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August 2, 2019 | -Tags: Apartment, Buying an Apartment
Figuring out which type of home you need depends on your lifestyle and your finances. Many people prefer the space and flexibility that traditional houses offer, while others are more partial to the convenience and flexibility offered by apartments. Both of them have their pros and cons.
If you are wondering about whether purchasing an apartment is the right choice for you, here are some of the top benefits of buying an apartment instead of a house:
Most of the time, if you want to live in prime locations that are readily accessible to modern-day conveniences, an apartment is the best way to go. Developers often scout out the most desirable spots in the city to build apartments that can accommodate more people. For instance, new apartments Melbourne are closer to amenities such as schools, banks, hospitals, and markets.
The costs of these amenities are usually shared by the different people living in the apartment complex. If you tried to buy or build a house in such prime locations, you’ll most likely spend a fortune.
When it comes to affordability, apartments certainly have the upper hand. Although there are definitely exceptions to the rule, apartments tend to cost less than houses in the central city locations. If you are not prepared to spend millions on a home that is close to all the conveniences of city living, purchasing an apartment is your top choice.
The lower cost of apartments is due to the principle of higher-density living. More people are able to occupy the same land area, so homeowners are able to save more money by buying off the plan.
When you purchase a functional apartment, you also gain access to all the amenities that the developers included when they built the complex. As soon as you move in, you’ll already be able to access the water and electricity supply. If you purchased a house, you’ll have to apply for utilities separately with your chosen provider.
There are also numerous features and amenities that are included in your apartment, which you’d have to purchase, install, or build individually when you buy a house. Some examples are the following:
- Car parking (in some condominium units, you may have to purchase the parking space separately, but in most complexes, there’s an allocated free parking space)
- Power back-up
- Pool and barbecue area
- Well-equipped gyms
- Activity hubs and shared common spaces
- Security personnel and devices
Lower Living Expenses
Living in stand-alone houses that are located in city centers and other popular areas can get very expensive. A study showed that apartments are the more economical choice if you want to live in sought-after areas or areas that tend to have a higher population density.
When you live in a house, you’ll have to pay for all the utilities you consume, including gas, electricity, water, and your Internet. In comparison, there are many apartment complexes where most utilities are included in your rent, aside from electricity. This can be really advantageous for you, especially if you have several members in your family.
The best thing about living in an apartment is that you don’t have to worry about maintenance. Maintenance costs tend to be some of the biggest expenses for owners of standalone houses. In fact, many real estate agents warn clients to budget at least 1 percent of a home’s price for yearly maintenance costs. This means that if a home is worth 500,000 AUD, they should set aside at least 5,000 AUD every year for maintenance.
Some examples of maintenance work that you need to pay for when you buy stand-alone homes are the following:
- Gutter cleaning
- Pool cleaning
- Winterizing your home
- Homeowners’ association fees
In contrast, you don’t need to do or spend a lot to maintain an apartment. Even when you’d rather do all the maintenance work in a stand-alone home on your own, you can still spend this time on your hobbies or on other more important things when you own an apartment.
You’ll most likely feel safer when you live in an apartment compared to a traditional house. This is because apartment buildings employ security guards and are equipped with security devices and features. Some examples are front doors that are secured with codes or cards, CCTV equipment, fire alarms, and many others.
Additionally, potential thieves and wrongdoers are unlikely to go unnoticed when you have many neighbors around you. You can feel more secure when living in a space where thieves, beggars, and even pesky salespeople can’t easily get into.
The decision to purchase an apartment instead of a home rests on your budget and personal preferences. However, if you don’t mind the limited space, apartment living offers conveniences, features, and amenities that you won’t easily get when you live in a stand-alone home.