Deciding between a house and apartment can be a difficult task. But, there are still some guidelines which can help you decide whether you should have a dream house or a dream apartment. The goal of answering these five questions is to simplify the thinking process and bring you closer to your dream home.
1.)Are external features important to you?
As we all know, houses have the potential to be beautiful structures with lavish gardens and house fronts. Life in a house provides a variety to choose from when it comes to external features, while apartment living provides almost none. If your dream home involves landscaping, gardens, or striking exterior aesthetics, a house will probably be more suitable for your needs.
2.)Would general trends in housing influence you?
Traditionally, houses have been a more reliable and secure investment. Though recently, apartments are also becoming relatively stable on the market, but houses are still widely thought to be the safer option in terms of investment, thanks to the physical plot of land in your possession.
3.)Can you handle extra responsibility?
In a house, this responsibility will fall on you as the landlord. The responsibility of having to pay rent or a large mortgage might also be a factor when deciding between a rental or a permanent house.
4.)Is there a specific area you want to live in?
It’s important to think about what kind of lifestyles are most represented in the area where you’re thinking about settling down or buying a property. If apartment complexes make up the majority of the buildings, that could be a choice you should consider. But if houses are the most represented home structure, this might be the way to go.
5.)Are you looking for a short term or long term solution?
If you consider your property a long-term financial strategy, the points to houses as being the more profitable and stable option for investing will always stand. But meanwhile, evidence suggests that apartments can yield a stronger return in shorter or medium time frames since you can rent and/or resell, while renting is rarely an option with houses. This is an important factor to consider when making your decision – typically, investing in property is something done with the long-term gains in mind, however, whether this is the case for you is determined by your needs and preferences.
There are numerous things to consider when deciding about investing in a property. But in the end, the choice remains in your personal preference and your answers to all the questions above. There are disadvantages and advantages to both options but, in the end, you’ll most likely find that investing in property was a wise decision that results in financial rewards and emotional satisfaction in the future.
For more articles like this, check out House or apartment?