Houses v Apartments

I'm not sure how things work in the Land Down Undah, but I'm contemplating buying a house, too. I've been thinking about it for about 2 years. I have enough for the down payment, but really can't talk myself into doing it. The fact you end up owning something instead of burning money is a plus and in the long run I've seen the numbers that say you do end up saving money, but it's at the expense of convenience for me.

I'm a single guy, I contract at times and when market conditions get tight, I'll do the permanent gig. Living in an apartment allows me the opportunity to spend more time having fun rather than worrying about when to cut the yard, when to water the yard, the pipes broke, the toilet broke, the fridge died, etc. I leave that to somebody else.

It's also saved me money in that when I'm contracting, I can always move near where I work. I once considered getting a house in a pretty nice suburb of the DFW area because it was near work. I since had to change jobs and my commute would have been about 40-50 miles each way for my new job had I bought that house. In an apartment, I can just up and move when the lease is up (every 6 months - 1 year).

I've yet to convince myself that a house is better for me. If I do end up owning something it may just be a townhome or condo. I'm not much for yardwork since I lived that torture as a kid.

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NBA Draft Lottery is May 20th. Start praying now.

 

Do I have an opinion on this subject. I HATE apartments. Depending on the quality of the apartment, you can hear your neighbors all the time & they can obviously hear you, so there's no peace & quiet. If something breaks, while you don't have to pay to fix it, you do have to wait on them to get around to fixing it. If you get an apartment, get one upstairs, because that way you won't have a herd of buffaloes stampeding around above you. There's nothing worse than being jolted out of bed, after a late night, by a 4 year old jumping off the bed & landing with a loud thud right over your head. You're also at the mercy of some idiot's stupidity that might cause a fire. Townhomes are better, because you (should) have a fire wall between the units for safety & sound proofing. Also, you don't have anyone living above you.

In summation, apartments suck! Townhomes are great, if you don't want a yard & the work that comes with it. However, I'd want a backyard to have barbeques & just some place to sit & reflect on why the he** I'm still living in an apartment.

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I've lived in apartments for the last 11 years or so.

Apartment Negatives:
1. The neighbors - If you don't like them.... their but a few inches away.
2. The noise - from sex, to what seems like a 5-on-5 basketball game going on, you'll get to hear everything.
3. Size - They're small.
4. Investment - They're more expensive in the long-run, in that you have nothing to show for your payments.
5. Crime - Apartments are not always the safest place to be, especially at night. There are many places for the bad guys to lurk (bushes, parking lots, laundry mat, etc).
6. Pets - Some don't allow them, and when they do they charge an arm and a leg for a pet deposit.


Apartment Positives:
1. No yard work.
2. People come and fix stuff when it breaks (Well, not "when" it breaks but sometime later when they get a "work order" in for it).
3. Cheaper in the short-term. Some even now (here at least) have a plan where your rent payments can be used towards a future home purchase (make sure the homes don't suck though).
4. No property taxes (if you have them).
5. Mobility - You can move much more easily (even buy out leases and move at your leisure).


I'm sure there's more on both sides, but that's all I have now.


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DREAMer's Rocket Page

 

I've owned a house here in Houston for about 5 years. It is absolutely the best thing ever. I was so very lucky to buy this little 'ol lady house before the realty market went up, it has almost tripled in value...but that is of no value to me. I feel so damn comfortable here!
Before buying this home I had lived in about 14 different apartments in about 10 years! My last place I lived in was in fact an old warehouse with living facilities. It was HOT as HELL in the summer and COLD as ICE in the winter, but it was cheap and it afforded me to buy my home. I wouldn't mind owning a warehouse and fixing it up as you describe, as long as there is ample room around you. Sometimes warehouse/building type situations have more yard/property room than a regular backyard and thats always a plus, although my backyard is huge so I have no reason to think of anything else.
OH the downside to owning a home is my tax appraisal came in this year and my property taxes went up AGAIN for the 5th straight year! What is this, Donald Trumps Taj Mahal?!
Good Luck!


