Apartment or own house? Which is better?

Several times this is one question that pops up in the minds of first-time home buyers. In this write-up, I would consciously abstain from giving out any concrete opinion but would like to bring about some facts that one may like to evaluate before arriving at a decision.

Is house your life’s priority?

Before we go any further, I believe this is one thing we need to ask ourselves. Owning a dream house may not be everyone’s dream. You could be passionate about many things in life other than a house. It could be cars, travel, or any other passion like music or art. If that’s the case, you may gladly excuse yourself from the race of buying a house. Yes, I would say that owning your own home does bring in a lot of security in life and if you ask me, you should have your own home. But that need not necessarily be a full-storied villa. It may be a simple apartment suited to the needs of you and your family. 

One floor vs. Complete unit 

Now if you are in the other group, where owning a villa is something you aspire for, you may like to consider this. Owning an apartment is like owning a space in a while building versus owning a complete unit. 

If it’s your own house, you may customize it to your taste, and cut out beautiful corners for spending a long time with a cup of tea or coffee. 

But you may have to work it out in an apartment within constraints. 

Your own terrace space 

I think open space has a lot to add to human life. It can liberate us, and help us discover ourselves, and our innermost emotions. The air is refreshing and rejuvenates us from within. 

Sometimes these seem just a luxury to a few folks, but believe me, this adds certain bits of balancing which is essential in your walk of life. 

And, think about your children, if you can afford to give a fresh atmosphere to your little one during their growing age, why not? They will always cherish this memory when they grow up and be proud of their childhood. 

COST!

I think Cost considerations have a big role to play. You would think of a villa only when you have enough bank balances to fund it and also the earning capability to repay it. 

That way, your age also becomes a big consideration before you venture into the real estate market. How many years of active work do you have remaining? Can you COMFORTABLY bear the EMI amount?

Believe me, a big house full of EMI tensions means just nothing; if you’re short of funds, just go for something that you can afford. 

Old age and maintenance 

I believe a lot of couples would have this question in mind. If you buy a house now, how do you maintain it as you age? I think that’s an efficient question and should be thought through. 

I would advise that keeping in mind that you’re going to get old someday, it is wise to purchase a house or an apartment within gated communities or complexes. That way, you would have easier access to people around you or security persons who can arrange for immediate help if the need arises at any point.