Finding the right apartment can be tough. There are so many
apartments out there, and there are so many factors that go into your decision
in choosing which one to call home. The key is to look for the best value – not
just the actual monetary value of the apartment, but the personal value to you
and your lifestyle. While the overall value of an apartment will differ from
person to person, there are several categories that should be considered by
everybody looking for a new apartment.
Location, Location,
Location
When determining the value of an apartment, location is a
huge factor. How far away is it from work or school? Is it close to grocery
stores? Do you really want to live in a busy downtown area, even though the
price might seem right? Although that apartment with the swimming pool and the
really big bedrooms might seem like the obvious choice, but if it takes more
than an hour to get to work, is it really worth it?
How Much of that
Apartment Are You Going to Use?
One of the best ways to determine the value of an apartment
is to compare how much space you get versus how much space you will use. How
big are the bedrooms? How much storage space is there, and more importantly how
much storage space do you actually need? If a massive walk-in closet is just
going to go waste, you’re not getting the most value as possible out of that
new apartment.
Going beyond your own apartment, what else is there inside
the building? Does the apartment have a laundry room or a convenience store
onsite? Are there any extra perks, such as swimming pools, saunas, party rooms
and squash courts? And if there are, does it cost anything to use them, or is
this cost built right into your rent? If it is, and you don’t plan on actually
using any of these services, you might want to look elsewhere.
Management and
Tenants
The structure of the building must be taken into account
when trying to figure out the value of an apartment. For example, does it have
concrete walls between apartments to block out noise? As well, what is the
overall cleanliness of the building? Don’t just look at your apartment, either
– take a close look at the common areas such as laundry rooms, lobbies and
elevators. The upkeep and maintenance of these spaces is perhaps the easiest
way to evaluate the building’s management team.
The level of service provided by the apartment’s management
team is perhaps the biggest factor in determining its value. Is there an onsite
property manager? What about an onsite security, or a superintendent who can
deal with emergency calls any time of the day? The most valuable apartment to
live in is the one where you can trust and count on the management to serve and
help you when you need them.
You might also want to consider the demographics of the
apartments you look at. What sort of people do you want to share a building
with? Each apartment has a different feel to it, whether it’s populated by a
lot of young families, university students, seniors, etc. If you value fitting
in with the rest of the tenants and looking for social opportunities in your
building, the demographics could weigh heavily on your decision to rent there.
The Bottom Line
Of course, the actual monetary value of an apartment is hard
to ignore when assessing its value. How much is the rent? Is parking included?
What about utilities? With rising gas and hydro costs, knowing how much you’ll
have to pay each month on top of the rent is vitally important.
These are just a few of the guidelines that you can use when
determining the value of an apartment. Ultimately, the decision of where to
rent is not only based on which one has the cheapest rent or the most onsite
amenities, but on your own personal tastes and lifestyle as well. Getting the
most value out of your apartment is a balancing act, as you have to weigh all
of the positives and negatives of the entire package before reaching your final
decision.
Looking for an apartment in Ottawa? Paramount Properties is Ottawa’s second largest residential property management company. With more than 4,500
Ottawa apartments for rent in some of the city’s finest locations, we’re your #1 choice for apartment rentals in Ottawa.
