A house or apartment? 6 ways to know which is right for you
When you are hunting for a new home there are so many different things to consider. You need to understand what you can afford with your budget, the area you want to live in and how you’re going to approach the search. You’ll also want to rely on your intuition when somewhere feels just right, as well as listening to various moving tips from friends, family and colleagues.
If you’re at the early stage and are still evaluating the type of property you want to live in, here are a few tips on deciding whether a house or an apartment is right for you at this time.
1. Think about the area you want to call home
Often your chosen area will dictate the type of property. For example, if you want to live close to central London in areas such as the Docklands, trendy Bethnal Green or Tower Bridge, the available properties would consist more of apartments rather than houses.
This is ideal if you want the luxury of walking (or travelling a short distance) to work and having the city’s nightlife on your doorstep. If life outside the city appeals to you and you want a bit more open space, you may feel like a house is the right move for you.
2. Look at the budget you have
When it comes to buying a property, whether you choose a house or an apartment could well depend on your budget.
For example, in London at the end of 2017, the average price of a terraced house was £495,903 whilst a flat was £424,766, meaning affordability might just dictate the type of property you end up living in.
3. Analyse your lifestyle
If you are single or moving in with your partner for the first time you might find that an apartment is the right choice for you. If you have kids or are planning on having children soon, a house may be a better fit.
When you live a hectic lifestyle and want to maintain your work commitments, social life and fitness regime, you may find choosing an apartment with a shorter commute suits you. If you opt for one in a complex with a gym and potentially even an onsite swimming pool this could help you fit everything in to your busy schedule.
4. Look critically at your home life
If you’re working in the city for example and are out most of the day, you may find the comfort and ease of a flat or apartment a better fit. If you choose an apartment with a great view over London, you’ll want to be able to appreciate it when you’re there; and there’s nothing like a view over the bustling capital at night.
However, you may find the space afforded by a house suits you if you spend a lot of time at home during the day, potentially with the children.
5. Analyse your day to day costs
Moving or buying somewhere new isn’t just about affording the upfront costs, it’s all about your outgoings. Choosing an apartment in a new complex should save you money in terms of energy costs due to the energy efficiency of the buildings. You also won’t be liable for any structural costs of the building, as you would with a house.
You may find there’s a gym in your chosen apartment block, saving you the monthly membership fees elsewhere and the cost of travel.
6. Think about security
Often living in a flat or apartment will be a better solution when it comes to security. As a part of a gated community or complex they’ll be onsite security personnel, CCTV and everyone will need a code to enter.
Whenever you’re looking to move home and find somewhere new to live, it pays to look critically at your lifestyle, how you want to live and what the future could bring to ensure you make an informed and ultimately right decision.