The house v apartment debate is one that has raged on for decades. With property ownership being such a huge step in one’s life, it is important to make the right decision. While the supposed superiority of houses is well documented, there is a comparative lack of information explaining the benefits of units. This article will therefore thoroughly detail 4 reasons why your first property should be an apartment.
Easy maintenance
It is often said that the 1% rule applies to new homeowners. This principle suggests that the total operating costs of a property could take roughly 1% of the property value per year. For example, a house with a value of $1,000,000 would be expected to incur annual maintenance costs of around $10,000. These costs are similar regardless of the property type.
While maintenance expenses may be similar between houses and apartments, there is still one distinct advantage that the latter holds. For many, apartment living is more ideal due to the fact that they do not need to worry about maintaining the integrity of the building – All physical issues with the unit block will be addressed by the body corporate. On the other hand, homeownership comes with a multitude of responsibilities extending from yard work to preventative maintenance.
Amenities
Modern apartment developments can often boast some very enviable perks. In this day and age, the majority of unit blocks offer multiple amenities, including;
Communal gyms
Communal pools
Private parking lots
Balconies
Additionally, more expensive apartment blocks have been known to boast a range of extra benefits such as infinity pools, communal gardens, rooftop hangouts, and ground floor supermarkets.
These amenities are all provided by the body corporate and covered by an appropriate strata insurance quote, therefore, do not need to be maintained by tenants. For owners of strata titles, the million-dollar decision is choosing the correct insurance provider; after all, this will be the entity that will provide cover for your building. For Brisbane-based strata owners, it is recommended that the services of Strata Insurance Solutions be utilized.
Suitable option for those on a budget
Perhaps the biggest advantage that apartments hold over houses is the fact that the former is a much more cost-effective option. It, therefore, provides a better option for many first home buyers who are not prepared to take on an enormous mortgage.
In addition to the initial capital, apartment owners can also save money in a range of other areas. Specifically, free-to-use communal areas such as gyms or swimming pools mean that apartment owners do not need to pay membership costs to join outside organizations.
Increased sense of security
In an ideal world, no one wants to live in an area where crime is a legitimate social issue. However, lower median property prices mean that high crime areas can represent viable buying opportunities for prospective property investors.
While burglary can happen to anyone, research suggests that those living in apartments are significantly less likely to victims of robberies. In fact, over 70% of all burglaries happen in residential properties. While there are numerous reasons for this, here are the primary reasons:
Houses tend to have more than one access point
Research suggests that residential properties with multiple access points are significantly more likely to get burgled. Multiple access points means that criminals can easily enter and exit the property. On the other hand, units only have one access point, and therefore pose a higher risk to a prospective robber.
Multiple close-knit neighbours
Criminals are spooked by the thought of numerous neighbours in close proximity. This is why apartment blocks with >10 residents are statistically the safest place to live.
Secure entrances
Most modern apartment blocks have an intercom system whereby someone without a key will be unable to gain access unless they get buzzed in. This is therefore not ideal for a criminal, as there is no easy way to gain access to the building.
Conclusion
Despite what the majority of us are told, houses are not always the superior option in the property market. Apartments offer a multitude of benefits ranging from low maintenance to an increased sense of security. Additionally, they provide cost-effective solutions for those who may not have the capital to purchase a house.