Are you looking for a new living situation and wondering, “What is an apartment home?” While it may seem obvious, the apartment category includes many types of homes.
Keep reading to discover everything you need to know about living in an apartment and whether it’s the right choice for you.
Apartment Types
When people think of apartments, they most often visualize a skyscraper or a house converted into several units. However, you can live in several different types of apartments.
Rentals
Rentals are the most common apartment type. They include multi-family homes (like townhouses) and highrise buildings. They require the tenant to sign a lease and typically have building managers handle maintenance, complaints, and grounds work.
Condos
Condos share many properties with rental units, including being part of larger buildings. The primary difference resides in the fact that tenants buy a condo, though they don’t own the building as a whole.
Condos typically require an owner to pay dues to a Home Owners Association (HOA) to cover the costs of maintenance and amenities.
Co-Ops
While both condos and co-ops require tenants to purchase a unit situated in a larger building, co-ops differ in that residents are purchasing a share in the overall building rather than a specific unit. One of the benefits of a co-op is that, while you pay maintenance fees, they’re partially tax deductible.
Benefits of Living in an Apartment
While the benefits of an apartment differ depending on the type you find, you’ll find they all share the most common benefits.
Flexibility and Affordability
While rent is more expensive than a mortgage, when you factor in the flexibility and lack of maintenance, you can end up saving money over time. Depending on the housing market, buying a house usually requires you to own it for several years before you can break even. With an apartment, you can move out once the lease ends without losing money or forfeiting equity.
Included Amenities
As part of an apartment complex, you often gain access to several amenities. Some of the most common ones include pools, package service, a fitness room, and parking in a heated garage. Often these benefits make the cost worth it when compared with a mortgage.
Move-In Ready
Building managers update and clean apartments after each resident moves out. They’re ready for you to move in without waiting for repairs or renovations.
No Variable Expenses
Owning a house includes several hidden expenses. When something breaks, you’re on the hook to replace it, and property taxes change from year to year. With a lease, you always know your monthly and annual expenses, and they don’t change without your consent.
No Maintenance
Depending on your lease and type of apartment, you won’t be responsible for maintenance. The best apartments handle mowing the lawn and shoveling the drive, so you can focus on other things.
Built-In Community
When you live in an apartment building, you have a natural community all around you. You can easily run into people in the mail room or while exercising on the treadmill. You won’t have to go out of your way to meet new people!
Disadvantages of Apartment Homes
What is an apartment home, and is it right for you? To answer this question, you need to understand the advantages and disadvantages.
No Equity
When you own a house long enough, it gains equity. If the market stays stable, you can eventually sell it for a profit. With an apartment, you can’t make money on your living situation.
Parking Challenges
Apartments have limited parking, often only space for a single car for each unit. If you have multiple vehicles, you’ll likely need to park one farther away or on the street.
Reduced Privacy
Since you share a wall and building in a home apartment, you don’t have the same privacy as a single-family home. You can often hear your neighbors, which may sometimes keep you up late or wake you up early if they’re inconsiderate
Living Restrictions
The most common restriction in an apartment building concerns what type and how many pets you can own. People with dogs, in particular, often find it more difficult to rent an affordable apartment.
Can’t Personalize Them
While some buildings allow you to paint a wall or hang some paintings, apartments generally aren’t customizable outside of furniture and decor.
Find an Apartment Today
Now that you know “What is an apartment home?” are you ready to find the apartment of your dreams? Creekside Apartment Homes provide the most spacious and high-quality apartments in Stanwood, WA.
We offer several different floor plans with affordable pricing. Call (360) 629-5242, or schedule an appointment online today!