A large property dilemma for city dwellers is whether it would be better to purchase a house or an apartment. Although there are many different sides to this argument, ultimately it boils down to the buyer’s individual preference and situations. In saying this, what are the different arguments? Should you buy a house or an apartment?
As stated, the answer to your dilemma is in your personal preferences and situation. These can include whether the property is an investment or your residence, the location you wish to purchase in, the number and age of people intended to live in the property, and what kinds of maintenance you intend to carry out, and so forth.
Many investors tend to find apartments to be easier, as they do not require as much maintenance. They should consider the length of time that they intend to hold the property for, and the potential capital to be gained from the property. Generally, over the short and medium term, both houses and apartments tend to reap the same financial gain, however, over long term, a house will mostly likely be more beneficial. A house will also more likely appeal to a wider range of people, for example, those with children or with pets who would be unlikely to rent an apartment.
For those who intend to reside in their chosen property, it would be impractical to buy an apartment if they have small children or animals. However, it could also be consider impractical to buy a house that would require a long commute to work, or if a young couple or person was the only inhabitant. Ultimately, it depends on how much you are willing to spend, and who intends to live in it.
Location and availability can also play a part in your decision making process. In a busy metropolitan area, apartments are, obviously, much easier to find, and, for investors, many more people will be interested in renting them.
Buying a house generally costs more than an apartment, however, it is always important, no matter what type of property you are going to buy, to have a property inspection.
This is an important step in buying property, no matter where or what you end up buying, and although costing can differ depending on your location, (for instance, a building inspection Melbourne might cost less than a new house inspection in Bendigo), it is worth every extra dollar.
Whether you buy a house or an apartment depends on your situation and finances. Don’t buy anything too big or too small, and if you need help in deciding, you can always contact a real estate agent or another experienced person. Buying property is a big process, and you want to make sure that you have something that perfectly fits your needs.