Should you choose a home or an apartment?

Should you choose a home or an apartment?

Thinking of buying or leasing a new property?  Wondering whether to proceed with an apartment or a house? In the past, people used to dream of having a house on a large-acred block.  However the dream of a manicured property is fading fast. Even though a home is still considered a house to many people, the proportion of house dwellers has dropped enormously and apartment living is on the rise.

Pros and cons

There are pros and cons to both flat and home lifestyle; most men and women reside in both at some point or another. The question finally comes down to which one suits you best, based on three unique factors: your financial conditions, lifestyle and strategies for the future.

Houses and homes are designed for different stages of life, apartments are more suited to couples, singles and most prominently university students, and homes suit family lifestyle.

Consider your finances

When you reside in an apartment/unit, it’s more cost-effective when it comes to bills and rent. Considering that heating and cooling a smaller area would save you on your energy bills.

The more recent the construction, the more energy efficient it is very likely to be. Rent is typically more affordable for flats, compared to homes; however bear in mind that owning an apartment in a block includes expenses in addition to your mortgage.

Should you rent in a block those charges will be included in your lease.

If purchasing a property, it’s important to think ahead and consider prices going forward, such as maintenance.

Love mowing the lawn?

Gardens, lawns and pools are all preserved by an employed professional; thus the only maintenance you want to be worried about is on the inside of the apartment.

Houses have greater maintenance thus higher prices, epecially if you own the property.  If you’re renting a home, however, maintenance is usually covered by the landlord.

Apartment life suggests ease of maintenance, letting you live close to transportation, work, and the inner city lifestyle.

Do you have pets?

Apartment living nonetheless also implies accepting and adhering to the principles of your owners’ corporation. This implies certain things like getting pets or hanging out washing over the balcony might be prohibited.  This is important to consider if you have pets.

Approval for installation of new features like flooring or air conditioning is also required before changes are made.

Another thing to think of is your ability to keep your home clean if you have pets living in a small space.

Do you need that gym?

More often than not, apartments are constructed with additional amenities like small gyms (or neighborhood gym membership), pools, public entertaining areas, storage and laundry rooms.

Communal BBQ and fun areas again would mean money saved on pricy outside furniture and cook wear gear.

Are you afraid to be home alone?

Most apartments comprise of several entrances, including the major block entrance system, then typically a gated access to your separate door or an elevator into your apartment with a personal code.

Given the following, it’s reasonable to say that apartment dwelling means additional security over homes, making break-ins less probable. It’s important to consider your current lifestyle needs before deciding on the manner of property best suited to you.

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