Did you know apartment living is rising in popularity these days? The number of renters in America saw a boost in rates all across the nation. From suburbs to cities, Americans of all ages are choosing rental over homeownership.
Still, over 87% of Americans dream of owning a home one day. Many say that while it may not be the right time now, they will still consider it in the future. When choosing between a house VS apartment, which is right for you?
Are you wondering which space fits you best? In this article, we show you some tips on choosing between an apartment VS house. Read on to discover the pros and cons of buying house VS apartment properties.
Pros of Living In a House
Buying a house is a large investment. Are you choosing between a house VS apartment? Here are some of the benefits of living in a house.
More Space
One of the benefits of living in a house is that you get more space. Living in a house gives you more room than if you lived in a dorm or apartment. If you’re a big family, living in a house may be for you.
For big families, living in a house can grant each member some privacy. Many houses provide large kitchens and living rooms for family time. If you want a comfortable home for your family, consider living in a house.
Own Parking
Most houses on the market come with separate garages. If you own a car, living in a house could be beneficial for you. Homeowners get individual parking spaces that don’t require permits or payment.
With a house, you don’t have to worry about fighting over parking with neighbors. If you value parking space, choose home-living.
Room For Pets
One of the other benefits of living in a house is that you have enough room for pets. Some apartments restrict pet ownership. If you have a pet you would like to keep, opt for a house.
Many houses come with enough space for pets. If you own a big dog, choosing a house may be better than an apartment.
Personal Outdoor Space
Many houses on the market offer backyards and front yards. If you value having a personal outdoor space, home-living may be best for you.
Long-Term Investment
Owning a house can be a good long-term investment. Studies show that a lot that a house sits on an increase in value over the years. You may also add value to the structure with some renovations.
If you buy a house, you can invest in an asset. Property management can benefit you in the long run.
Cons of Living In a House
Living in a house may not be for everyone. Here are some of the cons that you should consider when choosing between a house VS apartment.
High Upfront Costs
While owning a house can be a dream for some, it is an expensive ordeal. 70% of Americans in the country can’t afford to live in a house. In cities like Brooklyn or Manhattan, living in a house may cost 115% of a resident’s income.
There are many fees included in house-living. These fees include mortgage, property taxes, home inspections, mortgage insurance, and more. If you don’t think you’re financially prepared to own a house, try looking for an apartment.
High Maintenance
If you live alone, owning a house may not be in your best interest. Houses require high maintenance fees. When you face issues like plumbing and air conditioning, it will be up to you.
Houses cost more to maintain than apartments. They have bigger surface areas with different exteriors and materials. If you decide to make renovations, these costs will add to your bill.
Illiquidity
While owning a house can be a great investment, it is also an illiquid asset. It defines illiquid as the state of an asset that you may not exchange for money with losing value in legal terms. These include private securities that you may not trade as often, like real estate.
Most real estate auctions don’t happen in public markets. Buying houses also involve a lot of paperwork. This is what makes turning real estate into hard cash difficult.
Generally, houses don’t sell fast, like other assets and stocks. You may still need to pay a mortgage even when you sell the house.
Less Mobility
Buying a house can cost a lot of money, making it a huge commitment. While buying a house can grant you stability, it can also give you less mobility. Accepting a job offer from another city may be difficult when you own a house.
Pros of Living In An Apartment
Apartments can provide a wide variety of benefits. Buying and renting apartments are popular in a fast-moving economy. Here are some of the benefits of living in an apartment.
Low Maintenance
Renting an apartment may be beneficial for you if you prefer a low-maintenance home. Apartments have less moving parts than houses do. Maintaining your property is easy with an apartment.
Apartment properties providers offer services in case of maintenance. If you need to fix something in your home, all you need to do is call property maintenance.
Amenities
Apartments often come with various amenities. Many apartments have recreational spots and convenience stores close by. Some even include playgrounds, fitness centers, and swimming pools.
Premium apartments may offer other exciting amenities. You can find on-property salons, pet spas, and movie theaters.
Location
You can generally find apartments in the center of a moving economy. Apartments in cities are often close to shopping centers and administrative offices. Many apartments have good locations.
If you want to live in a quiet and crime-free neighborhood, you can find a good property with relative ease. When you buy an apartment, you can rest easy knowing you live in a safe location.
Improved Lifestyle and Safety
Many apartment providers offer homes with modern upgrades. Moving into an urban apartment complex can grant you new lifestyle changes. Living at the center can improve your lifestyle with more comfort.
Safety is also a top priority when moving into an apartment. Many apartment complexes have gated systems with security officers. An apartment can grant you added security, unlike living in a house where you need to install it yourself.
Disadvantages of Living In an Apartment
Apartment-living is becoming the more popular choice among millennials and new young-adults. But while apartments can provide better convenience, many may not like living situations. Here are some of the disadvantages that come with living in an apartment.
Less Space
Living in an apartment can grant you less space than with a house. Making an extension may also unlikely. When you first move into an apartment, consider how much space you need or want.
Other apartment elements, like the kitchen and bathroom, may also have smaller spaces. If living alone and limited space is not an issue for you, then choose apartment-living.
Problematic Neighbors
One of the disadvantages of living in an apartment is your close proximity to neighbors. Not all apartment complexes home a friendly community. Almost every building comes with its fair share of problematic neighbors.
Some neighbors can disrupt your sleep at night. If you value your privacy, apartment-living may not be for you.
Parking Problems
Most apartment complexes provide parking areas for residents with cars. However, a lot of this space is free for anyone to take. Living in an apartment gives no guarantee that you can keep the same parking space.
Some neighbors may take an ideal spot or a parking slot that you chose. You may find yourself driving around the parking lot to look for a place to rest your car. If you don’t own a car and parking will not be an issue, an apartment is perfect for you!
Personalization Restrictions
Many providers limit their residents from customizing their properties. Some landlords will prevent you from painting the walls. Other restrictions may include adjusting light fixtures or replacing the air conditioning.
Decorating and personalizing your space may be difficult when living in an apartment. Before you move in, make sure to read your contract and terms.
Pet Restrictions
Some apartment complexes prohibit pets of any or certain types. There are some residential buildings that allow you to keep pets and provide a play area. If you already own a pet or plan on getting one, choose an apartment that lets you keep pets.
No Personal Outdoor Space
If you enjoy gardening, living in an apartment may be less enjoyable for you. Keep this in mind when moving into an apartment. You may also opt to plant a small garden in your balcony or patio.
Have you decided between a house VS apartment? Moving in is the next step!
One important moving home advice: new home time? How to get it right? Discover the answers with this guide here.
Choose Between a House vs. Apartment Now
Here are some of the pros and cons of living in a house vs. apartment. Consider the following factors when choosing your next home. Both houses and apartments have their own sets of pros and cons so weigh which matter to you most.
But why stop here? Once you’ve made a choice, you need to get the most out of your living quarters. For more great helpful guides and informative content, feel free to check out some of our other website posts today!