For first-time home buyers, picking between an apartment or a house can be tricky. While the former may not have as many features, it is often easier on a person’s wallet. That being said, if you still can’t make up your mind, no worries. In this article, we’ll discuss why it is always the better option, especially for a first home buyer.
1. It Is Cheaper
This is probably the most obvious reason why apartments are better than houses. The fact is, a house always costs more than an apartment. As we have mentioned earlier, this is because an apartment has fewer features, but these features are still somehow valuable. In addition to this, a first time home buyer does not need all the same features that a second-time homebuyer would need.
For example, first-time homebuyers do not need a good lawnmower since they would not be lawn maintenance. An apartment, however, would probably come with a lawnmower to use. This means that they will not have to pay for one separately.
2. It Is More Convenient than Renting
Although the rent is lower than the mortgage, owning and living in your apartment is always more convenient. This is because you are the one who has to maintain everything inside it. You decide when to repair, what to improve, and you have the right to be there at any time.
In addition to this, you can decorate the inside of it however you like. You can paint the walls or add new flooring, and you can make sure that everything inside it is precisely to your liking.
3. It Gives You More Freedom
Many people these days want to live in apartments as they can have as much freedom as possible. While renting an apartment comes with some restrictions, buying one does not. There are no landlords to tell you what to do or how to do it, and you have the right to invite anyone to your place whenever you want.
4. It Is Easier to Sell
Let’s say that you have been living in a house for a few decades now. It is now time for you to sell your home and relocate to another city for a new job opportunity. But, you are having a hard time selling it because you are getting much lower offers than what you bought it for.
On the other hand, an apartment is easier to sell as it has a quick resale value, which means that you can sell it quickly, and with the amount you invested in it.
5. It Is Less Work
Many people who own a house do not want to admit that it is more work than an apartment. While it is true that you have more freedom with an apartment, there is also the fact that you have to maintain it. There are more things that you need to do regularly with a house.
6. It Is More Practical
Many first time home buyers might think that living in a house is better because it is more practical. However, this is not always the case. With houses, you have to maintain a lawn, have a good garage and a backyard to store all the tools and toys, and you might have to tend to a garden. This requires a lot of effort and money, which many people do not want to spend.
On the other hand, an apartment comes with everything you will ever need, including those mentioned above.
Overall, for all these reasons and many more, buying an apartment is a better alternative. In fact, first time home buyers should always consider buying apartments. As we have mentioned earlier, this is because it is cheaper, more convenient, and more practical.
You may save more money, and you will not spend too much time doing repairs and maintenance work in the long run.
If you are looking for mortgage professionals in Perth, WA, who will help you with your first-time home buyer finance, look no further than our services and expert advice here at FinanceCorp. All of the Finance Managers at FinanceCorp are fully qualified, trained and experienced mortgage professionals who live and breathe finance. Call us today and let us discuss all your financial options.