The property market can often be seen as a battleground of different property types for the patronage of the people who will live in them. Semi-detached suburban houses tend to be favored by young families and town houses by professional couples. Condominiums are often popular for retirement properties whereas city apartment blocks suit single renters on a budget. Purchaser, renter, buyer, seller, family, single, and so on – there are many criteria and metrics when it comes to comparing properties.
Accordingly, it would be possible to get a dozen articles out of different property comparisons. However, we only have one article here, so let us look at one of the most common comparisons and choices made by property-searchers today. Which is a preferable option for someone looking to rent a property – an apartment or a house?
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That there are many factors to this comparison is certainly the first thing to note. CityHome Collective, a real estate and interior design firm out of Utah say that while both types of property have great appeal for renters, they can be priced very differently in different locations. And of course, the absolute value of a property classed “apartment” and one classed “house” can vary much.
The best advice when it comes to making such a choice then is to narrow the scope. Thankfully, most people looking to rent a property have a pretty good idea of whereabouts it is likely to be located. Factors like proximity to work or a simple desire to live in an area generally determine the rough location of a prospective property. The best advice at this point then is to get a realtor with a strong knowledge of the local market.
Houses vs Apartments
So, what are the other comparisons you can make between these two types of property? As it happens, there are several pros and cons that can be outlined for apartments and houses. These apply generallyand so make for a useful reference. Nevertheless, bear in mind that you should include the many other factors that can determine the comparison between two specific properties. Here follows then the general pros and cons of houses and apartments:
Generally speaking, a house will offer more space than an apartment and is likely to allow for more freedom to customize the interior while living there. Houses tend to offer more tenants’ rights that are shared by those of homeowners. You will be responsible for your own utilitiesmost likely, which gives you some freedom here, for example.
To keep with the utilities, houses tend to require payment beyond the rent.It is likely that the rent will be higher with houses too (although greater space is the trade-off here). It is also likely that insurance and repair costs are going to be higher with a house and, while there are many exceptions to this, houses tend to be more expensive all round when compared to apartments.
Apartments are better for affordability and flexibility. You will likely find lower rents and utilities included within those rents. Contracts are also likely to be less strict, making apartments good for young people liable to move around a lot.
The cons of renting an apartment are related to this flexibility, which can be seen as precariousness from another angle. Long term contracts will be less common here and you will likely have less control of interior arrangement than you would with a house.
When comparing houses and apartments, there are too many factors to say anything conclusive. But taking the general advice is always a great place to start.