As an entrepreneur, one of the first things you have to think about is putting a roof over your head at night. And while all of your friends may be buying homes, this might not be your best fit at the moment.
Housing Options for Entrepreneurs
It’s becoming increasingly common for young professionals to venture into the world of entrepreneurship or freelancing at the very start of their careers. And while there are numerous benefits to doing so, it also complicates certain matters. Housing is one issue that can prove to be more difficult for entrepreneurs than for individuals with steady W-2 employment.
The good news is that you have options – some of which may include:
- Living at home (with parents). According to a report from Zillow, 23 percent of millennials are living with their parents. The benefit of living at home is that you save on housing costs. The negative is that you’re, well, living at home with your parents.
- Purchasing a house. In order to purchase a home, most mortgage lenders are going to require at least two years of tax returns. If you’re new to entrepreneurship and aren’t making much money, this probably isn’t an option. But if you’ve been in the game for a little while now, this could be something to consider.
- Renting a house. Renting is a great option. And if you’re looking for some space and privacy, you might consider renting a house. However, be warned that many of these rentals will require a full 12-month lease.
- Leasing an apartment. Finally, you have the option of renting an apartment. Depending on where you’re located, you should be able to find a handful within a short drive.
At the end of the day, you have to make the decision that’s right for you. But in this article, we’re going to focus in on this last option, which many entrepreneurs discover to be the most beneficial and satisfactory.
The Benefits of Apartment Living
When you dig in and explore everything that apartment communities offer, you’ll discover the benefits that thousands of other entrepreneurs have experienced firsthand. Let’s explore some of them:
- Location. As an entrepreneur, location is extremely important. You need to be in an area that’s accessible and close to resources that you regularly use to run your business. It’s also helpful if you’re in an area where you can easily network with other professionals and potential clients. With an apartment, you can gain access to areas of town that would otherwise be totally out of your price range as a buyer.
- Community amenities. An apartment offers more than just a roof over your head. In many of today’s modern apartment communities, you also get a number of first-class amenities. Take Glen-Lennox in Chapel Hill as an example. They have a fitness center, gas grills, dog parks, managed maintenance, and other perks. For a busy entrepreneur, having these options on-site is a huge advantage.
- Pet services. If you’re a pet owner, your hectic and busy lifestyle isn’t ideal for your furry little friend. But with an apartment, you may get access to pet amenities like dog walking, grooming, and other concierge services that can be called upon in your absence.
- Independence. There’s a certain level of independence that comes with living in an affordable apartment. You can come and go as you please and not have to worry about things like roommates, strict landlord rules, or mortgage payments.
- Flexibility. As an entrepreneur, you can’t be tied down by a constricting 30-year mortgage. Not only does the cost impact your budget, but there’s always the possibility that you’ll need to move before the lease is up. In this sense, an apartment is a much more attractive option. Depending on the situation, you may be able to secure a 6, 9, or 12-month lease. This gives you the option of staying put or moving on.
Adding it All Up
There’s no perfect solution. Every situation is unique, and you’ll have to determine what’s most practical and financially feasible for you and your circumstances. But if you’re like most young entrepreneurs, you’ll find that apartment living offers a number of attractive perks that simply can’t be matched by other housing options.