Are you thinking about relocation and buying a new home? Or maybe you just want to have a new property in your possession? Whatever is the reason for making such a decision, this kind of money invested is always a great idea. Having keys of the home that is under your name means a lot, as it provides the feeling of stability. Your stability and stability of your family, for the future days to come. What might be the thing to question about, is what kind of property is better. In this article, we will try to give you some of the sides of investing in apartments vs houses.
Choose the right place
Moving to New York is probably the best decision that you can make. This place provides a vibrant life, with a plethora of opportunities. Especially if we are talking about property investments. So, before you decide which type of property to buy, apartment or house, be well-prepared. Firstly, you should invest some time in gathering information about the location of your new home. Take into consideration the costs of living, the proximity of your home to your job, schools, and parks. If you have a family, think about the crime rates, and the security of the neighborhood. Of course, the prices of properties vary from neighborhood to neighborhood. That is why real estate agents can be very helpful and show you everything that can match your budget.
Setting priorities has meaningful importance, so good organization is what comes in the first place. Especially if you are moving from a different place and have a lot of tasks in front of you. Relocation can be a challenging job, which usually requires some help. Hiring the right moving company will, for sure, make the whole process much easier. Experts in this field can help you in packing of your belongings and safe transportation. They can also support you in finding cheap storage Manhattan if there is a need for that. If you are moving from bigger to smaller home, storage units will be very useful. Start with planning on time, so you can have more time for deciding where to invest.
Apartments vs houses- the clash of the titans
Making such a decision isn’t easy as both options have its pros and cons. What you should know before investing in property are some main characteristics. Investments depend first of all of the circumstances you are in, but also on the current rental market and the location of the property. As there are many great NYC borough for living, you have wider options and possibilities. Nevertheless, there are some general points which you should take into consideration.
- Initial costs of the property you are buying- The initial costs of apartments are lower than that of a house. Lower prices of apartments can lead you to the market sooner. On the other hand, location is a significant factor when it comes to initial costs. In most cases, the starting price for a two-bedroom apartment in the center is the same as a three- bedroom house in a suburb.
- Additional costs and maintenance– When you purchase a property, you are not in an obligation to mortgage payments. There are other ongoing costs, that are involved in both houses and apartment investment. If you are buying an apartment, have on mind that you will be in need to pay condominium fees. Those are fees that are covering maintenance of the building, and its communal areas. Fees might be higher for buildings with assets such as pools and gyms. House investments, on the other hand, do not have strata fees. The thing is that all repairs and maintenance will be on your behalf.
- Investment growth- If you are looking to invest in a property that can bring you money in the future than think about capital growth and rental yield. Capital growth means an increase in property value over time. Rental yield is the income from the property as a percentage of the property’s costs. In most cases, houses are those who offer higher capital growth, due to their land component. By having an apartment as a property, you can have higher rental yields, in short, and medium-term investments.
What is more beneficial- apartments vs houses
As we already stated, both choices have their good and bad sides. We will shed light on some of the main benefits of both types of investments. But ultimately, you will decide who wins the apartments vs houses battle.
Benefits of investing in an apartment
Besides the fact that you can get a few apartments within the price of one house, there are other great things about it. Apartments are more popular these days for young adults, due to their location. Most of them are placed in urban areas. That implies close proximity to various activities, local transportation, schools, offices, etc. Another great advantage is that you will not have to worry about the maintenance of it, as they are usually looked after by residents. More free time for you! We have to mention that you will presumably have lower costs for electricity and gas, due to a smaller space.
If you choose an apartment in a facility with more assets, you will have access to them. Those are pools, gyms, playgrounds, or even gardens. All of this comes with a high level of security, that these kinds of facilities are providing. After all, you can always rent out your apartment and start own rental business. Knowing this, it will be much easier to decide when looking at the apartments vs houses comparison.
Benefits of investing in a house
If you are looking for a bigger space and calmer environment, you can have it by investing in a house. Life in a house is more comfortable, due to a wider space and far more rooms than apartments. Probably the greatest benefit of all is the outdoor space, which you will have along with a house. Having a backyard is perfect for kids and family events. By having a house in your property, you can do pretty much everything with it, as long as you keep council regulations in mind. House is giving more flexibility, there are no owners’ corporation or condo laws. You can always renovate your house, expand or upgrade and build a higher value of it. Most importantly, you can set your rules and make your living place more livable.
Among the benefits mentioned above of having a house in NYC suburbs, let not forget about your privacy. Living in a house indicates that you are not having neighbors below or under your apartment. Generally, they are not in close proximity. You will not have to worry about disturbing your neighbors or being disturbed.
We hope that this article will help you in seeing the difference in investing in apartments vs houses. The final decision is only yours, followed by your preferences. Find the one that can suit your needs the best, and that can be your perfect new living place. In case you need a helping hand during the relocation, Upper East side moving company is there for you. We can transfer all your belongings with the utmost care. So, contact us and make an appointment. We wish you the best of luck with your new property.