Buying an Apartment or an Independent House – the pros and the cons
There are a lot of factors that need to be considered before you sign the cheque for buying a property, primarily, your lifestyle, property goals and budget.
If you want to live in a city proper, an apartment will be your first choice. Vacant land for private ownership is rare and even if you do get a suitable site to build a home, the cost of land can be prohibitively high. Living space in cities all over the world today are growing vertically and the emphasis is on multi-storeyed apartment blocks. However, if privacy is your focus, the tranquillity of the suburbs will suit you. Here, you can buy land and build an independent house, far from the maddening crowd.
There is also the aspect of returns on investment that has to be considered. The appreciation on the original value of the property purchased will not be the same for both and will depend on the floor space, location and quality of construction. Further, if you are investing in rental property, you should bear in mind that the rent receivable for an independent house in the suburbs will generally be lower than an apartment in the city because of the many facilities available in a metro.
Before you buy property, consider these pros and cons of an independent house as against an apartment.
• You get more space to live comfortably as independent houses are larger in floor area than apartments.
• If you are into gardening, you will usually get a patch of green before a home. You can even build a deck or a pergola in the backyard to entertain in summer or spend quality time with family. Kids love a backyard to play!
• Flexibility is the critical factor in an independent house. You can do whatever you want in renovation and modifications so long as you follow local council regulations. You can renovate your home too and this flexibility is especially useful for bathroom renovations.
This because you might want to change the plumbing and your design ideas might include shifting the toilet and the vanity to a different space from the existing one. In an apartment block, the plumbing network is closely interlinked between all flats and it is not possible to make any significant modifications. There are no such limitations for a standalone home. You can change the plumbing, install Jacuzzis and vanities of your choice and fix the latest shower heads. For a full range of top of the line bathroom fittings and fixtures, click here.
• Privacy is the key advantage of an independent house. You will not be living close to your neighbours. Hence you do not have to worry about disturbing them or be bothered by them.
• Maintenance of an independent house can be quite high. You will have to mow the lawn, clean roof gutters and downpipes, trim trees and wash windows. If you are a DIY type, the costs will be low; otherwise, the costs of hiring help can be quite high.
• Living in a house is generally more expensive because of high utility bills. A larger area than apartments have to be heated or cooled and more furniture is required to have a decent lifestyle.
Buying an apartment
• Apartments, apart from a few exceptions are generally cheaper to buy than houses.
• Main maintenance work like mowing the lawn or tending to the garden is not required in an apartment. The general maintenance work is usually taken care of by strata. Hence you have more time to yourself.
• Apartments might be cramped for living space but that also means lower utility bills for gas and electricity.
• Most apartment blocks are built near city centres and hence you will get quick access to transport, markets, theatres, schools and restaurants.
• An apartment block usually has swimming pools, gym, tennis courts and a hall for indoor games and hosting events. You have to pay only a nominal charge for availing this facility. Hence, the quality of life is more fulfilling in an apartment.
• Any intruder has to go through multiple layers of security to reach your apartment door with the more upscale apartments having technologically advanced security systems.
• You have to abide by the bye-laws and rules imposed by the owners’ corporation. It might include restrictions on owning pets and hanging the washing out to dry on the balcony. You also have to seek permission for any upgrade or modifications to your apartment.
• There is less privacy in an apartment. You will probably get to hear your neighbor’s fights and they yours. And you have to keep the music on low volume when you are entertaining guests – restrictions that are not there in an independent house.
These are some of the advantages and disadvantages of buying an independent house or an apartment.
- Published On : 2 months ago on September 13, 2018
- Author By : editor
- Last Updated : September 13, 2018 @ 2:53 am
- In The Categories Of : House