In a place like Melbourne, one of the busiest cities in Australia, apartment prices can certainly put a hole in anyone’s pocket. That is why the people who often dream about making a living in this city are diligently looking for ways on how to live as cheaply as possible.
If you are looking for an apartment at a limited budget, the first thing you would often think about is to just rent an apartment. But is it economical in the long run? Others may argue that it is not, and they would suggest that you go for off-the-plan apartments instead.
Off the Plan vs. Rented Out Apartment
You are probably thinking about these two options as you try to move to Melbourne. To help you decide, here are questions you should ask yourself first:
Can my budget take it?
Compared to off-the-plan apartments, rented-out ones tend to come in cheap if you are planning to move in immediately. The downside of this one, however, is that you are not sure if the place is thoroughly cleaned after being used by the previous tenant. More often than not, you only get what you pay for.
Off-the-plan apartments do not have this kind of hassle, although you do have to pay a lot more than the rental bills to move in. what these types of apartments offer to you, however, is total control of the property. You can buy your furniture, storage, and other supplies. Most importantly, it will all be yours. Nothing feels more empowering than being able to get your safe place.
Would I like the place?
Those who are looking for rented apartments have the luxury to choose. You can scour the neighborhood for the cheapest finds, assess the safety and the accessibility of the location, know the establishments nearby, and more. Some landlords even allow ocular visits so you can see where your money will go.
Unfortunately, off the plan apartments do not have that. You will be basing all the decisions based on the plan of the investors. There are too many risks involved. That is why if you plan to take up this path, you have to subscribe to reliable websites and companies that report on the latest Apartment Developments in Melbourne. These websites serve as a bridge between buyers and investors when investing on off the plan apartments.
Which one offers the most value for my money?
If you are looking short-term, then you will see that renting out is certainly something that would give you more value. Add that to the fact that you will not be seeing yourself living in Melbourne long and you will see off-the-plan apartments as a bad investment.
But, if you go beyond your needs today and see these living spaces as an investment rather than a temporary household, then you will see that off-the-plan is the way to go. You not only invest properties for yourself. You also let your family, both now and in the future, have a cushion to fall back on in case circumstances change and they end up homeless in a city.
Knowing when, where, and how to spend your money and your life is an essential part of being an adult. You must make hard decisions and understand which ones will benefit you more long-term. Before going down the “rented” route, try looking for Apartment Developments in Melbourne first. Maybe off the plan apartments can bring you long-term benefits, after all.