Moving to Philly? You?re going to need a place to live. With the housing market still unstable, it’s time to stop thinking of home buying and begin to find lofts for rent.
On average, people who find lofts for rent save $560 each month over homeowners. Furthermore, homes don?t appreciate as much as other investments. Renting a Philadelphia loft apartment allows you to save your down payment cash for making investments in safer areas like the stock market, which can provide a much higher return on investment than investing in single-family homes. A $100 home investment in 1985 would have appreciated to only $293 today; the same investment in the stock market, however, would be worth nearly four times as much today. If you find lofts for rent, you can free up money that you can use to make investments much wiser than a house.
A recent study estimates that 1 in 5 house buyers could have saved money by finding a loft for rent, while a 15-year survey conducted by Harvard University found that finding a loft for rent is more financially sound than buying a home. In today?s unstable economy, a massive investment in an unsure housing market seems less and less dependable. Renting a Philly loft is far less financially dangerous.
How can a loft apartment save you money? Just consider the fact that nearly one-third of all home buyers move within five years of buying a home. If you buy a home and later move, your down payment and all of those mortgage payments will go down the drain before your investment has earned you any equity.
Consider that as a homeowner, your mortgage might remain constant, but other expenses such as maintenance, insurance, and taxes increase significantly every year. Some mortgages, like adjustable-rate mortgages, increase over time. These increasing costs can add up to tens of thousands of dollars in just a few decades. Renting a loft in Philadelphia does not require such significant upkeep and maintenance expenses.
Aside from making better financial sense, finding lofts for rent in Philly offers many benefits that home buying cannot. Renting lofts in Philadelphia offers many perks. Beautiful Fairmount Park is within walking distance of many Philadelphia lofts, and eight different professional sports teams call center city Philadelphia their home.
The best shopping and dining that Philadelphia has to offer are all within reach of many different Philly lofts and apartments. Arts and culture are alive in Philadelphia, as shown by the numerous museums, historical attractions, and clubs close to center city Philly lofts and apartments.
Got any tips on how to find lofts for rent in center city Philadelphia? Know where to score the finest luxury apartment rental or best loft apartments? Let us know in the comments below.