Whether you’re a first time buyer or a seasoned veteran, your first thought when you think ‘property’ will probably be ‘house!’
It’s the most common type of living space and one that many gravitate toward, no matter their situation. But why? Other types of property – namely, apartments – have a ton of other benefits which are largely financial. These range from the obvious to the more subtle, and every single week you’ll be saving money versus a larger home.
So, in order to help you make an informed decision, here are some reasons why living in an apartment is the best option for your overall finances. It’s an option that’s worth bearing in mind if you’re in the market!
Cheaper Utility Bills
It goes without saying, but apartment utility bills are generally a lot cheaper than the ones you’ll pay in houses. Of course, if you leave all your appliances and lights on 24 hours a day, you’ll be shelling out the big bucks, but standard use should be quite cheap. You’ll have fewer lights and fewer rooms to heat than a house and won’t have to use your switches as much. Also, because apartments are tighter spaces, they’re easier to heat up and are more energy efficient.
A More Handy Location
Most big apartment blocks and buildings are located right on the edge of, or in the heart of, a major shopping district. What does that mean? Well, it means you won’t have to travel as far for food, toiletries and any other little shopping items!
A quick browse of the various CBD apartments for sale shows you that they’re located in the heart of the city, right next to all the amenities you’ll need. A lot of houses are located outside the big cities, away from all the shops and services. This often means you have to burn through petrol money in order to handle your weekly shopping trip. In an apartment, it’s usually just a five minute walk away.
Quicker Home Improvements
Not every home will be 100 percent ready when you move in, and there will probably be some work to be done. Due to the smaller nature of apartments, these various home improvements will cost a lot less than they would in a large house. Because your space is downsized, the upgradeable area has also been downsized. This means that you’ll have less problems, less needed improvements, and less financial outgoings.
Insurance Is Cheaper
Everyone needs home and contents insurance. And in an apartment, you’ll have fewer contents, and less home, to insure. Also, because they’re located high up and aren’t prone to flooding or burglary, your insurance price is likely to be very negotiable.
No Outside Space To Maintain
There are exceptions to this rule, yes, but generally, apartments do not come equipped with a garden/lawn of any kind. That means you won’t have to worry about it dragging down the value of the property when you sell. Gardens are a pain to maintain, especially in winter, and they’re often the biggest turn off for property buyers.
Categories: Real Estate
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