Should I Buy an Apartment or a House?
If you are looking to buy a home, you may be wondering which is preferable, buying a house or buying an apartment. Each one has its share of advantages and disadvantages. This article will present some facts you will want to consider.
Buying a House
Buying a house is ideal for some for the following reasons:
Lots of space: Homes are more spacious than apartments. There are typically more rooms, the rooms are usually larger, and homes often have some sort of outdoor space as well.
Freedom: When you live in an apartment, the property manager may have some rules and regulations you will need to abide by. For instance, you may have to keep the walls of your apartment white or you may not be permitted to have pets. When you live in a house, you can do whatever you want and that includes remodelling and expanding to add value to your property.
Privacy: Living in a house gives you more distance from your neighbours. Therefore, you don’t have to worry about disturbing them nor do you have to worry about them disturbing you.
Being a homeowner also comes with its share of downsides. These include the following:
Maintenance Costs: Without a property manager, the homeowner will be responsible for all repairs and maintenance. These can get quite costly over time.
Expensive: You will need to save up a lot of money to buy a house. An apartment is way more affordable.
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Buying An Apartment
Now let’s take a look at what life is like when you live in an apartment:
More Affordable: Not only is an apartment less expensive to buy, you also have less maintenance costs and, since you are living in a smaller space, you will also save on utility bills.
Location: Because apartments are cheaper, owners can afford to live in a more convenient location. After all, an apartment close to Sydney’s Central Business District will be a lot cheaper than a house that’s centrally located. However, as more people are working from home due the pandemic, the location may not be as important when considering commuting to and from work.
Amenities: An apartment may have amenities like a pool, a gym and a rec room. Of course, you can make similar additions in your house, but it will add to expenses.
Security: An apartment typically has an intercom system and there are plenty of neighbours around. Therefore, it is more secure than a house where thieves can break indirectly through doors and windows.
Now let’s explore the downsides of apartment living:
Less Privacy: With tons of neighbours around, you will always have to make sure you are being respectful of others and you have to hope that they are being respectful of you. And with the pandemic continuing to rage in Australia, shared spaces are another concern. Using the same elevators, mailboxes, etc. as your neighbours can increase the spread of germs.
Property Management: A property management company will have rules and regulations that might limit your freedom to do what you want with your property. What’s more, these companies will charge fees for maintenance which is another expense that should be considered.
Less Space: Apartments are smaller than houses and typically do not have an outdoor space other than a balcony.
Both an apartment and a house will have their shares of pros and cons. Review your options so you can find one that is best suited for your lifestyle. Good luck finding a living situation that makes you happy.
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