If you’re searching for a new apartment and you have a reasonable budget to work with, you might consider applying for a luxury apartment community. These complexes typically have spacious, high-quality apartments, and a thriving communal nature—along with tons of amenities, like the ones Point on Scott offers. But of course, you can’t get all these perks without paying a lot of extra money.
So is living in a luxury apartment community really worth the extra money?
Let’s start by looking at some of the perks:
- High-quality living space. Most luxury apartments are named for the quality of the interior space. They’re designed and outfitted with modern features, and have a gorgeous interior design. Some offer their own luxury furniture, and others offer top-of-the-line appliances. You typically won’t have to worry much about things breaking, or about features being inaccessible, which is incredibly important for some tenants.
- Great locations and views. The average commute time in the United States is 25 minutes each way, resulting in nearly an hour of lost time for the average worker each day. Many luxury apartment communities are downtown, or close to major workplaces, meaning they can cut that travel time dramatically. Others offer an unparalleled view, to the skyline of the city or over an ocean, lake, or forest. To many people, these features are well worth the extra money.
- Community interactions. Social interactions play a massive role in our health and happiness. Living in a luxury apartment complex with lots of other people can give you more interactions (and more valuable interactions) on a daily basis. That can have a seriously positive impact on your mental health, especially over time.
- Amenities. Most luxury apartment complexes offer extra amenities, like a recreation center where its tenants can exercise, or a communal center where people can lounge and interact with each other. This can save both time and money, often in excess of the extra money you’ll spend monthly.
- Safety and security. Luxury apartments tend to be some of the safest and most secure in a given area. If you’re concerned about your safety or want the peace of mind that you’re going to be better protected, it could be worth the extra investment.
- Attention and support. Because their tenants are paying significant monthly amounts, luxury apartment owners tend to be more attentive—and willing to lend more support. You’ll get faster maintenance if something goes wrong with the apartment, and more negotiating power when going over the terms of a new lease.
- Mental and physical health. Living in a luxury apartment tends to come with far less stress, and more opportunities for exercise, engagement, and positive habits. All that reduced stress lends itself to superior physical and mental health, and it’s hard to put a price tag on better health.
You’ll need to calculate the total value of the perks you’re getting, then compare that value to the cost you’re going to pay. The value of most of these perks is subjective; to one person, community interactions may easily be worth an extra few hundred dollars a month, but to another, that might be an outrageous estimate.
You’ll also need to consider the following before you make a fair valuation:
- How much you make. The higher your salary, the less you’ll have to worry about the costs of a luxury apartment. What seems excessive and grandiose to a low earner may seem trivial to a high earner. If it only costs 10 percent of your salary to make the upgrade, it’s probably worth it.
- How long you’ll stay. Most apartment leases are for an extended term, like six months, a year, two years, or even longer. But if you’re only planning on living for a short period of time, a luxury apartment could be worth the money. The bottom-line costs will be lower, and you’ll be more comfortable during your temporary stay in a city.
- Your long-term financial goals. You should also consider your long-term goals, especially your financial goals. If you’re trying to save and invest as much as possible to retire early, a luxury apartment may not be worth the extra budgetary burden. If you’d rather live in comfort and focus on the present, it’s far more worth it.
So what’s the bottom line here? For many people, luxury apartment complexes are more than worth the extra money. The perks are too good and the amenities are too aligned with their personal values to pass up the opportunity. For others, luxury apartments don’t add enough features to be worth considering, or their budgets are too thin to justify the move. The price is usually fair, but it’s up to your personal preferences and needs to determine whether it’s a good deal for you.