Whatever age we first jump on the property ladder, we want to make sure that we are investing in the right area and that we are creating a home that we want to live in. We may be limited depending on our specific city. Many cities have a certain style of home that is prominent throughout the city or state, but learning to work out what is best for your lifestyle is key. Of course we all would love an iconic Spanish style villa with tennis courts and a swimming pool, but that isn’t always achievable for the average person. Getting a mortgage of any value can be tricky, especially if you’re a single person or work for yourself. Things can add up and make you question whether or not it is best to rent or buy. Well, there are benefits of both. Buying is a long-term commitment and you are often tied into it for a set amount of time, and anything in the home that goes wrong is your responsibility to fix, such as a leaky roof, running toilet, etc. So these are all costs you need to figure out as you go, but of course the home is yours to do with what you want. If you want to build an extension you can, if you want to paint the walls bright yellow, you can. But renting is a different option. Renting essentially can be seen as throwing your money away; but you are often only tied into smaller contracts and can move a little easier depending on your lease. Also, you have no responsibility for the property so any issues must be, by law fixed by your landlord and some landlords will allow you to decorate and change things up.
In essence, maybe you have already figured out that one balances out the other, and now you have set your sights on either renting or buying. You need to find the type of property that’s going to be best for you for both the short and long term.
Photo: Pixabay Apartment
An apartment is a excellent choice for someone living solo, and if your life is fast paced and you don’t spend too much time at home, then an apartment could be great. It’s less upkeep, it is smaller and compact, usually things are open plan and living arrangements are easy. If you like an apartment but you want to expand a little further and wish you had some outdoor space, then look for apartments that have a ground floor flat, and that offer patio doors or some type of shared garden as that is quite common with some good modern apartment blocks. Some apartments offer balconies, which is always nice when you live somewhere with nice weather. However, you can find them all over if you look but they tend to be a little more expensive. You could also look at bto flats, brand new builds are great and you can get all the modern amenities you need.
Apartments are great because they provide a little more stability and safety. They are within a block of other apartments and often you need a code to get in and you are always constantly surrounded by other people in your neighboring apartments. It’s good to know that you have people nearby and usually a great security system. If you’re looking to buy or rent an apartment, this is key to remember.
Houses are of course a more popular choice for families. Having a yard is great for kids instead of feeling cooped up inside an apartment that may not have much of a yard to play in. That isn’t to say that apartments can’t be spacious and airy, but a house is a great choice for someone who feels they have the money and the time to invest into making a house a home.
Often houses take a lot more upkeep. There is more to clean, more to decorate, and the responsibility to fix stuff is yours. Your bills are often higher because heating a house is obviously more expensive then an apartment. A house can certainly be a home, but you need to be specific on what you want. There are many different styles of houses that can differ greatly in price but you can certainly speak with your real estate agent to explain your must haves about the next step with a property.
Renting A Room
There are many options now in larger cities to rent a room instead of an entire home. You would essentially be living with someone but if you want to try it out and see how life independently would be then it’s certainly worth looking into. Although some area may be shared, it is much cheaper and could be incredibly social if you find the right house. Some rented rooms are in huge houses, so there is still plenty of space and you can make your room feel like a mini apartment, studio style! If you want to move to an expensive city then this may be one of your best options, but get to know who you’ll be living with and see how things work.
Now you have hopefully decided on the right type of place for you. It’s time to start looking for a place. Be wise but above all, choose what your heart is telling you.