Apartment vs house: Which is best for you?
Tue October 31, 2017
In our recent article titled 'What does Sydney's apartment boom mean for the city?' here on the Laing+Simmons blog, we looked at the apartment boom that's been taking Sydney by storm. With record numbers seeing the number of apartments increase to one for every two houses, it's clear that more and more Sydneysiders are choosing to live in a slightly different way to the traditional Australian dream of detached home, garage and backyard.
This shift can be partially attributed to the different ways that Aussies are living, but is the move to an apartment right for you? Or is your lifestyle better suited to a house? It all depends on what aspects of a property appeal most, and in this article we're going to break down the key benefits and differences between the two.
Apartment owners can expect to save more than homeowners when it comes to keeping their property in good condition.
The case for apartments
Apartments are usually located in higher-density areas. The big benefit that this provides is the ability to live in areas of Sydney where purchasing a home either isn't possible or would be very expensive. Case in point is the city centre, where space comes at a premium.
Inner-city living is often particularly desirable to younger people, and apartments come with the added benefit of usually being more affordable - making them perfect for first home buyers in Sydney. Affordability and prime locations also make apartments fantastic investment opportunities, and as the number of apartments in Sydney has increased, we've seen a lot of experienced and first-time investors snapping them up.
Of course, apartments also come with other benefits over houses, such as far lower costs for upkeep and maintenance. Whether that's the lack of a lawn and garden to look after or no need to worry about the building's exterior, apartment owners can expect to save more than homeowners when it comes to keeping their property in good condition.
The case for houses
The biggest benefit of owning your own house is the freedom to do whatever you'd like with it. There are no other stakeholders or tenants to deal with, so if you want to change the colour of the roof tiles, extend the garage or build a swimming pool, there's absolutely nothing stopping you! You'll also get more privacy than in an apartment, along with more outdoor space. So, if you want to host loud dinner parties or have plenty of room for your kids to run around outside, there's no beating a house.
Any house in Sydney will likely experience more capital growth than a unit.
As an investment option, houses also offer a slightly different opportunity than apartments. While you may not be able to purchase an investment property in the central city, any house in Sydney will likely experience more capital growth than a unit, thanks to the associated land holding.
Finally, there's the lifestyle that comes with owning your own house. Even apart from extra privacy and more space, there are all the small bonuses that come with owning your own house. One classic example of this is having a pet, which is all but impossible in many apartment complexes, but no trouble at all in your own home.
Ultimately. the choice of whether to buy an apartment or a house is up to you, and once you've decided, the team at Laing+Simmons can help you find the very best property.