I've been working for the last 5 years and thought that I have not been able to save or invest anything. But when think about it if fat are called investments then, I might have one after all. Kidding aside, I've also thought that I've moving into an apartment after another. For this year I think I've moved for at least 3 times. 3 times. The first time I thought that the apartment is too small since I started to live with my siblings. I found a big space the second time, but just after 3 months our neighbor rats started taking over the place and we were forced to moved out. And move outs are such a hassle. Doing research, talking to different people and most importantly, moving my things. And so I've been thinking if living in the apartment is the best choice after all. Aside from that I've also dreamt of having a house for my family. Every since I started working it was my goal to save for a house. But it is still too expensive considering that I currently live in the city.
And so I did a little research, for it is in my nature to think of possibilities, advantages and disadvantages specially that this will require a big amount of money. After my research I've finally come to a conclusion. I know some of you might have this dilemma also. So let me share with some tips when in choosing the best place for you be it an apartment, house or condominium. Let me enumerate the advantages and disadvantages of an apartment, condo or house and why you might consider the other versus other one.
Flexibility of location- when you rent an apartment, no matter what work location you'll be assigned to you can easily move from one place to another.
Lower cost- this is the main advantage when you rent because cost is relatively lower. So if you're into saving mode right now. I think you'll have to stick to your apartment.
Lower Maintenance and your responsibility- when you rent an apartment most of the responsibilities are on the lessor. So if you don't want the hassle of doing renovations etc. Then apartment perfect for you.
You have to follow rules established by owner- Of course the place is not yours so you'll have to follow whatever is stipulated in the contract. But you can always negotiate the terms with the owner.
Cost in the long term- while living in apartment is cheap because you only have to pay the monthly lease, you'll notice that if you actually compute in the long term especially if you have been renting for years, that your payment could have bought you a house or condo at least. So if you're considering long term stay, then you might want to rethink the apartment.
Security and maintenance- When you leave in a condo you expect them to cover for this since you'll be paying condominium dues for security and safety.
Location and probably better socialization
There are lots of condominiums that are built in good locations also. Most of them are in busiest district. And so the reason why I put better socialization because aside from different neighbors you'll also be seeing different people as you go out of the building.
You can rent or own- Some condo are for rent to own, meaning after sometime the unit could be yours. But of course at a price much higher than apartment but much lower than buying a house.
Restrictions- in terms of rules also. From not allowing pets at some condos to restrictions in redecorating you unit. Basically everything that you do in your unit. Even just putting a hole needs to be reported to the admin.
Small space- Most of condominiums I've seen have very small space because most developer try to make their unit budget friendly. But there are also big units but at a higher price. So if you're not claustrophobic I don't think you'll have a problem living in a condo.
You own it plus the land- One thing that apartment or condo can't provide us full ownership. When you have a house you also have aland which always increase in value. Aside from that you'll have full authority as to how you want the house to be decorated or built. Customizations.
Easier to sell and establish a business with- unlike condo house are basically easier to sell especially as a real estate because of the land factor. Aside from that you'll can always do an extension of a business. You can start you own small grocery or whatever business you like which might not happen when you live in a condo.
Processes and maintenance- Buying a house takes a lot of process especially if you want to loan to have one. Plus you'll need to pay Real property tax. Also, since you have full ownership and accountability whatever happens be it a small leak in your kitchen, you are now responsible for it.
Cost- Of course since it also includes buying a lot. It would take millions now to have a fully furnished house.
So those are some things that you might want to put into consideration when you choose a place to stay. It is always important to consider you situation when choosing between the three. If you are living alone, and doesn't have stable income yet. Then go for the apartment. If you want a more secured place with lots of ammenities. And you have some extra cash then go for a condo. But if you're thinking long term or for a future family, then I suggest you start saving for a house. You can live an apartment now to save and then retire Ina house. Well no matter what your choice is as long as it brings you convenience, safety and the feel of home, I think that's the most important.