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"Beware the lollipop of mediocrity. Lick once and you suck forever."

 

Dreamer

Generally you are paying property taxes on your apartment, as they are folded into the rent. This is essentially a negative because you cannot deduct them on your taxes even though you are contributing something.



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I'm in the market for a townhome right now. Been looking for about a month right now. My wife and I are just now at a point where we can afford to move out of an apartment. So we're really excited.

With interest rates so low, you can afford so much more space than you can renting. Add in maintenance fees and taxes and insurance and you still come out less than rent in many apartments. And like someone said earlier, at the end of the day your money isn't going for nothing as it is with apartment rent.

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I just had a house built here in Dallas. I did the research on the builders, the area, the whole ordeal.

Before that, I leased a house for a year and decided I would NEVER rent/buy another apt. or condo again.

The pros and cons are all in how you look at things. A lot of people don't like yardwork. I love it. It is extremely therapuetic to go out, mow YOUR lawn, do your own landscaping, etc. I have done a lot of landscaping since moving in, and I have also learned a lot of useful info. Planting shrubs, trees and flowers is pretty relaxing and fun. Plus, you can admire your own work after you're done, Bud Light in hand.

Plus, you get the tax break from writing off the interest, and you are no longer pissing your money away. You are paying into something that you can make money on later, when you decide to sell.

I happened to luck into a brand new house, in a brand new neighborhood, in a newly developed and growing area, 3 bedroom, 2 bath, 2 car garage, at about 1550 sq. ft. for a GREAT price with a good builder.

I am happy, and I don't see ANY positives now about apartments.

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My doctor says I am bipolar. I am going to get a second opinion. I have never had intimate desires for polar bears.

 

1) Committing to owning something is not a lifetime commitment. If you manage to own the same place for at least 5 years or so, you'll make money on the deal. If you sell that house/apartment before then, you could be losing some money. But that's not too important to you since you're buying either way.

2) Apartments are a bit depressing because of a lack of freedom. I have a private sphere (relatively) when I'm inside, but everything outside my door is public. I'd like to be able to sit outside with no one passing by, to leave an old transmission rusting in the grass with no one complaining, and to let my dog crap in the yard and leave it. Having lived in apartments so long now, I'm really missing having personal property.

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Artisan Cakes

 

My wife and I just bought a house. I'm tired of the guy who lives below us playing his stereo REALLY loud--usually somewhere between 10:00 pm and 4:00 am. I don't expect to not hear it at all, but I can't stand it when I can hear the lyrics to the song and tell you what verse it's on.

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The sky is falling!

 

Did I mention that apartments SUCK?

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Please refer to the thread on the growing use of Home Owner's associations.



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Stay Cool...

 

My answer to you Smeg would be.. location,location, location. If you are buying there is nothing more important. I think you would be happy in an apartment if it is nice and in a good spot, and from an investment perspective the location is crucial.

I agree pretty much with the pros/cons of apts vs houses listed above, although I will say it is very different in the USA than Australia. Houston would have to be the apartment capital of the world - we live in an awesome complex - great pools, top floor so less noise, nice park, tennis courts, pretty good social activities, pets allowed, hot tub, gym..... I would never own a house with all those facilities - there is something to be said for sahring them.

The only reason I can see for wanting a yard of your own is for kids.

The other major downside for buying and apartment is the inability to develop/improve. With a house you have options for improvement.



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..as a man danced so the drums were beaten for him.
Current Rocket's Salary & Contract Info

 

Smeg - you are a champ. Can't wait for the vids. Actually,I'm heading back to Aus in about 10 days and I'm going to see West Coast VS Western Bulldogs - it will my first live AFL game in over 3 years.

Need any USA/Rockets merchandise? If so, I can buy it and post it from Australia in a coupleof weeks.


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..as a man danced so the drums were beaten for him.
Current Rocket's Salary & Contract Info