house versus apartment

shanesgal

Registered User
Messages
20
My female friend wants to buy a property on her own to live in herself. In your opinion would it be a better investment to buy a three bed former local authority house with large garden or a new two bed apartment? Both are the same distance from the town centre. The apartment is €25,000 more expensive. It wouldn't bother her not to have a garden.
 
Depends on many factors and difficult to predict the future comparative price performance of two properties at the best of times. However a house may be attractive to a larger number of buyers compared to an apartment and so may be easier to sell on and may attract a higher price. Is she an FTB because if not then she may be liable for stamp duty on the second hand house. Bear in mind that the apartment is costing €25K more and there will presumably be significant management charges each year. On the other hand it may be built to better/more modern specifications (e.g. insulation etc.) than the second hand house. In short it's a very difficult question to answer. How long does she envisage settling down whatever she buys?
 
My female friend wants to buy a property on her own to live in herself. In your opinion would it be a better investment to buy a three bed former local authority house with large garden or a new two bed apartment? Both are the same distance from the town centre. The apartment is €25,000 more expensive. It wouldn't bother her not to have a garden.

Obviously while she cant ignore the investment potential it should really take a back seat when it comes to your own principal private residence. If she expects/intends to be there for more than 2/3 years in particular she has to decide where she herself would prefer to live as no capital appreciation in the world is worth not being happy where you are living.

Personally I would go for a house any time as there is greater privacy,better sound proofing etc... but an apartment does tend to be rather maintenance free. Having a garden is usually a plus when reselling too.If shes not interested in gardening she could put some of the €25,000 into turning it into a pleasant low maintenance garden and use the rest to modernise the house to her own taste..its amazing what new paint and a few other bits n pieces can do! Also if the house needs a bit of modernisation she can add value to it that way whereas that doesnt really apply to a new apartment. Has she lived in apartments before..some love apartment living some hate it!

But at the end of the day its a personal choice.
 
She is a first time buyer and as she will be stretching her budget anyway she would like to choose somewhere that she will be happy for a few years.
 
I've lived in an apartment block and a house and to me there's no comparison!! Living in an apartment block with everyone leaving rubbish in the communal areas, poor soundproofing - or your own privacy in you own house..........
 
the house you have more privacy down the line if she has a few kiddies at least there is a garden for them to play in, room to extend/convert attic, a real sense of your own casa no sharing halls/stairs etc.
 
some apartments have really good sound proofing, the ones in Ashtown seem particularly good, and some houses have rubbish soundproofing.
A minor plus to apartment living is that you don't have to remember to take out the rubbish on collection day it's done for you.
When there's a storm blowing outside you don't have to worry about the roof blowing off cause it's the management company's responsibility.
There is onsite security in an apartment block.
For a house apart from the garden and no maintenance fee -
I'd say there's usually more space in a house, even being able to put stuff outside.
There's usually the potential to extend.
Parking is normally free or a small fee.
 
While the maintenance fee may be seen as a negative to apartment living, remember that most of the fee you see quoted goes towards building insurance, building maintenance etc. - things you need to pay for in a house too.

For the record, I live in an apartment and love it.
 
Just to clarify in case there was any confusion - I personally wasn't painting apartment management charges as a negative necessarily. As long as you are getting value for money there is nothing wrong with them. But a lot of people don't seem to consider them when buying an apartment or other privately managed property (including more and more privately managed housing or mixed estates) so I was just pointing them out in my first post.
 
To be honest it really depends on the area. If you buy an apartment in say Glasnevin as opposed to buying a LA house in Finglas, the apartment will appreciate more in value- given that it is a very good area to live in..

I did buy an old council house, and we left after 2 years because in that time alot of investors had moved into the area and were renting out houses to anyone...I discovered one of my neighbours spent time in prison for rape, there were shootings....

There are old LA houses in good areas, however it is the location that will make them pricey. If I was your friend and had to do it all over again I would buy an apartment in a good area...

Loacation Location Location .... Always important...
 
I agree with Pinkybear in respect of the location. Thats probably the most important thing. My mantra was always better to buy the worst house on the best road, than the best house on the worst road.

All things being equal, I would pick a house over an apartment any day of the week. Investors in the area is not unique to ex Local Authority areas either. I had to leave my private estate in Lucan because of the problems encountered with renters and the general upkeep of the area.​
 
My friend will be purchasing in a large town so there is not the same issue with locations as there would be in Dublin. It is an older housing estate (which used to have a bad name a few years ago) but now is very quiet.
 
There is a risk of future negitive equity, so she may not beable to move even in 2-3 years time. A house would be better when future proofing.
 
I agree with the above posters that your friend should really look at future proofing her investment as selling up and moving on may become more difficult in the next few years.

When purchasing she should look at her current personal circumstances, how they could possibly change and whether the house or the apartment would accomodate both current and future requirements.

If negative equity arises would she be happy to stay there if she got married and had kids or with pets ?

has she lived in apartment before ? Apt living is not for me but I did live in apts for 4 years, so I know all that comes with it.

In answering those questions she should be able to tell whether a house or apt is for her.
 
Your own entrance with a house and a piece of garden and extendable if she decides to stay there. No brainer as far as I am concerned, the 3-bed house every time.
 
Having lived in a rented apartment in one of the new complexes, I was really put off the idea of buying such a place, the walls of which would not even be my own. It seems more like buying living-space rather than buying property.

I think anyone buying someplace as their home is making an investment in the area and will want to be concerned about how things are there. I don't think Irish apartment complexes don't lend themselves to this.

I've seen how it works in German and Italian cities, where apartment blocks seem maintained to a very high standard, have people of all ages living in them and they stay for the long-term. People get to know other people in the building and it's really neighbourly.

My Irish experience was of single or cohabiting, mainly young people, many of whom stayed for less than a year and who never saw eachother. The apartment was badly laid out with cheapish fixtures and fittings. There was almost no storage space, the kitchen could only accommodate one person at a time. There were stupid rules about what could/could not be put on the balcony and my G/F was scared to go on her own to the carpark/bins in the basement because she was scared of being mugged or attacked!

The only advantages I can imagine are that the place didn't need heated - the storage heating was never put on once right through the winter - and it was seriously easy to keep clean and tidy, we had no room for much stuff because there was nowhere to put it. From the sound of it, I think apartments could well become v.desirable locations for elderly people to live!

If I was to buy a place, I would get another house because at least its all your own, there's more space and it seemed an awful lot more neighbourly with so much more investment in the community than the complex had.
Just my opinion.
Paulone
 
Loacation Location Location .... Always important...

I'd agree with this.

When comparing two properties by far the most important factor governing their price (both current and potential) is their location, not the type of property.

If they're in (roughly) the same location, then the advantages/disadvantages of each type come into play.
 
Back
Top