Is It Better to Buy a House in 2021? The Pros and Cons of Buying a House vs an ApartmentMarch 29, 2021
Buying a house is everyone’s dream. Knowing that you have a roof on your head that is registered in your name provides an assurance and permanence that you will always have a place to rest and go home to. But, is it time to fulfill this dream this year?
Countries are expected to bounce back this year. Experts have forecasted the rise of house prices in major cities, while there will be a price drop in inner cities. The economy is down and buyers are offered low-interest rates as an incentive. This is an excellent time to purchase a home if you are planning to buy one.
However, other than the timing, you should consider the type of home that you will go for. Should you buy a house or an apartment? What is the difference? What are the advantages and disadvantages?
Apartments are units within a building, built with shared walls with another room. The building’s size may be small or big, with shared common areas like pools, playgrounds and parking lots. Some come with balconies, while some do not.
Pros of Buying an Apartment
The price of an apartment is relatively lower than the value of a house within the same area. Factors that affect the cost of an apartment include the size, amenities and location.
Most apartments provide common areas like swimming pools, courtyards and playgrounds for kids. The greatest thing about apartment-living is that these amenities are well maintained by the building owner. The owner also offers a safe environment employing 24/hour security guards and lifeguards.
3. Practical and easy upkeep
Limited floor space equates to a smaller area to clean and maintain, perfect for busy executives who are always on the go.
4. Close community
Living near neighbours has its advantage: camaraderie. The possibility of seeing each other in the lobby, courtyard or hallway is high, allowing you to build friendships.
Cons of Buying an Apartment
1. Limited living space
Regular apartments are more suitable for single individuals or small families because they typically have only one to two bedrooms located on a single level. However, there are modern apartments now that have a large open space with a second level. They’re called loft apartments and they offer cosy living although more high-priced than traditional apartments.
2. Less privacy
Units share walls. This means there is a chance that your neighbour may hear any sound coming from your room or vice-versa. Everyone also uses amenities. The pool is like a private pool for the public. Expect many people to have a dip, particularly on a hot day. Most apartment units are also available for rent rather than purchase; this means you may encounter different tenants during your stay.
3. Rules and fees
The amenities you enjoy likewise come with fees. As a part of an agreement, apartment owners have shared responsibilities in maintaining the building. This includes costs for the employees hired to do the necessary daily upkeep. Another charge that comes upon purchasing a unit is the parking fee. Buying a dedicated parking space is a must for car owners.
Living with shared spaces comes with strict rules. Some apartments are stern when it comes to renovating your interiors. Some even have a list of allowed home appliances, which are deemed safe by the owner.
Townhouses are more significant, with more floor space. These can be standalone, duplex or semi-detached. Owning a house is a lifelong commitment that comes with many advantages and disadvantages. It won’t be called a dream house if it is that easy to achieve.
Pros of Buying a House
Realty is a popular long-term investment. The value of the land has a higher possibility to increase rather than flop. The two main factors that affect the value of a property are economic growth and supply and demand. If your property is located where there is high demand in realty such as the major cities, it is possible to double in value in 10 years. However, if your house is located in lightly populated areas far from facilities like schools, hospitals, malls, it would take more than a decade before land price increases.
Standalone houses are the best if you are looking for a space with lots of privacy. This includes more significant land areas suitable for families who want to incorporate a garden. Space is far enough where you will only see your neighbour when you go outside the gate.
3. Stability and permanence
Stability has no monetary equivalent—the assured feeling for the whole family, chiefly for the children. Having something concrete as a symbol of your hard work brings fulfilment to anyone who has been toiling for decades.
Do you want to build an outdoor living room? Go ahead, as long as it’s within your land space. You are free to do whatever you want within your land area as long as it conforms to council regulations.
Cons of Buying a House
Buying a house is costly. This is why not everyone can buy a home of their own. Regular employees cannot afford to pay the full price upfront. This is where mortgage and loans are beneficial.
Maintenance is a burden for many homeowners. The larger your house is and the more appliances it has, the more care you have to deal with. Gardens require upkeeps like pruning, weeding and watering. Some parts need replacing, repainting and the list goes on. Maintenance is a vital part of preserving a house and preventing extensive renovation, which is more costly.
Should I Buy a House or an Apartment?
Buying a house or an apartment is a high-commitment decision, a sizable investment and a risk that you need to prepare for monetarily. Consider your financial situation. If you are confident that the income that comes with your job can pay for household expenses and mortgage, any day is a great time to buy a property.
At BuildQ Group, we don’t just build homes – we build houses that last. Designed for comfortable family living, our residences are the paradigm of the contemporary, luxurious and enviable lifestyle.
Contact us today and let’s make your dream home a reality.