Finding the perfect place to call home is one of the most critical life decisions you can make, so you understandably want to hit it right on your first try. However, there are plenty of properties for you to choose from. Choosing between charming apartments or eye-catching luxury real estate may understandably leave you flustered.
Fortunately, you don’t have to lose your marbles over which property is the best fit for you. This piece will discuss the specific advantages and hurdles of living in apartments, condominiums, and houses. Hopefully, reading through this article will help you decide whether a condo investment or an open house is in your future.
Renting an Apartment
Simply put, apartments are low-risk properties. These are residential units inside a building that individuals or families can rent.
A huge perk that puts apartments above house ownership and condo living is the minimal amount of financial investment you need. Moreover, the landowner will solely shoulder any damage in your apartment you didn’t cause.
Flexibility is another advantage apartments have over the other housing options. Financially, its occupants can build their personal savings. Career-wise, professionals get to advance their careers. Since they’re only renting, they don’t have to reject an enticing opportunity located far from where they live. Instead, they can just find a new apartment near their new place of work.
Despite the rosy perks offered by apartment living, there are also thorns you must negotiate. One of the biggest hurdles is the policies set by the landowner. Pet policies are some of the most common problems tenants face. Still, other rules set by the property owner make apartment living difficult.
More importantly, the perks of owning a home are not achievable with apartment living. You cannot make changes to the apartment to make it more livable for you and your family.
Owning a House
We all know what a house is, but it’s important to define things to put a distinct line between houses and condominiums. Houses are freestanding structures meant to provide a home for a family.
The biggest boon you get from owning your house is the freedom to do whatever you want with it. For example, you can freely renovate your home without worrying about your landlord or your neighbors getting mad over construction noises happening throughout the day.
Another incentive is the amount of living space you get. Houses usually come with a considerable lot that surrounds the actual structure. It’s up to you how you want to use this space. For example, you can put up a garden or use it to host family gatherings and events.
Unfortunately, these perks come with an expensive price tag. Since you’re buying real estate, the price will be exponentially higher upfront than apartment living. You’ll also have to pay a real estate tax that may cost more than a pretty penny.
Finally, you would also have to shell out cash to get home insurance. This is especially true if you’re planning to buy property in a location where flooding is a distinct possibility.
Living In a Condo
The experience of owning a condominium can be the middle ground between house ownership and a rental agreement. Like an apartment, condo units are in a building with similar residential units. However, you own the unit you’re living in and are free to change its interiors however you like.
An incredible benefit to living in a condo is the sense of community that your family can get out of it. Since you’re so close to your neighbors, you’ll likely get to interact and build meaningful relationships with them when you go to the common areas.
Another boon is security. Most condominiums employ round-the-clock security to keep their homeowners safe and control the flow of visitors coming in and out of the building. This extra buffer gives homeowners peace of mind that isn’t usually is a given in owning a house.
Unfortunately, living in a condo means dealing with the homeowners’ association (HOA). You cannot go against a specific policy you don’t like if the HOA approved it. Moreover, selling the property can also pose a challenge. Condo living also brings together people from diverse backgrounds, so you may not always get along with your neighbor.
It’s honestly hard to say which property reigns supreme. Each type offers specific advantages that serve different families or individuals at different points in their lives. For example, a house is not advisable for those with strained budgets, but an apartment is far from the ideal situation for a growing family who is more than capable of buying a spacious house or condo.
The most important thing to consider when buying a property is to put your specific situation at the front of the decision-making process. Your situation is unique and will require particular amenities. Your situation will be your north star and help you make the final call on which property type you will purchase.