Houses can have many benefits over apartments including being more spacious and offering more freedom when renovating. However, apartments do have some advantages over houses. This post lists some of the top reasons to buy an apartment instead of a house.
Greater affordability
Those who are buying a home for the first time are often better off buying an apartment than a house. This is because apartments are generally cheaper to buy, and so you don’t have to put down such a high down payment. Apartments also typically come with cheaper energy bills because they are smaller. Upper floor apartments may even require less heating because they are able to absorb much of the heat rising up from apartments below.
Easier management
Apartments can be easier to manage than houses because there’s less space to look after. Cleaning your whole home from top to bottom takes less time, and you may find that there are less repairs to keep on top of. This reduced upkeep can make apartments an attractive option for seniors and those with disabilities (ground floor apartments tend to be the best option).
Better security
You’re less likely to be burgled when living in an apartment – particularly an upper floor apartment. Many apartment buildings can only be accessed with a fob or a code. Residents meanwhile have control over which visitors they let into the building – which could include voice/video intercoms for confirming visitors’ identities. If home security is important to you, consider an apartment.
Investment opportunities
If you’re investing in UK property to let out, an apartment could be a good option. Apartments are popular choices for those renting and you could find it easier to secure tenants than you may do for a house. You also don’t have to spend as much upfront on your investment, and there’s less maintenance to worry about.
Central locations
When looking for properties in city centres and other prime locations, apartments are typically easier to find than houses. This is because apartments can be placed over shops and other commercial buildings. This can be convenient if you’re working in the city centre, and also gives you quick access to all the amenities you need. For many young people that want to be situated in the hub, apartments can be a great option for this reason.
Access to scenic views
Upper floor apartments can also come with stunning views that aren’t accessible when buying a house. Features like balconies can help you to further take advantage of these views. If you’ve always wanted to wake up to an impressive view, consider whether an apartment could be the way to access this.
Shared facilities
Some apartment buildings have their own private facilities like gyms, cafeterias and pools. These are amenities that you wouldn’t have access to when buying a house. It’s worth noting that you’ll pay extra for an apartment with these facilities, and that most apartment buildings do not have these facilities (although there may still be private shared amenities like private off-road parking). Spend your time looking for these apartments.
