The pros and cons of buying an apartment
When it comes to properties the old question of renting vs. Buying always comes up. While there are definitely times when you just don’t have the choice but to rent a place, other times it’s worth starting to think about investing in a place –be it small or big, where you can live and which you can also rent out on the long haul.
Let’s get to see the list of why would it be better or worse to buy an apartment instead of renting it.
The pros of buying an apartment:
It’s all yours: you can renovate it, reconstruct it, you can have the colors of walls you always wanted, you can have as many pets as you like and you can call friends around as and when you like to.
It’s the perfect investment: when it comes to investing in a residential property, apartments are always the perfect choice. An apartment is easy to rent out it can serve you as a great addition to your income or even you can basically live out of the rental fee if you have the apartment in such a good location and you can rent it out for a good price. Investing in an apartment is always way easier as the costs would come back way faster than in the case of another type of property.
It’s the perfect first home for your kids: kids grow up and as they do, eventually they would want to move out which is just the natural flow of life. iF you have an apartment where they can move straight away makes things way easier for them and for you as well. Also, this is a great way for them to try independence for the first time and see how it is to take care of your own needs and pay your own bills.
It may count in a lot in the price of a house: there are many people who are selling their houses outside the city while in the same time, they want to buy an apartment inside the city. So, you can even connect the two and find the perfect deal in someone who would sell you their house and buy your apartment instead. You can make a good deal by deducting the sum of the apartment from the full amount you should pay for the house. This way you end up paying way less and can get a way better agreement.
The cons of buying an apartment:
While renting is easy, with owning a property you will have certain responsibilities: bills need to be paid, certain countries, cities or areas also have their own communal tax system for property owners.
You need to have the financial means to buy an apartment: no question about it. Even if you plan to get a loan, be very smart with it and only get one if you can surely cover 40-50% by yourself and can surely pay back the remaining sum plus the interest as years go buy.
At the end of the day, apart from the costs, buying a place doesn’t really have all that many disadvantages. The reason for this is, that what you own can always work for you as an investment all along.