Renting or Purchasing an Apartment

Purchasing an Apartment

Some people prefer to live in apartments than homes because they are usually located at the centre of the city. There is simply not enough space in the city to accommodate all the residents so piling home upon home is one way to get all the people settled. This comes with merits and demerits of its own. Whether someone buys an apartment or rents one depends on the need and finances. If you plan to settle somewhere permanently then buying an apartment could be a great option especially if you can afford the mortgage payments. Sometimes, buying and paying mortgage is not worth the location and value of the apartment.

For people who are very social and like to be a part of the hustle and bustle around them; apartment living is great. They get a chance to meet people everywhere; in corridors, on stairs, in the elevators and community places like the pool. The community is limited to those living in the apartments so no one is a complete stranger to the other. It is easier to mingle with people around you when you are sharing so many things like parking areas and swimming pools. Yet, the decision should not be based on social life alone rather the facilities in general should be accounted for when you are comparing apartments and homes.

It is more economical to live in apartments when it comes to utility bills. That is basically because apartments are smaller and there is lesser heating, cooling and lighting required inside. Common areas like the lobby and the corridor are not the responsibility of the resident usually so you are saving what otherwise you would have been paying for having the front porch light or the backyard light on. Likewise the insulated walls of the apartments are also efficient in saving energy because they don’t let the heat escape in winters and they don’t let it get too hot in summers. The purpose of this insulation is basically to prevent voices coming from next door but here is an added advantage too.

Apartment buildings do not offer even half the privacy that is offered by homes. That is because the homes are in close proximity and even a little higher than normal sound grabs your attention. Even if you don’t want to listen to the neighbor couple having a row, you can’t help it because the thin walls will look to that. Many buildings now have insulated walls that separate one apartment from another. This prevents intrusion of privacy. If you want to go a little overboard, you might want to consider having the walls soundproofed. That would of course demand for the landlord to be included in your plans.

Apartments are closer to city centers, malls, downtown areas, bus stations, stops, subway stations and schools. You may also find them in proximity with your workplace if you work in the middle of the city. These things need to be considered before hiring a home because you might want to save your time on commuting if you are a student and work at the same time.