Choosing a better location would make your investment more appreciable. While some opt for apartments, others prefer separate homes. Properties with sky-high rates usually compel most homebuyers to look at the apartments as their preferred choice. These come slightly cheaper than independent property that might be built on a plot in the form of a villa or an assortment of floors. Although it is common knowledge that the latter comes at a price, some marked differences exist between the two. This blogpost entails the features and benefits of the apartment lifestyle and house lifestyle.
The Difference Between Apartment LifeStyle And House LifeStyle
Before making a decision, it’s important to understand the pros and cons and you will have to weigh your needs as well. Maybe you want more space and autonomy over your living space. Or you might prefer the conveniences of living in apartments, especially in a complex that offers many services and features, such as gyms, pools, etc.
The Cost
Typically, when looking at buying a house, you’ll compare the amount you’d pay each month to the rent you’re paying at the moment. But experts say that’s just the starting point; some of your monthly mortgages goes to pay off the interest.
Deduct the amount going to interest for more accurate comparison and calculation and compare it to your current rent; the interest is tax-deductible. Consider the costs upfront when renting or purchasing. As a renter, each time you sign a lease on an apartment you will have to pay a deposit. These amounts range, and may not be refunded at the end of your lease. If you have a pet, it is likely that you will have to pay a pet deposit which may not be refundable.
You will need to have enough money for the down payment as a homeowner, and you may also have to pay homeowners’ association fees, depending on where you live.
Maintenance
If you’re a homeowner, eventually the day will come when you’ll have to make a substantial investment to repair or replace something like a hot water geyser, AC unit or appliances.
As a renter, you are not responsible for the maintenance and repair of items that break down or wear out, so you are never going to face that extra charge.
Salability
Property as an asset class takes more time to resell amongst all asset classes. And if this is an independent property, the task could become a Herculean one. According to industry estimates, apartments are more in demand now in Karachi.
Developers are now bringing in a mix of plotted developments with apartment projects. If you decide to sell your property at a later stage, then selling an apartment would be easier. Within apartments, three-bedroom and two-bedroom apartments are the most in-demand in Karachi.
Flexibility
Renting and homeownership come with freedom and flexibility of their own sort. If you’re a homeowner, whatever color you’d like, you can paint the walls, replace the carpeting and reinvent the space whatever your budget allows.
You don’t have that kind of freedom as a renter, though you have the mobility to move to a newer apartment with better amenities, or to a part of the city where you’re taking a new job.
Space
The next thing to consider is how much room you have. Typically, houses give you more space than an apartment, with larger rooms and a backyard even. You may not, however, be able to afford yourself a house. Renting a studio apartment is the only way for many people to have space entirely for themselves.
Privacy
Another factor to consider when assessing living in a house vs apartment is the privacy that each type of property offers. While apartments can be relatively cheaper to buy or rent, most apartment complexes fail to offer the privacy homeowners looking out of their living space. This is one of the most common reasons why buyers prefer to opt for a house rather than a flat.
While apartment complexes ensure that apartment residents can enjoy as much privacy as possible, it’s not always a pleasant experience to share walls and common spaces such as parking with your neighbors.
Before investing in a house or apartment, it’s best to do your research to ensure you get the privacy that you want for your family. However, some of Pakistan’s recent apartment-building projects ensure complete privacy for apartment owners.
Amenities
The kinds of amenities offered by apartment complexes today are hard to compete with. They may include state-of-the-art gyms, swimming pools with saltwater, tennis courts, dog parks, walking trails, and more.
However, the homeowners almost always win out when it comes to space and storage. They have the benefit of such things as garages, attics, and more closet space.
Celebrating Occasions And Events
Most people opt for apartments when choosing between living options for the house vs apartment. But, if you’re someone who likes hosting parties and celebrating occasions all year round, apartments may fail to accommodate your large groups of friends and family.
There are also some modern houses with basements where homeowners can set up movie theatres or arrange frequent get-togethers. Before you invest a heavy amount in your next real estate purchase, remember to reflect on your lifestyle.
Boons Of An Apartment As Compared To A House
- Facilities
Living in a high-rise apartment complex offers access to a cluster of facilities that you probably won’t get subsequent to purchasing a house. This possibly incorporates things like a pool, common room, an exercise center, secured parking, and a security framework.
- Bills And Charges
Apartment living, as a rule, costs you less in terms of stuff, for example, warming, cooling, and different utilities like water and power. This can help with budget planning.
- Ideal For Living Alone
For the individuals who plan on living alone for a long time, the small space and effortlessness of an apartment is perfect for the individuals who need less space and few bills.
Drawbacks Of An Apartment As Compared To A House
- Personalization
The apartments for sale and rent are claimed or managed by a landowner or body corporate. The degree to which you can finish and customize your apartment is limited. Some common limitations include repainting, replacing or changing fittings, and installing of AC if the apartment does not have it. Like other cities of Pakistan, if you opt a home for sale in Lahore, you can rearrange it to your hearty desires!
- Small Living Space
An important drawback of apartments is that they are smaller than the normal house. While this implies you have less space to clean, that is just a little reassurance for less living space.
Apartment Life Style Or House LifeStyle – What’s Better
The choice of living in an apartment and home depends on your needs, but you’ll need protection from the unexpected either way. Whether you choose the apartment lifestyle or house lifestyle, it highly depends on your budget, locality, and other minor details. What’s better among these two, depends on your ease and flexibility. Choose wisely!
Therefore, if you decide to purchase property, do your groundwork on those parameters. Although you can choose one option, always consider that there is no specified investment time for the property. Don’t wait for it then.
