While many apartment hunters must decide between paying for a one bedroom apartment and upgrading to a two bedroom unit, some should go even further and consider the value of a three bedroom apartment. Should you invest in this less common rental upgrade? Here are five indicators that it's a smart move.
1. Your Plans Are Expanding. Think about your plans for the next two to five years. Might you expand your family? Or start one? Do you want to start a side gig? Could your elderly parent need more help? Apartment renters do move more often than homeowners, but planning ahead can help you avoid having to move again so soon.
2. You Work From Home. More and more Americans work from home, both as employees and as entrepreneurs. But for a family that already needs two bedrooms to live in, a third to use as a home office can be vitally important.
3. You're Downsizing. Downsizing from a large house to an apartment or other small living situation is a huge change for most people. And one of the best ways to approach this project is to soften the blow by downsizing on a more gradual level. Rather than feel you must throw out all your stuff and move into a little one bedroom to save money, start with a larger three bedroom apartment and acclimate yourself to your new lifestyle.
4. It's Not Much More. While you'll pay higher rent any time you opt for an apartment with more bedrooms, the actual dollar amounts vary. Many apartment owners price the biggest difference between one bedroom and two bedroom units, as these tend to be more sought-after. Compare the amount you'll pay for both a two bedroom and a three bedroom unit instead and see if you'll pay only a little for a lot more room.
5. You're a Homebody. How much time do you spend at home? A busy couple who both work all week long and who go out on weekends with friends may not use their home as much more than a base of operations. However, someone who likes to entertain at home, pursue hobbies at home, or work at home may find that they need all the room they can afford.
Are you in any of these categories? If so, a three bedroom apartment could be just the solution you need. Whether it's for future growth, for more comfort, or for current work needs, the additional space might be the best investment you'll make. Learn more by touring apartments for rent in your area today.
Share3 February 2022
Once I paid of the mortgage on my house, I decided I wanted to buy an investment property. I had no idea that the buying process would be different, but it really was. There were so many things to consider that I hadn't thought about, and even the loan application process was different. It occurred to me that if I didn't know about it, others likely didn't either. I built this site to help others see what I went through buying my first investment home. I hope that it helps you to approach the process with more confidence and understanding.
