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The need for and appeal of the smaller homes, like an apartment unit, continues to grow in Australia. However, freestanding houses still dominate Australian real estate. Still, due to major cities' prices and space considerations, many people are torn between buying a house or an apartment. In this post, we will help you weigh the pros and cons of apartment living that you should know:

The Benefits of Apartment Living

Apartment living is a lifestyle change. It is not new and has been around for a long time. In fact, it is more than a lifestyle change but also an investment. And if you are thinking of buying an apartment, then here are some of the benefits that you should know:

1. It's More Affordable

The cost of living in an apartment is much cheaper than that of purchasing a house, and it can help you save on other things as well. For example, you won't have to hire a caretaker, lawnmower, or garden. You also won't have to hire a pool service or need a garage. 

2. The Cost of Maintenance is Lower

When you live in an apartment unit, you have lesser responsibilities. For instance, you won't have to worry about lawn, garden, or pool maintenance. This is one of the benefits of apartment living, and it is more advisable for those who are on a budget.

3. Enjoy Better Amenities

Most apartments have their own swimming pools or complexes, tennis courts, and gym facilities. Living in an apartment means you can access these facilities for less or even for free.

4. It's More Secure

Accidents can happen anytime, so living in an apartment can be more secure. For instance, if you live in an apartment complex, there is a security guard on duty for the entire complex.

The Downsides of Apartment Living

Despite apartments being a cheaper housing option, not everyone thinks it's a good idea. Here are some of the factors to consider:

1. You Can Never Truly Own It

You won't have a freehold title when you purchase an apartment and depending on the area; you can even have restrictions on your apartment.

2. The Complex Has Too Many Rules

Apartments have more rules and regulations that you need to follow to keep yourself and the apartment in good shape. For example, you have to follow the house rules of the apartment and follow the guidelines of the home owner’s association.

3. You Get Less Space

One of the reasons apartments are usually less expensive to purchase than houses is that they are often smaller in size. 

4. You Get Less Privacy

When you live in an apartment, you won't have some of the privacy that you would have when you live in a house. For example, there are shared walls, you can hear your neighbours, and other people often surround you.

The Right Decision

In the past few years, many people have started to move into apartments, especially young professionals and families who can’t afford a house of their own. Apartment living is a convenient and cheap living option, but not everyone is a fan of this lifestyle. If you are interested in buying an apartment unit, make sure you weigh the pros and cons of buying an apartment first. 

Are you looking for the best home loans in Sydney? We can help you here at Wealthy You, an Australian Mortgage Company that services Sydney for almost a decade. Get in touch with us today. 

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