Apertura Latinoamericana – Luxury Apartments vs. Rental Apartments in Manhattan

Luxury Apartments vs. Rental Apartments in Manhattan – 5 Lifestyle Differences

May 25, 2015 Alice Property Rental Comments Off on Luxury Apartments vs. Rental Apartments in Manhattan – 5 Lifestyle Differences

Considering buying or renting an apartment? While I was in Manhattan I could choose from a variety of housing options. The main thing was whether I should buy a luxury apartment or rent one out. There is a huge inventory of luxury apartments for rent in Manhattan as there is a great number of luxury apartments for ownership. But before you make your big ticket buy, it is important to chalk out the difference that each kind of living entails.

Lifestyle Differences to Consider:

The first difference is the amount of financial consideration that goes in with buying a luxury apartment or renting one. Rents in Manhattan are touching the sky, so be ready to fork out a hefty amount. It is not that, buying a luxury apartment is affordable but at least it is a one-time payment and you have an asset for a lifetime at a place like Manhattan! The appreciation of rental rates is also very high, so your monthly expense will be going up always.
What kind of job do you have? Are you always on the move? Do you have good scope of being relocated to some other part of the city or country? If the answer is yes, it would not be wise to buy a luxury apartment. Renting would be a wiser option, as it provides more flexibility in terms of relocation. So, if I have to move to some other city in the next year, I need not worry about maintaining a luxury apartment back in Manhattan.
What kind of family do you have? If you have a large family with kids, you could very well invest in buying a luxury apartment, as it would stabilise the future of your kids and yourself.
If I considered renting a house chances are that I would not have access to many amenities such as gym facilities and swimming pool. Owning a luxury apartment gives you access to all facilities that comes with living in an upscale Manhattan luxury apartment.
If you have pets and consider them to be a part of your family, then decide well before you rent an apartment. Some apartments do not allow pets; others have non-refundable pet deposits and most do not have enough space for talking the pets for a walk or for their exercising. So it would be better to buy an apartment and have the freedom in your hands.

Thus, as you can see there are multiple differences in the kind of lifestyle a rented apartment can offer with respect to owning a luxury apartment in Manhattan. Thus, consider well, before making a huge investment.