Years ago the American dream consisted of a family, station wagon, and a nice detached home surrounded by a white picket fence.
But that was then, and this is now.
As millennials start to flood the housing market, the demand increases for luxury apartment living promising large and spacious units situated in premium locations – all promising the best views alongside top-of-the-line appliances, countless amenities, and little to no maintenance.
That being said, luxury apartments can cost a pretty penny and sometimes that “luxury” label comes with some restrictions or conditions you need to consider before cutting that check… assuming you still use checks.
We’ve compiled a short list of questions you should be asking during your apartment shopping adventures:
1. How’s your credit?
If you are in the process of luxury apartment hunting, be ready for what could be a cold-blooded selection and approval process. Property managers of luxury apartments can’t afford to make poor choices when it comes to tenants, which means they don’t want to have any questions about your ability to pay rent on time for the duration of the lease. So be ready for a credit check as part of the application process.
2. Is it a good location (for me)?
Where the apartment is located should significantly influence your decision-making and selection process.
- Is it easily accessible by the major modes of transportation?
- Is it located in a residential zone or isolated in the business district?
- Are there nearby hospitals, entertainment facilities, shops, and community centers?
- What’s the commute like to work?
Make sure that your choice is not just based on the wow factor your apartment offers, but also its ability to meet your real world needs and demands.
3. Is it secure?
Most luxury apartments offer multiple levels of security such as digital access systems and trained personnel. Make sure that these systems are properly functioning and that emergency services are available when needed.
4. How are the maintenance fees?
Many luxury apartments come with high maintenance fees charged for every amenity. Make sure that these charges are comparable to the same services offered outside the building. Don’t overpay for services that would cost you much less elsewhere, even offering the same level of quality and service.
5. What extras and amenities do they offer?
There are certain things you should expect when shopping for luxury apartments, including high-end finishes, upscale appliances, slick interior design, and the latest in home automation technologies.
But the “extras” are what really set an apartment apart, sending it into the realm of luxury.
For example, your apartment building should offer services like parking attendants, concierge, doormen, laundry/dry cleaning, housekeeping, and so on. Additionally, you might want to look for a building with a private gym, pool, coffee bar, or even a spa on the premises.
These extras are what will turn your average apartment rental into the equivalent of a 5-star hotel experience.
6. Is there parking?
Did you remember to ask about the parking situation? If not, stop!
Don’t sign that lease until you have considered how you and your guests can park hassle-free. You won’t care about those awesome views for very long if you rely on a car and parking isn’t convenient, or at least available.
If you’re planning to live downtown in a city with excellent public transportation and don’t plan on owning a car, then this may not be a huge factor. But if you do own a vehicle or plan on having friends over that do, then parking facilities should be a major factor in your selection process.
Luxury apartment living without a doubt offers some great benefits and advantages, but it doesn’t come cheap, so do yourself a favor: make sure that your choice checks off all your boxes before signing that lease or purchase agreement.
Also, if you are planning on moving into a luxury apartment in the near future, check out Delicate Moving’s white glove service so that you can focus on all the fun stuff knowing that your moving needs are being handled with all the care and attention that new luxury space deserves. Give us a call for more information.