Apartment vs House - What’s best for you?
So, you are ready to jump into the market for the first time or perhaps you are looking for an investment property. What best suits you and your lifestyle? Is it the apartment with the extra facilities within walking distance of everything or is it the house with a yard in a quiet neighbourhood?
There are a number of things to think about before you even get to that decision.
Location: Where would you like to live?
Budget: How much money do you actually have or can actually borrow? (Are you ready?)
Must haves: What are the non-negotiables for you? Great schools, close to parks, shops, public transport, big backyard…
Lifestyle: How time poor are you? Do you have time to spend looking after the lawn/pool/maintenance?
Your personal situation: Are you single, a couple, a growing family, a downsizing family, do you have a pet?
Why are you buying: forever home, first home buyer, investment, renovator…
If you are buying as an investment: Rental income, capital growth, what tenants are looking for?
| Apartment | House |
| Pros | Cons | Pros | Cons |
|
Generally more affordable Low maintenance Reduced living costs (power…) Location Extra facilities (pool, gym…) Better Security Accessibility (all one level) Nifty Storage / declutter (downsizing) |
Possibly less space Possibly less privacy Require permission /approvals sought for external changes Body Corporate fees Accessibility (lift breaks down!) |
Indoor space Outdoor space Ability for increased privacy Increased Flexibility More potential to change No restrictions re pets No body corp fees |
Maintenance Affordability Location Living costs |
All of these ‘practical’ questions may seem to be taking the ‘romance’ out of buying but they will certainly help you to narrow down what the best fit for you may be! Next, you have to weigh up the pros and cons. Here’s a list we started for you, there are probably many more...
Ultimately, you need to find the property that best suits your needs. Some of these pros and cons may change if you are looking at the property purely for investment and not to live in yourself. A key factor in this process is finding the right Real Estate Agent/Agency to help you. At Nobel Realtors we are well equipped to answer your questions, fill you in about the local area and offer advice on property management and the buying process. With professionals out there to help, buying property should be a positive experience! Give us a call.