At first glance serviced apartments appear to be priced relatively high compared to other types of accommodation. However, if you scrutinise the value-per-pound a little closer you start to realise that it works out cheaper to pay what is effectively the all-inclusive price of a serviced apartment.
What is it exactly that gives serviced apartments more value than you may think?
The self-catering option
In some countries like the USA, it’s rather unfortunate that something like buying ingredients and groceries to cook from scratch appears to be more expensive than eating out. Fortunately in this part of the world, it works out much cheaper to cook for oneself, which is just one of many elements of staying in a serviced apartment that ensures you get a lot more value for your money.
Some serviced apartments are located in great residential areas, which means you can perhaps walk down to your local grocer’s and shop like the local shops, which in turn means you won’t be subjected to the high prices synonymous with the more touristy areas that house typically touristy accommodations.
The self-catering option is out-the-box too, so there’s no need to buy any appliances, utensils, crockery, etc.
Operational costs are inclusive
If you have some experience as a homeowner then it’s much easier to do this, but it’s not out of the reach of anyone who may have had to carry the responsibility of the upkeep of their own rented apartment, flat, etc.
Operational costs such as household goods insurance are inclusive, which means they’re lower as a result of a different service offered to property owners hosting tenants. Sure, the property owners ultimately need to make a profit, but the cost savings associated with this type of business are in one way or the other passed on to the renters.
Just do some maths next time you’re in your fully serviced apartment. Tally up the amount you’d have to pay in insurance premiums if you were to cover all the items contained in your unit, like the original artwork, furniture and upholstery, TV, internet infrastructure costs, bedding, and linen, etc. That’s just a fraction of what you would have otherwise have to pay had you been operating a household with all the same features, not to mention how the costs for features such as security are effectively split among all tenants, both long term and short term.
So there are many would-be operational costs that are inclusive in the price, which would have otherwise worked out to be much higher were they not considered in the shared premises setting.
Peripheral cost considerations
In order to truly take advantage of the suggested value to be extracted out of serviced apartments, the peripheral living expenses need to be considered. Walk to all the places you need to get to or take cheap, public transport the way the locals do it, instead of driving, for example. Engage in the entertainment which doesn’t blow your budget too, like taking a walk to the park for a picnic if you’re in Clifton (Bristol), for instance.