One can argue that owning/renting property is one of the most important things you do in your adult life. But making this decision can be hard. If you are in the market for apartments and condos, do not worry we have got you! The real-estate market choc-bloc with a variety of options and tips for buying or renting apartments and condos. In this guide, we bust some facts and present a comprehensive list of factors to remember when investing in an apartment or a condo.
Pros and Cons of Owning an Apartment
Maintenance
Maintenance is a pro when it comes to apartments. Most apartments are managed by landlords or housing associations, who employ staff to maintain the exterior features of the apartment building and the electrical, plumbing and heating of the apartment. Maintenance is a pro for most apartment buildings.
Security
Security is one of the most important requirements to build a home. When it comes to choosing a property, security is one of the biggest considerations. Everyone deserves a home that keeps them safe and sound. Security depends highly on the location and price of the apartment- determining the pros and cons for the flat. Apartments are found in a variety of areas and price points- and these factors impact the security status of your apartment. For example, if you choose to live in a high crime neighborhood, the chances are that you will get cheaper rates in rent, but it will come at the cost of your safety and vice versa.
Amenities and Proximity to City Life
Access to amenities and proximity to the city to life is crucial twin factors, especially for young adults or career-driven individuals. With apartments, you get the best of both worlds. Most apartment complexes are built for urban life and are close to markets, public transportation, and office spaces. Again, the location of your apartment matters a lot when it comes to amenities.
Affordability
When it comes to apartments, affordability is a hard question to answer. The price of an apartment, be it renting or outright buying, depends largely on the flat’s size, location, and amenities. This can be a con if you are working on a low budget. Most apartments in urban areas are expensive and highly competitive, making apartment hunting a difficult task.
Aesthetics
If you appreciate aesthetics and design, then apartments can be an interesting choice for you. With the range of designs and apartment complexes available in major cities, you can shop for the best apartment in your budget. The location, size and design of the apartment can greatly influence the aesthetic appeal of your flat. The only cons are restrictions placed by budget and time on the apartment hunting process.
Pros and Cons of Owning a Condo
Maintenance
Maintenance is a breeze with condos! Most condos come with common areas like gardens, pools, gyms etc, which are taken care of by the condo owners together. Since most condos exist in a gated community, most of the external and internal maintenance is taken care of by the RWA. The only downside is the expensive maintenance fees owners pay for the service.
Security
You can find most condos situated in gated communities or areas with proper security measures. If you are someone who wants to live in a relaxed and secure place, then do consider a condo. It is a major pro.
Amenities and Proximity to City Life
When it comes to amenities, condos are great as they provide access to services and amenities like gyms, pools, common rooms, gardens, clubhouses and conference rooms. Condos are generally bigger, with more space for growing families. This is a pro for condos. However, the downside to condos is the proximity to city life. The condos in cities are expensive and exclusive, out of range for most people. With most condos being in the suburbs or gated communities, proximity to cities can be limited.
Affordability
When it comes to apartments, affordability is a hard question to answer. The price of an apartment, be it renting or outright buying, depends largely on the size, location, and amenities available. Most condos are expensive and located in plush neighborhoods, a factor that drives up the price of the property.
Aesthetics
With open gardens, common rooms, and terraces, condos provide wonderful aesthetics for those seeking it. Most condos are well designed, spacious, and are easily customizable.
Securing Your Property
Irrespective of what you choose to go with, it is essential to keep it safe and secure. It is recommended to install an advanced lock system on your property. You should also have the contact of a local locksmith near you who can help you out if you find yourself locked out of your home.