The landscape of homeownership and real estate in Australia is changing. Whilst apartments used to be the domain of singles and young couples, recent developments of apartment properties in Sydney’s Eastern Suburbs, are seeing apartments as home to growing families as well.
The question of apartment vs house can stump many property owners as the right one for you depends on whether it’s owner-occupied or an investment property, your lifestyle, financial circumstances, and plans for the future. So you should ask yourself questions like:
- Where do I want to live?
- What can I afford?
- How big is my family (and will it get bigger)?
- Do I have or want pets?
- Do I want facilities like sports or leisure centres?
- Will I rent out the property at some point?
Once you start thinking about the answers to these questions, you will have a better idea of whether you should buy a house or apartment. As Sydney’s favourite property management experts in the Eastern Suburbs, we’ve put together a list of some factors to help both homeowners and property investors decide.
Generally speaking, houses offer a lot more room to move than apartments. Plus, in addition to the internal space, most houses come with a front porch and rear backyard. This makes a house a good option if you’ve got a big family, want room to grow, have a green thumb, want to expand the area of your house or have pets.
The initial outlay to buy a house will be more than an apartment, and living in a house can incur more bills due to factors like land size, Council fees, and a larger space which requires more energy to heat, cool and light. That said, you will not need to pay for strata and body corporate fees, which can often be quite expensive.
When you own your own home, you have the freedom to make whatever changes you want to your property (as long as they abide by local Council and building regulations).
Owning a house means more upkeep and maintenance in terms of yard work, external repairs and cleaning, and more. Even if you have someone else to handle the maintenance and handiwork, you’ll need to pay to have it done.
Many apartment complexes offer a range of facilities and features such as fitness centres, playgrounds, swimming pools, salons, parking and more. Perhaps one of the most appealing features of apartment living, however, is the security. Most complexes will have security cameras, controlled access, or gated communities.
Apartments are cheaper to buy than houses. However, when you live in an apartment, you will need to pay strata fees that go towards the upkeep of communal areas of the apartment complex.
One of the main reasons people choose an apartment is the ease of maintenance. Unlike a house where you are responsible for all repairs, apartment buildings often have a property manager or maintenance department who can fix it for you.
Whether you’re an owner-occupier or an investor, the best way to choose between an apartment or house is to consider your needs and plan ahead. Here at Wills Property, we boast a range of property management services dedicated to helping you achieve the result you want. Call us today or browse our range of properties available for inspection.