Many people dream of owning property. There’s no doubt that owning where you live comes with many benefits over renting, the biggest being that when you move out, you’ll get your money back.
When most people think about buying a home, they think about buying a literal house. Although it is one option, it isn’t your only option.
In some areas of the world, you can actually purchase an apartment. For example, you can browse available units in Dubai on Bayut. In the United States, this kind of property is almost always referred to as a condo.
No matter what you call it, there are some serious benefits of buying an apartment instead of buying a house when you’re ready to invest in a home.
Amenities, Amenities, Amenities!
One of the most convincing reasons to consider an apartment over a house is the fact that apartments and condominiums come with many more amenities than the average house. Just a few amenities you can find in an apartment complex include:
- Pet-friendly amenities, like a dog park
- Bike storage lockers
- Easy access to public transportation
- Common areas that can be utilized for special occasions
- Workout amenities, like a fitness center or a pool
- Playgrounds for the kids
That just scratches the surface. Some apartment complexes have party rooms, furnished craft rooms, and more!
No Exterior Responsibilities
Owning your own house can be exciting, but it comes with a lot of work. Not only do you have to maintain the interior of a house, you also have to maintain the exterior.
That’s not the cases with purchased apartments and condominiums.
Instead, you only own the interior space. That means you’re responsible for remodeling inside, but you don’t have to worry about outside. The homeowner’s association takes care of driveway maintenance, lawn maintenance, and because they own the exterior of the building, you don’t have to worry about paying to replace siding or the roof either. That means you will have a lot more free time, and a lot more money, to do other things.
You Become a Member of a Built-In Community
Being a member of a community is important. People who feel like they belong are healthier, happier, and live longer lives. By moving into an apartment, you immediately become a built-in member of the community.
When you live in close proximity to other people who are just one or two doors down, instead of one or two houses down the block, you’re a lot more likely to get to know each other.
In addition, many apartment complexes and condominiums have community spaces. Some will even go as far as to plan events and activities that will quickly make your neighbors feel more like friends you can depend on rather than strangers you see out in the yard a few times a year.
You’ll Likely Be Safer
Did you know most people feel safer, and are safer, in an apartment? Burglars aren’t likely to break into a home when someone is there, and in an apartment complex, there’s always someone home.
Because apartment complexes have a community atmosphere, you’ll feel like your neighbors are looking out for you and your space. If there’s trouble, they’ll let you or the authorities know quickly.
Living on an upper floor can make you feel even safer, as the only way in is through the front door. In addition, some complexes have security features, like alarms, keyed entries, and cameras to further deter crime.
Proximity to Work and Other Places
Where you live can have a profound effect on your health and happiness. For example, when you live close to work, you’ll save money on gas. You’ll also spend a lot less time on your commute. If you choose the right apartment, you can actually shave hours off your commute time every week.
It’s not just work you should think about. Many apartments and condo complexes are centrally located, which means going out to eat or getting a drink with friends after work is easy. Most are within walking distance of a grocery store, gas station, and other stores that are frequently visited. With the right apartment, you may not even need a car!
There’s nothing wrong with buying a house, but don’t automatically discount the option of buying an apartment or a condo. Although the space may be a bit smaller, there are many other benefits that will definitely make up for it!