Anyone who has lived in an older, outdated apartment can list off the disadvantages of living in an older building. There are likely renovation projects that are long overdue, creaky floors and stairs, and a bunch of other things renters would love to fix. You may think that newly constructed apartment buildings are the easy choice as they are bound to come with less problems, however, that is not necessarily true. Any rental property is bound to have its own advantages and disadvantages, new construction buildings included.
Not sure whether to go with a new construction for your next apartment? Keep reading for the pros and cons of living in newly constructed rental and if it’s the right choice for you.
Pro: Upgraded luxury with services and amenities
Many new construction are designed with the intention to provide their tenants with luxury living. This can include amenities and services you would not find in an outdated or older apartment building. Some apartments will offer regular cleaning and laundry services to their tenants as an added bonus. Or, the luxurious perks can come in the form of upgraded amenities, from top-of-the-line recreational areas like arcades, pools and lounge areas, and impressive gyms to pet-friendly amenities like dog parks and dog grooming stations.
Pro: Move-in ready deals
New constructions go heavy on marketing their rentals, and part of that heavy marketing often means a plethora of deals for new tenants. Property management recognizes that it is essential to bring in new tenants as soon as units are ready for move-in to minimize loss of rental income. As a solution, many new constructions will offer alluring deals to attract prospective tenants. These deals can be a reduced/waived security deposit or first month of rent to free memberships to local gyms.
Pro: You’ll be the first to occupy the unit
Remember moving into an apartment for the first time and being disappointed by a sloppy repair to damages done by a past tenant, or having to use amenities that are long overdue for an upgrade? With new construction, this is definitely an issue you will not have to worry about as you are the first one to live in the rental unit. You will get to experience the rental property just as it was designed, brand-new. The appliances will be unused, and shouldn’t give you any problems. There won’t be any painted over scuffs on your bedroom walls, or the typical half-hearted repairs to past damages. The largest draw to new construction for many renters is the appeal of living in a brand-new unit, untouched by past tenants.
Con: You’ll be the test subject
Everything’s a learning opportunity with a new construction. Sure, the brand-new rental units were meticulously designed and constructed, but you are likely going to be experiencing some sort of issue or two as you get settled into a new construction. As tenants use the space for the very first time, problems are discovered. Anything from electrical work to leaking water pipes to faulty electrical wiring can pop up for new tenants in spaces that have never been fully occupied before. New constructions will require a certain amount of patience and understanding as property management (and you) learn the ins-and-outs of the property and troubleshoot any issues as they come up.
Con: A lack of genuine reviews
With new construction, you are running the risk of not having any reviews to base your decision on. With any rental property that has been up and running for several years, you can rely on the reviews of past tenants to get a general idea of the property, from its perks to common complaints. While you can definitely tour the rental property prior to signing a lease, it is near impossible to get a grasp of the property’s culture and atmosphere when there is not a history of tenants to get solid reviews from. Sure, you may not be the first round of tenants moving into the building, but you still will be lacking the in-depth reviews that you would get from a building that has been in business for years with a stacked history of tenants.
Con: A hefty price tag
The luxury of a new construction certainly does not come free. You will find that an upgraded luxury of a new construction comes with a higher monthly rent or added amenity fees in addition to your base rent. For some, this additional cost is well-worth the comfort and experience of living in a brand new building, but for others, the cost just isn’t worth the major hit to their budget.
New constructions may be appealing at a glance, but they aren’t the perfect rental situation for every renter. With this information in mind, you can figure out if your local new construction is the right choice for you.
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