Are "luxury" apartments a huge lie?

[Anonymous]

Apartments can have upscale appliances, features, and amenities, but I cannot imagine wealthy, higher-class people dumping years of money into something they will never own, no matter how much money they pour into it. Usually if a person is well-off or has money, they would have the down payment to put on a mortgage or even flat-out purchase the home in cash. People who have money would opt for homeownership rather than renting/leasing their homes.

I can say that communities that build apartments everywhere are the ones who get lower-class, foreign people from out of state. These are the places where lower-class blacks and minorities infiltrate and traffic becomes an issue.

Yes

No

[Syntosi]

Of course there are luxury apartments. First of all, you can own apartments and you dont have to rent them. Secondly, putting aside the convenience of owning an apartment since that is basically the stereotypical "take my money and deal with all my housing problems for me", a lot of wealthy peoples lives is about upholding their status. Its not just about being rich, you need other people to know that you are rich. You need them to see you drive in expensive cars, show off your expensive watch or clothes and indeed invite them or show picture of your expensive apartments. It is a status symbol and has nothing to do with actual practicality or convenience. Living in a luxury apartment usually fucking sucks as a result but you look good while doing it.

[NaultD]

When you're super rich you can jump around whenever. Life time of equity isn't a factor as it is for normal people to grow wealth.

It's basically the same as living in a vacation hotel room as a base everyday standard.

[Asker]

I can see your point to an extent. Although, renting an apartment is not really the same as a luxury hotel. At hotels, you have housekeeping, room service, valet staff, and more. With typical apartments, the renter is responsible for cleaning and upkeep and furnishings. Landlords can also set their own rules in their lease agreements that can dictate all the way down to behavior of the renters and guests, like an HOA on steroids. Landlords can also increase rent following a lease expiration, so prices are not always consistent year after year. There is less control with renting versus home ownership.

[NaultD]

If you owe the bank $100, that's your problem. If you owe the bank $100 million, that's the bank's problem.

I see the same thing happening with renting.

[Asker]

Yes, but once you pay off the mortgage or the property is no longer--in-reality--the bank's, then it is yours. Even if you are still under a mortgage, you can usually still alter the property and customize it to your liking. There may be limitations if you live in an HOA subdivision of some kind, but those restrictions are usually to the exterior and a prospective homeowner can choose to purchase homes that are not within an HOA neighborhood and buy unrestricted land instead.

[NaultD]

Who's going to be the next renters in a luxury place? It happens but every 15 20 years. You also accommodate.

[exitseven]

I dated a girl that moved into a new apartment. She told me in was a luxury apartment. I think they called it luxury because it had a swimming pool.

[jahaims]

You can look up 20 million dollar apartments

[NewWaves]

What?