Should you buy a house or an apartment?

Should you buy a house or an apartment?

Thinking of buying a property? But, you are not sure what kind of property is the right one for you? Choosing between buying a house or an apartment depends on your finances and your lifestyle. There are many things to consider, from the location, price, maintenance, etc. Both houses and apartments have several pros and cons. To make your strategy, you should be aware of all the differences between these two types of properties. Read all the pros and cons if you want definitely to make a decision to buy a house or an apartment.

Think about your Lifestyle before you buy a property

If it is time to leave your current home and to buy other property in Toronto, first, you have to think about your lifestyle. To make a successful household move you have to be sure that your future property is the right one for you. Living in an apartment means many rules of your owners corporation but it also means easy maintenance.  Living in the house is for those who like own rules and regulations. Apartment living means access to shared gardens, gyms, pools, etc. In the house, you have your privacy. So, before you decide should you buy a house or an apartment you should think about your current lifestyle and future plans. For example, you should think about a few factors: do you have a family or you are planning children in near future? The answer will help you plan the size of your property and the convenient location.

Financial implications

When you are choosing between house or apartment you have to think about your finances. Compare the prices of houses and apartments in the Toronto neighborhood you like. Buying an apartment can save you money but it also means you won’t live in desired suburb or street.

Getting a loan before the purchase

The process of getting a loan is important no matter you are buying a house or an apartment. In the buying process, you should speak to the professionals who can help you understand your mortgage insurance for the property you want to buy.

Should you buy a house or an apartment? Which property is the right one for you?

In the process of choosing the right property, you have to think about all the benefits of both houses and apartments. We made a list of pros and cons to help you choose the right property for your lifestyle and finances.

Buying a house

Pros

• Floor space. In-house you will have more space for you and your family. In the house, you will live more comfortable than in the apartment.
• Outdoor space. With house comes outdoor space where you can spend time with your children and friends. Living in the house gives you the chance to have a backyard or other entertaining area.
• If you decide to live in the house you will have a more flexibility to do what you want. You can renovate or upgrade your home, and change its appearance to make it more livable.
• Another benefit of living in a house is privacy. You can enjoy your life to the foolest, without worries about disturbing your neighbors in the building (like when living in the apartment).

Cons

• When you own a house, you should be aware that you will pay for all the maintenance you have for lawns, trees, windows washing, etc. Be aware, with the house comes to a lot of work.
• Higher costs for utilities. Living in a house is more expensive than living in an apartment. Usually, more space means higher costs for heating and cooling.

Buying an apartment

Pros

• More affordable. Usually, buying an apartment is cheaper than buying a house. The average house price in Toronto is $768,400, and the highest price per square meter to buy an apartment in City Centre is 7,800.
• Less maintenance. With an apartment comes a less maintenance. You don’t have to worry about the lawn so you will have more time for yourself and friends.
• Low cost. The prices for electricity and other utilities are lower than for the house.
• Many apartments have a convenient location because many of them are built near city centers, transportation, and schools.
• Extra facilities. Living in the building means you have an access to the pool, gym, and other building facilities.
• Apartment buildings usually have several layers of security, which is not the case with houses.

Cons

• You must follow the owner corporation laws. When you want to renovate your apartment you have sought for approval to do it.
• Less space. With Apartment comes less living space than with houses.
• Less privacy. In the apartment, you have less privacy than in the house. Also, you have to listen to the neighbor’s fight or the renovation noise. The neighbors also can hear and call the police if you listen to the music too loud.

Buy a House or an apartment: Make your decision

The best way to solve the house vs apartment dilemma is to consider your needs, budget, and plan for the future. Think what is a better option for you – an apartment in the city center or the house in the suburb? What is your best option? You will make the best decision if you plan ahead and take into consideration all your needs. There are many things involved in the property buying process. For example, if you want to start a family think what is better for you – a small apartment in the city center or the big house with the backyard? Once you know what you need you will decide which investment is better for your future. After you think about all the factors you will make a decision easily whether an apartment or a house is right for you. If you need help to transport your belongings to your new place, you can always count on High-Level Movers Toronto and our capable moving agents.