The blog sheds light on the advantages and disadvantages, which you have to come across if you have plans to invest in apartments and not independent homes. Read on to explore more!
With so many apartments available for sale, that is a question, which always comes in everyone’s mind, is that should I buy one? However, the response always depends upon the buyer’s situations and pockets. The decision depends on your taste and requirements. Here are some of the advantages as well as disadvantages of buying an apartment:
- You do not have to worry about exterior maintenance. Painting of the building and arrangement of the gardens or patios are included in the fee you pay for it.
- They usually ensure more security than the independent homes, because the majority of them have controlled access. In many apartments, particularly in the studio apartments, alarm is included as a part of maintenance, and if you put it on your own, it is much cheaper.
- Your neighbors do not find out if you are in or not, which is advantageous if you travel frequently and leave the property alone.
- Most of the apartments have good recreational facilities like swimming pools, fitness centers and children’s play area, offering a resort-style living.
- You have to pay a fixed monthly fee to residents associations (also termed as homeowners association or “HOA”) for maintenance. This is mandatory.
- You cannot expand the area of housing, to build a deck or extra room in an apartment.
- Permits for improvements are more stringent and require more processing.
- In some places, you cannot select your service providers and have to go with those chosen by the Board of Directors.
- You share your ceiling and your floor with the neighbor, so you must be careful not to make noises that affect them.
- Remember that very few units are offered with courtyards, although they are in the first level. You can use them, but within certain limits.
Working as a writer, Rashmi Karan is an avid follower of the real estate trends. Contact her to seek suggestions about the real estate related queries.