Purchasing a property is one of the milestones in life many of us aspire to reach, regardless of whether it’s an investment property or an actual home to live in. This is probably one of the biggest purchases of your life, and you want to make sure to research your options and make the right choice.
Now that setting your foot on the property ladder is easier than ever and more people are becoming homeowners, you want to look at what you are committing to before making the final decision. With that in mind, here are five reasons choosing a house over a flat is better when you’re a first time buyer.
Houses come with larger square footage and outdoor areas
One of the biggest advantages of purchasing a house is the freedom that comes with it. From garden spaces and large backyards to swimming pools and patios, homeowners can enjoy a variety of different outdoor spaces without even leaving their property, which is not the case with flats. The only outdoor space flat owners can enjoy is a balcony that’s part of their property but that’s the closest they can get.
House Owners also have more space for their pets. Even though flats can be pet-friendly, with a large backyard, you’re giving your four-legged companions a chance to run around, play, and enjoy themselves without worrying if you’re breaking any rules. And even if you’re working with a smaller square footage, you still have the ability to expand your living space and add a room or two – something that wouldn’t be possible if you were to live in a flat.
You can make upgrades that could potentially increase property value
Speaking of expanding and upgrading, houses also give you a chance to increase your property value. Even if you’re not planning on selling your house, if that day comes, you’ll want to know just how big of a profit your property will be able to make you.
Even if you don’t sell, life may get in the way. Your circumstances may change at some point, and your home needs to be able to accommodate these changes. Whether it means adding a bedroom, a bathroom, or a garage, a house can easily be renovated to fit your current lifestyle, provided that you have the necessary permits and space.
Purchasing a house makes more sense in the long run
Even if a flat may seem more practical now, chances are, a house will suit you better in a five years time, especially considering how finding a buyer may take long and you may need to live in the same property for longer. Purchasing a house in a growing city makes more sense if you’re looking to settle and start a family.
For instance, mid-Atlantic states such as North Carolina are home to some of the fastest-growing cities in the U.S. The state capital, Raleigh, offers home buyers a chance to raise their families in the country, a city, or the coast, and a wide range of homes for sale by Mornington Estates is sure to fit practically every home buyer’s budget, taste, needs, and preferences. Whether you’re in the market for new construction homes, ranch style houses, or energy-efficient abodes, investing in a house definitely makes more financial sense in the long run.
House rentals attract tenants interested in renting long-term
Due to smaller square footage, there are certain limitations when it comes to renting a flat. On the other hand, house rentals provide plenty of opportunities when it comes to the tenant market, and they’re particularly suitable for house sharers and families looking to rent a place where they can put down roots.
Some families may not be in a position to purchase their own home, so they may opt to rent one until they have enough money saved up. This also means families may continue to rent houses for longer, even more so if their children attend local schools.
Houses save you money in the long run
While houses do come with heftier price tags and insurance and maintenance costs, it’s easy to look past these things when you consider the bigger picture. Houses save you money in the long run, especially if you purchase newer homes which are made using new materials and efficient energy systems and insulation, and come with new appliances, open layouts, and modern floor plans.
Given the fact that fewer houses are being built and the over-supply of flats, houses will become more valuable and their prices could go up.
Your personal preferences, needs, and budget will largely influence your decision about the type of property to purchase, but there are a couple of things you need to keep in mind before making such a big commitment.
Now that you’re aware of the differences between houses and flats and why houses make a better choice for first time buyers, you’re ready to get on the property ladder and find that perfect home or an investment property.