Luxury Apartment Features That Save You Money

Real estate can be unpredictable. Learn tips and tricks you can use to keep your finances in check throughout the buying or selling process.

Luxury Apartment Features That Save You Money

25 May 2022
 Categories: Real Estate, Blog

Luxury apartments admittedly have higher rents than non-luxury apartments do, but calculating the true cost of a luxury apartment requires more than merely checking the rent. Many luxury apartment complexes have features and amenities that actually save you money. Once you take into account these features' savings, the true cost could be much less than the rent.

Complimentary Internet 

Many luxury apartments have complimentary internet throughout their buildings, including in both common areas and individual units. By renting an apartment at a complex that has complimentary internet, you won't have to pay for your own connection.

How much you can save by getting complimentary internet depends on the rates in your specific area. For example, if you have a fairly average internet bill of $64, the savings could be found in the rent bill that includes the internet payment. That's money that you'd have to add to the rent of a standard apartment that didn't come with internet access.

Free and Secured Parking

Luxury apartment complexes often have secured parking lots or parking garages for their residents to use. Such a feature isn't only convenient, but it also can directly result in savings.

Savings would be obvious if you have to pay for parking unless your apartment complex provides it. If nearby street parking requires a permit, you'd have the added cost of a permit if you rent an apartment that doesn't come with free parking.

Less obvious savings can be found in your auto insurance premium. Specifically, comprehensive coverage rates factor in where you typically park your car. 

Comprehensive coverage protects against damage that occurs while a car is parked, and thus insurers adjust rates according to how likely a car is to sustain damage while parked. You'll pay a slightly higher comprehensive rate if you park on the street, where theft and sideswipes are more common. You'll have a lower comprehensive rate if you're in a protected lot or garage.

How much this savings equates to depends on your state, your vehicle, and many other factors. You'll almost certainly qualify for a slight deduction if you have a secured lot to use. You'll also save hundreds (or more) if you avoid having a claim because your car is better protected.

Fitness Center

Fitness centers are one of the most ubiquitous amenities at luxury apartment complexes. If you can use an apartment complex's fitness center and thereby avoid paying a gym membership fee, you could save each month. You also wouldn't have to spend time going to and from a gym.

About Me
Talking About Real Estate Finances

Welcome to my website about real estate finances. My name is Reina. I would like to talk to you all about the financial aspect of buying, selling and renting real estate. I will share tips and tricks you can use to keep your finances in check, even when the market feels unstable or you have to dip into your savings for yet another repair. I will also discuss the pros and cons of hiring a property management company to assist you in the renting process. I hope you will follow along and learn all you can about managing your real estate finances. Thanks for visiting.