It is very common for many people around the US to ponder whether to get a house versus an apartment. Whether it’s your first time or you’re transitioning to a new place, knowing the pros and cons of each can help you make the best choice for your situation. Space, costs, and maintenance are important considerations for people buying homes and apartments, which offer somewhat different living experiences.
Some thrive on the privacy and yard of a house; others on the convenience and community of an apartment. If you’re considering buying, BREAKING: find out your mortgage approval rate all by yourself before you read through those real estate listings — doing so will make you a smarter shopper! This guide takes a look at some important things to consider so you can determine which is best suited for your needs and lifestyle.
Space and Privacy: What Works Best for You?
Space is one of the biggest differentiators when it comes to a house vs. an apartment. Houses tend to have more space — larger living areas, more bedrooms, sometimes a garage, and a yard. The added space is fantastic if you have a family, pets, or just need a little more room to spread out. You don’t need to worry about noisy neighbors above or below you, so you get more privacy. And, of course, a yard or garden can be a valuable asset if you like outdoor activities or gardening.
Apartments, on the other hand, tend to have smaller square footage, though, which, depending on your lifestyle, could be a good thing. Less clutter means less to clean and maintain. Plus, apartments tend to be in cities or near them, so you may be closer to work, entertainment, and public transportation. But proximity to neighbors is also associated with less privacy and more noise. Thin walls or floors can result in hearing things you might prefer not to. Here’s a brief breakdown to help you make up your mind:
- House advantages: More space, greater privacy, yard or garden, quiet surroundings
- Apartment advantages: Smaller, easier to maintain, closer to city amenities, convenient public transport access
- House drawbacks: More space to clean and maintain, possibly longer commute
- Apartment drawbacks: Less privacy, potential noise from neighbors, limited space
Think about your daily habits. If you value quiet, privacy, and space to move freely, a house might be your best bet. But if you prefer a compact, low-maintenance space close to urban amenities, an apartment could work better. It all depends on what matters most to your lifestyle.
Cost Considerations: Renting or Buying
In terms of money, houses and apartments can range greatly depending on where you live and whether you rent or buy. As a rule, houses cost more initially. Purchasing a home means committing to a bigger down payment and eventually larger mortgage payments, as well as property taxes and insurance. And on top of that, you’ll probably be paying more for utilities due to the larger space. But ownership of a house can lead to equity, and it may be accompanied by tax breaks.
Apartments tend to have lower upfront costs. Rental can come with a smaller security deposit and lower monthly rent compared to a mortgage payment for a house. Utilities could also be cheaper because the space will be smaller. Should you buy an apartment (also known as a condo), you could be responsible for paying monthly homeowners association (HOA) fees to cover building upkeep and for extra amenities like a gym, pool, etc. Those fees can mount, so consider it.
For renters, there’s flexibility afforded with apartments. It’s also OK if the leases are shorter, which is a relief if your job or lifestyle has you frequently moving. Houses are less flexible; buying and selling a home takes more time. In sum, if you want to invest in real estate and settle down, a house could be worth the cost. But for lower upfront costs and flexibility, apartments are often the better option.
Maintenance and Responsibility: Who Does What?
Maintenance is one of the largest lifestyle differentials between houses and apartments. But if you own or rent a house, you generally are on the hook for most repairs and maintenance. That could be mowing the lawn, sealing air leaks, shoveling snow, even repairing furniture, he said. Maintenance, however, can cost a lot in time and money. On the bright side, YOU ARE in full control of how and when things get done.
But apartment living is not like that. In the majority of cases, control is taken care of by landlords or property management companies. If something breaks, you call and wait for a technician. You also don’t have to concern yourself with yard work or exterior maintenance, because those are handled by the building management. This can be a lifesaver if you don’t like to get your hands dirty or don’t have time to do it.
But in a co-op, you have limited power over when and how well your apartment gets a fix. It can be frustrating if the landlord just isn’t responsive. Also, because many people occupy the same space, you may need to follow more rigorous rules about noise, pets, or renovations.
If you’re a fan of the do-it-yourself life and don’t mind working hard to maintain your home, a house might make sense. But of course, if you want the maintenance-free luxury of someone else taking care of it all, an apartment is the way to go.
