Buying a house vs buying an apartment
It is a dream of many people to buy a house but think about it, is a house the best home for you? Would you be happier with an apartment/ flat instead?
There are some big differences between the two and knowing which is best will take some time, research and deep thought.
If you’ve ever lived in an apartment, you likely know how different it can be to a traditional house. But just because you’ve never lived in one that doesn’t mean an apartment couldn’t be a good option to explore.
Both houses and apartments have their benefits but which is going to be the best option for you? Let’s take a look at the differences, the advantages and the disadvantages as we compare the two to find out.
Apartments/ Flats
Apartments or flats are usually not the first choice for many people when it comes to buying a property. Most people will understandably feel that a house has more benefits and when you think of a place to live or call home many people will think of a house.
But buying an apartment does have some benefits that buying a house doesn’t. For one the average price of a flat will often be cheaper than a house.
Of course, there is a lot of scope to this more modern apartments, for example, could easily end up being more expensive than an older house. So, it does depend on what you’re looking for but if money is an issue or you simply don’t want to spend as much on a property then an apartment is something you should consider looking for.
Apartments/ flats are usually almost always sold on a leasehold contract as well, this means you will own the apartment and whatever is inside of it but only for a certain time frame. You also don't own any other areas of the building like communal areas or gardens.
The leasehold time frame can vary wildly between contracts from as small as 25 years to as long as 999 years. If you have a small leasehold then it can usually be extended as well, although you will have to pay extra but you can easily leave a flat/ apartment to your family with a longer lease.
Having a leasehold does come with some benefits as it will often mean you will get help when it comes to repairs and maintenance so you may not have to foot the whole bill. However, there are some disadvantages as well- for one you won’t actually own the whole property outright like you would with a house.
With a long leasehold, this might not seem like a big deal but many people do like the feeling of total ownership that comes with some houses. You also will likely have service charges when buying a flat/ apartment as well. These are usually small around £100 on average but they can be much higher. Additional expenses like that (even if relatively small) can be a bit of a deal breaker for some people.
Houses
So, let’s look at buying a house, shall we? Buying a house gives you total ownership of the property and the land in the majority of cases, and you won’t have to worry about additional service charges. However, as a trade you will be responsible for dealing with any maintenance costs all on your own which can certainly be expensive.
Houses are also on average the more expensive type of property although it does all depend on what exactly you’re looking for. Some older houses are much cheaper than newer apartments and houses and they will also typically offer more space. A house will also often be a better investment for the future because you will have total ownership of it.
Your average house may have a higher mortgage cost but when you consider the lack of service charges it could still work out cheaper in the long run. Again it does all come down to exactly what you want in a property but for the majority, houses will offer more versatility and freedom than a flat/ apartment.
So Which Is Best?
It really does come down to personal preference. Apartments/ flats do have some nice perks but the additional service costs involved and the fact that you’ll likely only have the leasehold for a set amount of time can make a freehold house the better choice. Do your research, and you’ll soon find the best solution for you.