Buying a home is one of the most challenging financial decisions to make. Many factors will determine your choices, such as location, home size, and budget. However, many future homeowners are stuck deciding whether they want a house or an apartment. Both of them come with their pros and cons, and the final choice depends on your needs.
House pros
A house provides plenty of space to accommodate your family. If you like outdoor entertainment, you will have your private backyard.
1. Enough space
A house is large enough to accommodate a family with all their needs. Everyone will have their room in the house. You can perform any renovation to adjust your home as long as it complies with the building code.
2. Privacy
Houses are appreciated for their privacy. A fenced backyard is an ideal retreat for your family, away from curious eyes.
3. Flexibility
You can easily adapt your home to suit your needs. Whether you wish to have extra rooms to accommodate your growing family or create a home movie theater, you have enough space to execute that.
4. Smart investment
Purchasing a house is a smart decision. Knowing that the real estate market is dynamic, you have the chance to earn money. The high demand in urban areas will increase the value of your home in the future. Therefore, you might sell your house for a higher price someday. But you should track the market trends and act accordingly.
5. Custom home
If you have specific requirements, you can build a custom home. Future homeowners can choose the architectural style, layout, and number of rooms. With this, you have the complete freedom to create your dream home.
House cons
Owning a house comes with downsides. A house will cost a lot to buy and brings higher maintenance costs.
1. High price
Houses usually come with a high price, depending on the location. The closing costs and fees will add up to the price as well. Therefore you will need a mortgage if you wish to purchase the house of your dreams.
2. High maintenance costs
The regular maintenance costs for a house can get pretty high. If you neglect your home, the renovation costs in the future will be even higher. Having a lush garden, for example, requires frequent maintenance. So do the roof and gutters.
3. Not flexible with location
Although it depends on the location, most houses are located in suburban areas away from the city. If you prefer the city lifestyle and have everything you need, you might have to commit to an apartment.
4. Not for a busy lifestyle
Mowing the lawn and cleaning the driveway are some examples of regular maintenance tasks. And this might not fit your busy schedule. In such cases, homeowners would have to hire services and spend money if they don’t have enough time.
5. Longer commitment
A house isn’t the right choice if you move often. Moving out of a home is lengthier and more expensive when compared to moving from an apartment. An apartment might be a better solution if you plan to change cities soon.
Apartment pros
An apartment is ideal for individuals with a busy lifestyle. You won’t need to dedicate time to maintenance and have all the amenities within the building.
1. Lower price
The price for an apartment is lower compared to buying a house. However, crucial factors such as size and location will still determine the price.
2. Easy maintenance
The apartment is smaller than a house and, therefore, easy to maintain. In addition, the apartment complex will take care of the tedious maintenance for you.
3. Increased safety
The apartment buildings have camera surveillance and security, so they are far safer. If you live in a house, you must take care of the safety yourself.
4. Sense of community
The apartment provides a sense of community. You will meet your neighbors in the common areas and can socialize with them. Some complexes might organize events for the residents, such as a bbq party.
5. Amenities
If you want an active lifestyle and have all the amenities available on your doorstep, an apartment building is the right choice. Most apartment buildings have additional extras to support our lifestyles. You can have access to a shared pool, park, or gym. If you decide to build these features into a house, they will cost you a fortune.
Apartment cons
Living in an apartment means that you should sacrifice privacy. In addition, you will need to pay to use the common areas.
1. Less space
Since the apartment is smaller, you will have less living space available. Therefore you would have to compromise whether you wish to have a guest bedroom or a home office.
2. Community fees
The apartment owners will pay a monthly fee for maintenance and upkeep. The costs go for utility bills in the common areas, salary for the staff, and unexpected repairs.
3.No privacy
If you wish to have privacy, the apartment isn’t for you. You will live close to other people, so it is better to get a house if you value privacy.
4. Strict rules
Apartment communities might have strict rules, which put some limits. For example, your appliances must be on the safe list. House parties aren’t allowed past a particular time of the day. Or, the apartment building might not allow pets.
5. Noise
Noisy neighbors are one of the reasons why many people decide to buy a house. People will live below, above, and next to you, so noise is expected.
Living in a house vs. an apartment comes with pros and cons. Ultimately, it is all about choosing what is best suited to your needs. If you prefer the convenient city lifestyle, you might have to deal with the lack of privacy and noise. A house will be a better option if you wish to accommodate your large family and have a high income to cover the mortgage.