Should You Buy an Apartment? Here’s Why or Why Not

There are many factors that come into play when you consider the living situations of people. The cost of living and prices for homes definitely impact decisions, but so too do the need for flexibility and location when it comes to where you call home. This results in many people debating the benefits of owning a home and renting one, as well as considering an apartment over a house. Here are some reasons to consider if you want to buy an apartment or not. 

There are many benefits to owning your own property. For the longest time, it has been an ideology that to have a perfect life or to live the idyllic dream, you have to own your own house. This helps to set up the rest of the success in your life such as starting and growing a family. Having your own home means that you have property that you own, translating to having an asset as opposed to simply renting a space to live in for a set amount of years and not owning anything at the end of it. This allows you to pass on your property to your family or children, or even sell it and utilize the money towards other purchases and investments down the road. A common rule for many that are debating the homeownership versus renting argument is that if you have the money to put towards rent, you could easily utilize that towards a mortgage towards your own property. Owning is still an ideal scenario for many people, as it comes with the fulfillment of having an asset under your name, ensuring you have a long term place to call home.

It would not be a fair argument to view if there were no talking points provided for the rental side of your residence. This is an option that should in fact be weighed reasonably. Some people don’t have the savings to put a downpayment on a home, even if they could use the money they spend on rent towards a mortgage. It takes time to save, and often, renting or leasing a property is the only option for some people. Additionally, renting is also an option for many people with financial flexibility but with different circumstances. If you are a professional that has a job that involves travel, or if you find yourself moving jobs after a few years, renting means that you have the flexibility to take your career anywhere you like, not having the restrictions of owning a property to tie you down. Owning a property means that you have to put in a significant amount of effort to care for it, while renting allows you to not have those concerns if you need to dedicate your energy and focus elsewhere. Renting is no longer just for those that are not able to own a home, but for many that don’t want to in the first place.

If you are considering buying or even renting property, you have several options to consider. An apartment is often the first type of property individuals will look at when they are in the market for buying, as they are often the most affordable. Many come with different amenities that are tied with the building, from inclusive packages that include cable and internet in addition to your utilities, as well as other benefits like gyms or other facilities. When renting or purchasing an apartment, they are, of course, not as large as an entire house, which is the reason for their affordability. Granted, if you live in a metropolitan city, costs can still be significant due to the prime location of such residences. Still, these are perfect for young professionals that are focusing on their careers, not looking to settle down, and who don’t have a family yet. If you are in the market to buy an apartment, they also tend to be great options to keep in order to generate passive income when you move out.

In contrast, if you are purchasing a house, the benefits are present in contrast to an apartment. You not only own the physical house, but also the property that the home resides on. This is significant because you are able to make many changes and renovations to your home, abiding by any laws. This provides you an almost infinite potential when it comes to building your house. In contrast, an apartment is restricted in the amount of changes you can make, and you have to consult the building management in order to make such changes or adjustments. Larger houses are perfect for renting out as well, in order to facilitate a passive side income. Of course, everything encompassing the alterations and upgrades to your home also contributes to the value of the property, and in combination to the land itself, the resale value is significantly higher than that of most apartments.  Owning a house also ensures that you are paying for the exact amount of utilities you use, whereas apartments in buildings may provide you with monthly dues, regardless of your usage. A house is less susceptible to complaints by neighbors, as walls are unlikely to be connected except in certain situations such as townhouses. You also don’t have to worry about other issues like plumbing and electricity, as these systems won’t be shared and affected by others, but of course, you have the main responsibility to care for your own systems. Owning a house comes with many individual responsibilities, but those are easily outweighed by the benefits and positives.

Ultimately, the choice to buy or rent a home is up to you. The same goes for the choice of your residence. Your needs and personal preferences will vary from others, and that all contributes to your choice and decision. An apartment is a viable option to buy, especially as a young adult. There are benefits for all the options, with their own drawbacks, and when it comes down to it, there is no real right or wrong answer.