When youâre young and single, buying your first home might not be the best option for you. Apartment complexes allow you to live comfortably without breaking the bank. A home can give you access to more space, but being a homeowner also comes with many headaches and hassles that you might not yet be ready to deal with. There is a certain time in your life when owning a home is best, but when youâre young and single this is not always the case.
Here are a few reasons why single young adults should consider living in an apartment:
Affordable Living Expenses
When youâre young, chances are good that you have not a long ways to go to reach your highest possible earning potential. In essence, this means that you may be on a restricted budget or simply do not have a lot of extra cash at your disposal. If youâre strapped for cash, buying your first home is not the wisest financial decision. By living in an apartment for a few years you can get access to much more affordable living expenses and even save up for a home in the future. The reduced cost of apartment living is a great reason to choose this type of housing when youâre young. You can save money now and prepare for the future.
Just by looking online, you can easily track down a list of available apartments in your area. From there, it is easy to narrow that list down by factoring in rent prices. Many companies, such as Lincoln Property Company, have built a reputation by offering apartments for rent that not only are affordable, but also very high-quality. So donât just jump on the first seemingly-reasonable opportunity you come across. Do your research! You should know exactly what youâre getting into beforehand.
No Long-Term Commitment
Although living in most apartment complexes does require you to sign some sort of lease, the level of commitment that youâre making is not comparable to buying your first home. Most leases for an apartment are normally only one year long. This means that youâre only obligated financially for a year. However, financing the purchase of a home could leave you financially obligated for 30 years. When youâre single and young, you should not be making this type of commitment. You donât know where your life may lead you in a few years, so it is not best to tie yourself down with the purchase of a home right now.
When youâre young your main priority is getting your career on solid footing so that you have a firmly-established foundation to grow upon as you get older. This might require you to move, sometimes without a lot of notice, or keep you from spending a lot of time away from the office. Owning a home plants you in one location for what could be decades; a commitment that you just donât need. However, living in an apartment means you can pack up and leave whenever you want (or whenever your lease is up). If your job moves, you can be flexible enough to move with it. Not only that, but if an apartment opened up closer to work, you have every opportunity to snatch it up as soon as it hits the market.