I can't choose which house to buy due to the price difference?

Question

I find it difficult to decide in this case, due to the price difference.

An apartment is under offer with the "5% deposit paid" incentive. This is attractive to me, however, at the same time, I notice there is another 3-bed house nearby (they are one postcode away). This house's price is around 15,000 higher than that of the apartment.

This extra amount is big for me. But on the other hand, a house seems a better investment than an apartment. So I'm getting confused.

If you were me, which factors will you consider so that you can decide?

Answer 1

An apartment with deposit paid is attractive to a first time buyer.

A house however is attractive to a bigger market. Couples starting out, couples with one or two children etc.

In my opinion the house is the more attractive of the two.

On the other hand you should carefully consider your own circumstances and what you can realistically afford to repay each month in mortgage payments, and what your plans are for the forseeable future.

Answer 2

You don't sound like you are in the USA, so ignore those telling you the housing market is crashing (well, it's not even "crashing" there).... however, the house will be a better investment (faster and higher appreciation) but only if you don't have to struggle every month to keep it. A house costs more than an apartment because you pay for more repairs, etc. But sub-letting a room for awhile could help out. Sit down and do a very realistic budget. See how much the house is going to change your habits (eating out, shopping, etc).
good luck

Answer 3

I assume that you are referring to purchasing an "apartment unit", not an entire complex.
If a complex, take into consideration the income.

Seldom have I ever seen an "apartment unit" appraise in value. If you are speaking of a condo, it depends pretty much on location.

The house sounds like a better "investment". Do the research on the location and market.

Answer 4

An apartment is the kids option , A 3 bed roomed house is the option for someone who plans for the future ?

Answer 5

Simply only you will know what you can afford and whilst a house is possibly a better investment, if it means you having difficulty in paying your bills etc then it is not for you. Give consideration to all matters relating to the comfort of your life. Remember, a shortage of funds equals unhappiness and arguments!

Answer 6

NEVER loss your home - your ability to pay the mortgage should be tthe number 1 factor.
After that, consider that with a condo you only own the "Air between the Walls" - while with a home you "own the DIRT"!
I believe (depending on your area) you will find a higher appreciation value with a house vs a condo!

Answer 7

The house will be worth more in the future than the apartment. If you can swing it money wise... then I would choose the house hands down. You have more privacy with a house too.
Good luck.

Answer 8

Right now, rent. Wait 3 more months (maybe up to a year) and then buy. The housing market is crashing. Wait until it's at the bottom of the crash and then buy. In the mean time, save every single penny so that you can make sure that you can afford it when you're ready to buy.

Answer 9

go for the house i bought a house i couldnt really afford once and struggled for a few years but i let out a room which helped, i then sold that house 14yrs later and got loads of return
its worth the risk

Answer 10

-price
-conditions
-size
but house is much more better rather than an apartment.
i suggest u pick a HOUSE.