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The pros and cons of buying an apartment
Apartment ownership has its benefits, but is it right for you?
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- The pros and cons of buying an apartment
If you’re looking to enter the property market, downsize or invest, an apartment could be a desirable option.
But along with benefits such as affordability, there can be drawbacks to purchasing and living in an apartment. Here are some things to consider that may help you decide if an apartment is the right move.
Top locations for less
Throughout Australia, the median apartment or unit cost is generally lower than the median house price. That means you could buy in your ideal city location and stay in budget – even if you have a smaller deposit.
One reason why apartments tend to be lower in price is that they’re often smaller. This could be fine if you’re living alone but can be challenging for families or if you have pets.
Extra facilities
Some apartment complexes come with sought-after amenities that make this lifestyle more desirable – including rooftop gardens, gyms and tennis courts.
There are costs involved with these facilities and as part of a strata scheme, apartment owners must pay fees to maintain communal areas. If you don’t use these areas, it’s an unnecessary added cost.
Security and privacy
Many apartment buildings offer security features you won’t find in an average house. Their secure entrances, camera systems and alarms can offer valuable peace of mind.
The proximity of your neighbours can also be a security benefit, as they’ll be close by if something happens – but this does limit privacy. You’ll likely hear and see them more than you would in a detached house or townhouse.
Finance options
While apartments tend to be more affordable than houses, some apartment complexes may attract different lending restrictions.
For example, a high-rise city apartment block may require you to contribute a larger deposit than if you were purchasing a stand-alone home in the suburbs.
For help to explore your apartment finance options and find the right loan for your situation, contact a Liberty Adviser today.
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