After years of apartment conversions into quasi-hotels by AirBNB hosts, the apartments are coming back on the market. But now, they're furnished. Large LCD screens, cappuccino machines, and washing machines are common amenities.
The idea of not furnishing and decorating your own apartment may seem distasteful to you. But if you find yourself in the following transitional situations, a furnished apartment at a reasonable rent could be the perfect temporary abode for you.
Job Relocation
Job relocations introduce many unknowns. Will you like your new job? Will you miss your old hood and friends too much to stay on? While adapting to your new job and city, furnished apartments eliminate the cost of moving your household or newly furnishing an apartment. Meanwhile, you can always rent your furnished apartment in your former city through AirBNB.
House Hunting
Newly married couples, job relocators, and college graduates often find themselves in limbo as they save for another year or two for their dream home. Or perhaps you're already actively house hunting. Closing and getting the keys could take another three to six months. A furnished apartment rental will allow you to save more money for your home downpayment.
College Relocation
Furnished apartments are often out of the price range of students. Yet few students are into decorating when they have term papers due, exams to study for, and frat parties to attend. Whether you're looking at one bedroom apartments or two bedroom apartments to rent with your classmates, the current low rents provide an alternative to no-frills apartment living. Most landlords of furnished apartments are open to short, more flexible leasing terms.
Adding Up the Savings of a Furnished Apartment Rental
Here are some savings you may not have considered:
- Furniture - Furnishing your apartment with only the basics can cost between $3,000 and $5,450.
- Appliances can tack on another few thousand dollars.
- If you're moving between cites, add another $2,000 in moving expenses.
- Utilities will likely be covered.
- Wifi and streaming TV may even be included.
That's a good chunk of cash to put toward a mortgage downpayment. A furnished apartment will have all the dishes and other amenities, and if a former AirBNB, possibly his and her bathrobes.
Rents and security deposits are generally higher for furnished apartments. Currently, though, rents have fallen so it's possible to negotiate a good price. If you have a pet, though, you may find it harder to find pet-friendly apartments.
To learn more about apartments, contact a local complex near you.
When you are faced with a down market, there are a lot of things that can run through your mind as a homeowner. If you had to sell, would you be able to make your money back? What will you do if you have to sell your property at a loss? Do you think you are ready to buy a new home?
Although there are a lot of things that are important to think about, the fact of the matter is that understanding real estate challenges is instrumental to making money with your property. From moving forward with new ideas about real estate to working with the right professionals, it pays to read up on the market. Learn more today!