Wondering whether to buy a house or apartment?
While a house is still a home to the majority, the percentage of people living in apartments is rising. For many people today, an apartment can be a desirable option: generally more affordable than houses and offering lifestyle benefits too.
House versus apartment can be a dilemma for home buyers. Which one is right for you will depend on your lifestyle, financial circumstances and future plans.
Lifestyle
Living in an apartment comes with the obligation to follow the rules of your association of owners. By-laws may prohibit hanging out washing, renting it out or keeping pets. You may also need approval before making changes, like putting in new flooring.
If you own a house, you can usually renovate as you wish, as long as you stay within council regulations. On the other hand apartment living offers ease of maintenance, and might allow you to live closer to transport, work, and city life’s benefits.
Apartment buildings may also offer gyms, parking and other facilities, access to shared gardens, playgrounds, roof terraces and more.
When determining which type is best for you, think about both your current lifestyle situation and your future plans before making your decision: would you like to start a family, or if you do have children: will they soon be leaving home..?
Maintenance
When buying property, consider your ongoing costs. Houses tend to have higher maintenance costs, since all parts of the property – including the roof, foundation and garden – are the owner’s responsibility.
When living in an apartment you will usually be responsible for most repairs and maintenance within your apartment, and you may pay a monthly amount to cover repairs and maintenance to the building, common areas and services.
This fee also covers building insurance, administration costs and a reserve fund for future works.
Getting a loan
The process of getting a home loan is very similar whether it’s for a house or an apartment. ExpatPurchase can direct you to mortgage advisors, who are specialized in arranging loans for expatriates.