A newly Renovated Apartment sparks a lot in the imagination. New flooring. Freshly painted walls. Upgraded appliances. Top-notch amenities. But, the reality may or may not live up to the fantasy. And, even if it does, is that reality affordable? Before renting a renovated apartment, it's important to consider all aspects — good and bad — before signing any lease agreement.

1. Renting a renovated apartment is usually more expensive

Thanks to all of the new in a Newly Renovated Apartment, you could pay more rent than that for an unrenovated unit. This could be a minimal amount — say $50 or $100 more per month — to several hundred dollars per month. It's important to evaluate if the renovation is worth the extra cash. It's easy to fall in love with the clean, shiny, brand-new appearance, but that love could quickly wane each month as you write your rent check.

2. There could be more amenities — or not

Renting a renovated apartment doesn't always mean there are new upgrades or amenities. While property owners may take advantage of a renovation to add things like wireless hotspots in the building, new grills in the courtyard or upgraded equipment in the fitness center, that's not always the case.

It's important to find out what, if any, amenities came about during an apartment building renovation. You might find something more in tune with your wants and needs in an unrenovated building.

3. Some upgrades aren't necessary

It's important to decide if the new bells and whistles in a newly renovated apartment are worth the rent money. Do you really need stainless appliances? Are you going to spend more time in the kitchen? Wiring for surround sound? Extra storage space in the basement? (OK, that probably is a yes.)

It's important to compare the features of a renovated apartment against those of a non-renovated apartment to see if you'll truly receive a return on your money.

4. The renovation may not include insulation against noise

While new floors, sparkling walls and shiny appliances are attractive, it's important to find out if insulation was part of that renovation. Nobody enjoys noisy neighbors, especially if their dog barks a lot or they always vacuum the floors when you're going to bed. Don't take the landlord or property manager's word for it.

Try to visit the apartment and spend some time there in the late afternoon or early evening when kids are coming home from school and adults are coming home from work. How noisy is it? The shine of a newly renovated apartment would turn dull quickly if you hear a lot of slamming doors, loud TVs and chattering neighbors.

5. All the kinks aren't worked out yet

Renovations don't equate to perfect working order. If you opt for renting a renovated apartment, don't be surprised if there's a problem with the new dishwasher or the new wiring for the TV doesn't work correctly. As with all improvement projects, there could be some wrinkles in performance that require attention or take time to straighten out.

6. A newly renovated apartment likely isn't conveniently located

Finding a newly renovated apartment may feel like a dream come true, but it's important to evaluate if that apartment is the right fit for your needs. Is it close to work? Is public transportation nearby? What is the traffic like in the area? Is it near family and friends? If you spend more time getting to and from your apartment than you do in your apartment, the “new" of it isn't enough to compensate for the poor location.

7. Renting a renovated apartment may not allow pets

If the landlord or property owner invested a large chunk of change in renovating apartments, he or she may not want pets living in those sparkling new units. Already have a pet? You might have to look elsewhere for a new home. If you don't have a pet but planned to get one soon, you'll have to put those plans on hold if you want to rent a renovated apartment.

8. Your utility costs could change in a newly renovated apartment

When renovating an apartment, it's possible the landlord or property manager could install energy-efficient kitchen appliances that could lower your utility costs. However, they also may install a washer and dryer in the unit, which, while convenient, could increase your utility costs.

9. A new look may not cover up old problems

Renovating an apartment could include new flooring, fresh paint and updated appliances. But it may not go deeper than that. So, if there have been plumbing problems, say the water runs out when trying to shower, new bathroom fixtures won't solve that problem. Talk with current residents to find out if there have been any recurrent or ignored problems that might be covered up with a renovation.

10. The renovations in the complex aren't complete

While the apartment you have your eye on is ready to move in, there could still be other apartments in the building or complex that have yet to undergo the renovation process.

That means there are many days ahead of noisy construction, unfamiliar workers on the property and inconvenient construction detours (i.e. the stairs or elevator closest to your unit are not working so you have to go to the other end of the building to get home). Be sure to ask the landlord or property manager when construction will wrap up — and then, add on at least three months for possible delays.

The bottom line

Renting a renovated apartment offers a lot of benefits, not the least of which is a gorgeous new unit with updated flooring, finishes, appliances and paint. However, that topcoat isn't enough to make renting a renovated apartment the right choice for your budget or your lifestyle. Take time to review all the pros and cons before signing any rental agreement that could lead to regrets.

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