you to make an informed decision about which apartment to rent.
Rent – For your lease term, your monthly rent is fixed, making it simple to include in your budget because you know it won’t fluctuate. Generally, you should pay 30% of your monthly take-home pay for rent.
Service charges – With leasehold apartments, it will be necessary to consider service fees and ground rents. Confirming the costs before renting is best, as these fees can change, but the good news is these are usually once-off fees.
Security Deposit – After being approved as a tenant, you must provide a security deposit, guaranteeing that you will occupy and maintain your rental property. The price of the deposit is usually between one and two months’ rent. The cost of any necessary repairs or cleaning will be deducted from your security deposit at the end of your lease. You can anticipate getting your entire security deposit back if your unit is still in good shape.
Utilities – Tenants often pay for electricity. Your monthly electricity bill should be low, given that you live in an apartment. Gas is relatively inexpensive and is frequently covered by the landlord. Your landlord will likely cover your water bill, although you may have to pay for this utility in some circumstances.
Moving Costs – Remember to include moving expenses, such as movers, packing supplies, truck or van rentals, transportation costs, storage, etc.
Whether or not you feel moving into a modern building is worth it comes down to personal preference. However, it’s clear to see that the pros far outweigh the costs. So the best advice we can give is to do your research in the areas we have highlighted above, set a budget, and talk to some experts within this field, such as a trusted rental company like Tripalink.
