In this day and age, the perception of apartments has done a 180. What once was seen as the dwelling place for those who couldn’t afford a house is now a new, trendy lifestyle choice.
Arguing back and forth between buying a house or apartment is a never ending cycle that will lead nowhere. Both options have a wide range of pros and cons, but at the end of the day it’s a choice that has to be made specifically by the person who’s going to be living in it.
The Price is Right
A brand new, modern apartment can be the perfect choice for some. If you’re just starting out on the home-owning spectrum, an apartment is a great entry point. It is the perfect amount of space if you haven’t, or aren’t planning to enter the world of having kids. And although the perception of them has changed, apartments are still usually less expensive than houses, which means that it is probably better suited to your budget. Affordable and trendy… that’s what we like to hear!
On the other end of the home-buyer spectrum, if your kids have moved out and you’re unsure what to do with all of the empty space in your 5-bedroom house, an apartment might be the best move for you. An apartment is the perfect amount of space if you’re looking to downsize, and it means that the revolving door that often comes when kids move out will be permanently shut. Sweet freedom! There’s no need to spend excessive amounts of money on another house when you can spend a lot less on a smaller living space that will suit all of your needs.
Maintaining Your Home
Buying a home involves a lot more than just mortgage payments, you’ve actually got to do some work to keep your home functioning. Maintenance is not your responsibility in an apartment, which can provide some ease in your day to day life. If you’re a busy professional this will free up a lot of your spare time, which means evenings and weekends can be yours! For all of the downsizers out there, you’re probably looking to make a move for a more relaxing lifestyle – so filling your time with house maintenance is probably not on your to do list.
Bills, Bills, Bills
In terms of costs, less space means lower costs. Your bills will be a much smaller expense than if you were paying for the electricity or gas in an entire house. It’s definitely something to keep in mind when budgeting. We’re living in a culture that thrives on minimalism; so let your bills follow suit!
All in all, you are the only one who can make the ultimate decision. Consider your situation, your needs and plans, and do what’s best for you.
As a nation, Australia is building and buying more apartments than ever before. It’s a booming market and is only growing; so if you decide that an apartment is right for you and an opportunity to enter the market comes knocking… you don’t want to miss out.