Pros & Cons of Apartment Living

They come with a plethora of benefits, and in the midst of an economy that’s hard on those looking to buy a home, they’re a more viable option for people with smaller incomes. A few benefits of apartment living include:

Pros for living in an apartment

• No maintenance – with nearly all apartments, maintenance is covered and taken care of by the landlord or the body corporate, making one less major worry for you when that leaky pipe finally splits.
• Amenities – living in an apartment complex usually brings access to a large array of amenities that you might not get after buying a home. This potentially includes things like a common room, swimming pool, communal barbeques, a gym, covered parking, and a security system.
• Perfect for living alone – for those who plan on living alone for the foreseeable future, the smaller space and simplicity of an apartment is ideal for those who want less space and smaller bills.
• Bills and fees – apartment living usually costs you less in terms of things such as heating, cooling, and other utilities such as water and electricity.

Before you rush out and buy, however, be aware that all the benefits of apartment living do come saddled with some potential drawbacks…

For further information on low rate fixed and variable home loan products available for first home buyers, the below comparison tables have been formulated with direct links to the providers website. These have been sorted by comparison rate (lowest to highest). Please note that this table features products that are based on a loan amount of $600,000 with a LVR of 80%, under a first home buyer profile in NSW.

Variable Loan

3 Year Fixed Loan

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Cons for living in an apartment

• Smaller living space – The first and foremost disadvantage of apartments is that they’re generally smaller than the average house. While this means you’ve got less space to clean, that’s only a small consolation for less living space. You also may not have access to a clothes line.
• Privacy and noise – Due to the crowded nature of apartment buildings, the privacy afforded by apartment living is less than that of living in a house. You might overhear someone speaking (singing/shouting…) in the apartment next to yours, or they might hear you. This means that suffering from excessive noise from other tenants is entirely possible.
• Personalisation – Because most apartments are owned or overseen by a landlord or body corporate, the extent to which you can decorate and personalise your apartment is potentially limited. Some common restrictions include being able to repaint, replace or change fittings, and the installation of air conditioning if the apartment doesn’t already have it.
• Parking – Parking spaces can be at a premium in an apartment block, particularly if you don’t have allocated parking.

So while apartment living is perfectly suited to some, there are some notable disadvantages you might want to take into consideration before you choose an apartment over a house.

Learn more about Home Loans

• Checklist for buying a unit
• Duplex living – is it right for you?
• Buying an off-the-plan property