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As a first time buyer, you will have two options for buying your first ever home – should it be a house or an apartment? There are pros and cons for both, of course, but in today’s guide, we are going to focus on the benefits of starting out with the apartment lifestyle. Let’s take a closer look at six reasons why buying a flat or apartment can work out well for you.

Affordability

Of course, apartments can cost a broad range of prices, depending on their size, location and available amenities. However, in the vast majority of cases they are cheaper than buying a house – which can make the difference for a first time buyer. That means you will only need a smaller deposit, monthly payments will be less, and it’s an easier way of getting a foot on the property ladder.

Location

Buying an apartment is another way of living in the perfect area for your needs. Take a look around at apartments selling in a popular area of a city, and they are often less than buying a full-size home. But, you’ll still share the same amenities as everyone else enjoys, from shopping through to transport, and attractions through to nightlife.

Low maintenance

Apartments might lack a garden to call your own, but there are some advantages to consider, too. It’s less work to maintain on your part, of course. And, in most cases, your apartment block will have shared amenities that get cleaning, updates, and repairs from the building manager. There is a fee, of course – but it’s the perfect option for those with a super busy lifestyle.

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Less need for renovation

When you move into an old home, it is rarely perfect for your needs right away. There will be a lot of changes you need to make, such as changing carpets, repairing damages, and maybe even knocking through walls. When you buy an apartment, however, your renovations are much easier to handle. You might need to make changes, but it’s more likely that it won’t cost you half as much as renovating a complete home.

It has potential

Buy an apartment as a first home is also a good investment opportunity. Let’s say that you decide to buy in an up-and-coming area. Property prices tend to go up quicker in these areas, as its popularity rises. This will give you a couple of options when it comes to moving on. First of all, you might enjoy a significant increase in the value of your property – giving you a nice deposit for your next place. Or, you could move on and keep the apartment to rent it out. The choice is up to you – but both examples can be incredibly beneficial to your future.

Community

Finally, apartment blocks tend to be very communal affairs. You might share amenities, for example, and there tends to be a lot more security. Whether you are a single professional, a young couple, or have a small family, apartment life can be every bit as good as buying a home.

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source As a first time buyer, you will have two options for buying your first ever home - should it be a house or an apartment? There are pros and cons for both, of course, but in today’s guide, we are going to focus on the benefits of starting out...