The Non-Obvious Costs Of Living In A Luxury Apartment

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Many people dream of renting a luxury apartment. However, if you're not accustomed to such a lifestyle, there are some aspects of luxury apartment living that can catch you off guard. Understanding these things shouldn't deter you. Instead, use them to make a more informed decision when choosing the apartment of your dreams.

You Pay for Amenities

Many luxury apartments and condos come along with amenities such as fitness centers and pools. These things are great, but they also come at a cost. It makes sense that these extras can fatten the amount you pay for rent, but not everyone wants every amenity.

Amenities alone are not what makes an apartment luxurious. When shopping around, check out all the amenities offered. If the complex offers a pet spa and concierge service, but you have no pets and don't need help, then you can look elsewhere. Don't pay extra for amenities you don't want or need.

Same Utilities, Higher Price

Understand that what you pay for utilities will increase. In many cases, water, gas, trash, and electric often cost more at higher end facilities. There are several reasons for this:

  • Utilities and amenities are bundled – Many amenities require things like gas, electric, or water. Because of that, property managers may mark up utilities overall so that everyone can enjoy these things.
  • Luxury means more energy – Does the apartment have ridiculously high ceilings? Well, it costs a bit more to heat or cool such a space. Is there awesome, artisan crafted, expensive restaurant-style, custom lighting? Those lights will cost you.
  • A lack of energy efficiency – Just because it's a luxury apartment doesn't mean that it's up to date with its energy efficiency methods. Older, larger, single pane windows and a lack of adequate insulation throughout the building can turn into higher utility costs in general.

You Pay for Your Environment

Your luxury apartment will most likely exist somewhere considered low crime, high safety. It makes sense for such areas to cost more overall. However, you may also find yourself paying extra for things outside of your apartment as well.

Consider the landscaping, the décor, the upkeep for the features such as pools and garages. These things cost the property owner money; therefore, they will cost you money. If you have a plot of land of your own, you may have to foot the bill for upkeeping it or do the work yourself. Nice areas don't like eyesores.

Rent With Confidence

Understanding where some of the costs for luxury stem from will give you more power over the decision to rent one. You will know that you're getting everything you're paying for, and that you're not paying for what you don't want. Also, it's okay to negotiate.

Start with a service that knows how to find what you're looking for. From there, you can narrow down your choices to those that offer you the most for what you're paying.