Is it Better to Own an Apartment or a House?
When you’re looking to buy a property, there’s a long list of things to consider. You will have to think about what type of property you wish to purchase, and this might depend a lot on what you’re going to use it for. If you are planning to settle into a family home, then perhaps a house would be better. Alternatively, a single professional might opt for an apartment in the city center.
If you’re not sure if you’d prefer a house or apartment to call your own, go through this list below and compare the two.
It’s easy to assume that apartments will have less space than houses, but that isn’t necessarily true. Of course, what you’re able to afford will have an effect on the size of the property you purchase. Apartments can be spacious; many are designed with open-plan living spaces which can help reduce the feeling of being boxed-in. Furthermore, if you want some outdoor space, then many come with balconies or terraces which you can enjoy on summer evenings.
Houses can be small with petite backyards to match. However, generally speaking, houses do tend to have a bit more room to work with. They can also encourage a cosier sense of home in comparison to some apartments. There are plenty of houses available in cities, although they’re more likely to be on the outskirts of the city centre and in suburbs. This makes them more appealing if you’re looking for a quieter spot to live in. If you have children or pets, the right sized house might be the better choice for you.
The problem with buying an apartment is that you won’t have ownership over the building it’s placed in. This might not be a big issue, but as the owner of the apartment, you might find yourself having to pay high maintenance costs and additional charges to the building owners. It is possible to enter into a collective enfranchisement, but this would require the cooperation of the other apartment owners in the building. One of the benefits of purchasing a house is that these extra costs aren’t there. Therefore, buying a house might be cheaper in the long run, even if an apartment’s asking price is less.
As briefly mentioned above, most houses don’t tend to be located in city or town centres. Instead, they are built in suburbs or on the outskirts of these locations. Apartments, on the other hand, are perfect for placing in central locations in a city. It’s also important to consider what you will need to have in relatively close distance to your home. For example, if you have children, you will need to think about where there are good schools. Both properties could be in ideal locations, but some might be better positioned for certain things than the other.
Both apartments and houses make great homes, but it will be up to you to decide which better suits your needs.