Apartments vs. houses -Are you deciding its time for your own place and not sure if you should live in a house or an apartment? With any decision there are pros and cons that need to be weighed up. Its all comes down to the lifestyle you see for yourself and what would ultimately benefit you in the future. Being aware of all the options before making a decision is important. Renting or buying that is another factor to consider in your decisions making.
If you’re stuck, its always best speaking to an expert when it comes to investing in property. Your property will be one the of the biggest assets you will own so having the right information is a fundamental part to your decision as this will have a big impact on your future outcome. Below we have listed the pros and cons between houses and apartments and why a property valuation is an essential part of your decision.
Pros of Houses
The most obvious point would be that houses are bigger, the benefits of houses they come with extra rooms, bathrooms, storage space, garages and a garden. Giving you the option of more living space. Owning a house allows you the freedom to renovate and decorate to your liking. No worries about landlords coming and going for routine inspections or maintenance. The house, maintenance and upkeep is your responsibility. It all comes down to affordability, if you have the option to buy your home its your forever, and you dont have the worry of the landlord deciding to increase rent or sell the property leaving you to move and find a new place to start all over again.
Cons of Houses
Houses can be harder to find than apartments, especially if you are specific in what you are wanting in a home. Living alone may be easier to find a place but if you have a family you need to find a place that can grow as your family grows. The location also plays a big part in finding a place to live that is affordable, safe and convenient to get to schools and shops.
Pros of Apartments
With renting having a landlord can be beneficial when something breaks and just contact them and they have the connections to get the issue fixed quicker and more efficiently. If your lifestyle is a pack up and go then an apartment is best suited as you dont need to worry about trying to sell within the current market and apartments have the sense of lock up and go, especially when living alone a house can feel big and empty at times, and finding a small yet versatile apartment can be easier than finding a smaller home that is still affordable.
Cons of Apartments
When choosing to live in an apartment, the option of freedom and privacy is limited. No physical renovation can be made without approval, no permanent fixtures can be done. When renting there is no permanent feeling for this lifestyle its hard to add your aesthetic to make it homely. Then theres the noisy neighnours or baby elephants above your head, making complaints to management can be a waste of time and they dont give it a second thought. And then financially you may see your expenses fluctatuate each month due to extra fees or changes, and having the constant worry if your rent were to increase or the owner decides to sell up and you are told you have only x amount of days to move.
It all comes down to what you are looking for and what you can afford. There are great benefits for both options its how you realise what is best for you, keeping your options open and speaking to a expert in property can help make the decision less overwhelming. That where a property valuer comes in.
If you havent heard the term before, a property valuer is qualified expert in the field of all things property. A valuer is someone who conducts valuations for multi purposes in the current market to determine the true value of a property. A comprehensive report will be complied along side a physical inspection of the property to give you a clear indication of the property, how it stands compared to other properties similar within the area and the over true value.
Knowing the true market value of a property is important when you are interested in buying a house or apartment. To know that the asking price is within the range of the determine valuers value they have calculated as this will give you a upperhand for negotiations. These valuations methods used are called pre-purchase valuations. If you are wanting to rent then you will choose a rent review/determination valuation, where the valuer will work out the current value and that will give the valuer an induction on the correct rental amount for the property. The value determine is compared to properties similar within the area as well as the location, property as a whole and any external factors that may arise.
Property is a big decision and can be overwhelming when you dont know what option is best for you and where to even begin. Speaking to an expert at a independent property valuations company will find you a valuer that is best suited to your property related requirements, ensuring you receive a tailored service and the best outcome for your future investment.
Stephanie Patterson is an industry expert with over 20 years’ experience, and is now a certified senior valuer at Vals TAS. She has shown passion and dedication throughout her career to become an expert property valuer. Stephanie has extensive knowledge on the property market which she gained through years of valuing commercial, industrial and residential properties. Stephanie now uses her expertise in valuations to teach junior valuers and features as a guest lecturer across Tasmania.