Buying an Apartment V's Buying a House
If you're thinking about buying into the housing market, there couldn't be a larger, more diverse range of property on the market to choose from. Many factors will influence your choice, from finance to location and condition, but one of the most significant factors will be the size, space and shape of the property. So how do you decide what kind of home you want to invest in? Read on...
Size - This must be taken into consideration and you should choose your home on the basis of the amount of space you actually require. If you are a single buyer, it's unlikely that you will require three or four bedrooms unless you intend to rent out the rooms. If you simply require a small central base in which to eat and sleep, a one-bedroom apartment may be the most suitable option. If you decide you may need a little more space, a two-bedroom apartment may suffice, as the additional room may be used as a home office but will still afford the luxury of a second bedroom should you desire to sell eventually. The physical space you require is also important as apartments tend to be compact and require ruthlessness when it comes to storage and clutter. A major disadvantage in space terms of buying an apartment is the lack of an attic, a valuable storage asset. Similarly, there is no outdoor shed or side garage that can facilitate storage overflow.
Price/Finance -This is a factor that will seriously influence your buying power, especially if you are buying alone. The price-range of apartments available throughout the country is, on the whole, affordable and as a result they make an excellent first time buy. If you feel that your price-range only entitles you to an apartment, be sure to shop around, as this is not necessarily the case. In recent times, some of the most popular sellers on the housing market in the city have been one and two-bedroom cottages. In Dublin these homes are generally found in the inner city areas of Dublin 3, 4, 7 and 8 and, while similar in space to many apartments, they offer the additional advantage of having an attic, and many have small yards or gardens.
Exteriors/Land- A two-storey home has twice the living space on the same amount of land as your apartment does, and in most cases people own the land their home is built on. Depending on where your apartment is situated in a block, you will be sharing walls, floors and ceilings with your neighbours. However, in an apartment, the level of external upkeep will be minimum, ending at cleaning windows - outdoor painting and cleaning gutters are not the responsibility of the apartment dweller. A major disadvantage of living in an apartment is the lack of a garden for space, activities and recreation, although a balcony may be some small compensation. Owning a house with gardens and not being a fan of horticulture, means the additional hassle of upkeep and having to spend money on a lawnmower and expensive garden tools.
Driveway V Garage – If you are a car owner, one of your main considerations will be the availability of a safe space for your vehicle. In buying a house, you are likely to have your own driveway or at least suitable on-street parking. Not all apartment blocks have underground car parking spaces, and if they do and you require one, this can be substantially reflected in the sale price.
Communal Living – Most people are of the opinion that there is a lot to be said for having your own front door. It can be argued, that due to the numbers surrounding you, apartment living offers an element of safety, but how safe is your building? Is it difficult to gain entry, and is there an intercom system linking your apartment to the main entrance door? Communal living is definitely not for everyone, especially if you are somewhat of an anchorite. You always have to be mindful of your neighbours and noise levels can be contentious. So if you’re planning a party in an apartment block, it’s good etiquette to warn (or invite!) your neighbours in advance.
Ultimately there are pros and cons for buying either, and your decision to purchase will depend on numerous factors, notably whether you have decided to buy the property on your own. Opting for an apartment over a house and vice versa can be influenced by your personality – some apartment dwellers wouldn’t dream of living in a two-bed semi. Decide on your space requirements, what you can afford and how long-term you plan to stay in your new home. Be sure to check out the building’s safety in terms of gaining access, alarm systems, security cameras and intercoms. Overall, both types of accommodation have many merits, but it is up to the individual to choose the kind that most suits their lifestyle.