To Rent, Or To Buy? What A Question
Many fail to realize that when it comes to apartments, you can either choose to rent or to own. Whichever best suits your finances is the most advisable option. There is a rental trend today, but many also purchase apartments from building owners. This is often the practice with condominiums, but it can be done with apartments as well.
One interesting aspect of the rental process is deciding whether or not you like it enough to live there perpetually. Oftentimes a lease of six months to a year can be purchased. Some apartments can be bought after that time, if you find them amenable. This is especially likely given the more luxurious options out there.
For example, if you’re looking for Hollywood apartments, you can find some top-quality solutions right in the center of things. Eastown is situated in a prime location - in the center of Hollywood. Within a few blocks you’ll find restaurants, bars, shopping centers, entertainment venues, transportation options and much more.
Imagine owning a tiny bit of property in the middle of the entertainment capital. Still, the location doesn’t matter if the property doesn’t align with your values. You want to strategically choose your apartment here are some tips to help you.
Considering The Housing Market
The housing market today is strange. It’s been up, down, quavered in the depths and expanded rapidly in certain areas—and it’s hard to trust what you hear. There are always advertisements saying near-record lows. Strange, isn’t it? If you’ve listened to the radio for the last twenty years, near-record “lows” or “highs” always seem to characterize real estate, don’t they?
Rentals are often chosen because people aren’t sure which investments they ought to make. Investing in an apartment can be a wise buy if it’s located in the right spot. But if you haven’t done your research beforehand, you could end up being locked into something you’ll regret later.
Something that is additionally considerable today is the mobile revolution. If you haven’t heard, people are buying older motorhomes and substituting rent for maintenance. What’s more: if they’re moving around regularly enough, they’re saving money to do so. You can buy a new Class-C—or near new—for right around $20k.
You can get older full-sized RVs in the $3k to $10k range that have reasonably low mileage and decent construction. Every 500 to 1000 miles you’ll pay a few hundred in repairs, but it’ll likely be comparable or cheaper than rent, and you can travel wherever you want. As a result, one new trend today is millennials making a living on the internet and making the road their home.
Considering The Trends
So there are quite a few different trends when it comes to living solutions today. Provided you’ve got steady income, you can rent, mortgage, or go mobile. One final consideration is using your living situation as a means of supplementing income.
You can’t do this if you’re renting an apartment—well you can, but it can get dicey without landlord approval. If you buy an apartment, you can sublet it through sites like Airbnb and pull in a few hundred extra every month.
You can buy a property and rent it to multiple tenants as well. Trends like these are changing homeowners’ perspectives and practices in residence acquisitions. The traditional mortgage route is fine, but it’s valuable to consider there are additional options.