Owning real estate is a relatively safe way to invest your money. It doesn’t see stellar returns, but they are always there. Both when you rent it out, or just keep it as it is. Real estate prices are constantly on the rise in most parts of the country. So, buying a second home can be a good financial move for you. That said, it’s important to know what, when and how to buy. You need to assess your priorities and needs. As well as the real estate market. And make an educated decision based on that.
Suburban home vs. downtown apartment is an eternal debate for everyone who’s thinking about purchasing their first home or deciding to move out and start a new life elsewhere. And it is a pretty tough decision. Both options have pretty good arguments for and against. But that doesn’t seem to help those people decide easily. For that reason, we have decided to put these two contestants under the spotlight and question both their advantages and disadvantages. Hopefully, after all the rounds of questions, you will figure the best option for you which will help you mentally prepare for the upcoming move. Round one can begin. Shall we go?
The price of the properties
This is probably one of the biggest concerns for everyone who is processing the idea of buying a property. But in order to see who wins the round in the battle suburban home vs. downtown apartment, we would have to know more details such as:
- The size of both properties
- If the house comes with a backyard
- Does the property come with some special features?
- The amount of interest rates
- How developed and economically stable the area is
- Is the area at a high demand
There are, of course, other factors which can influence the price of the property. However, these are the ones that you should definitely look into carefully while you are weighing the chances of these two options. So what you could do is put everything on paper and consult your budget. Pay a visit to a bank and seek an advice from a consultant at a bank and see your options in terms of loans and your future payment obligations.
The close-knit community is often found in suburban areas
The level of security plays a big role when deciding where to settle. And that is why we encourage you to check out this aspect of home hunting before you sign any contract, especially if you are moving with your children. Usually, living in a suburb implies that you will be involved in a community with lots of neighbors. And more often than not, these types of communities tend to be very close which means that you will always have someone to turn to for help or anything else you might need.
Everyone to his own in downtown
In downtown buildings, it often turns out that neighbors are not so much closer to each other. And so, even if you choose to live in a downtown apartment in a large building, in case you don’t become friends with someone there, you might feel a bit isolated. On the other hand, this works perfectly fine for those who like a bit of a solitude, so it doesn’t have to be a downside at all.
The question of freedom in suburban home vs. downtown apartment duel
Those people who cherish and seek life without any limits usually opt for living in suburban areas. When living in houses, this gives you an opportunity to be a bit louder at night if you are organizing a party or to play an instrument late at night. On the contrary, something like this is not quite possible when living in an apartment building. The neighbors will knock on your door first thing if you exceed the limits of the house rules set in that building. Therefore, we can say that this round goes in favor of suburban homes. But if you still decide to move to an apartment in the city, make sure to learn about the house rules to become familiar with them, especially if you have a pet or smoke.
Get an idea of a life in a neighborhood
But if you decide on moving to a suburban home, it is also important to know what are the circumstances in that area. For instance, if you happen to be moving to New Jersey, then we suggest you take a day or two and ride through some of the neighborhoods. That will give you an insight and general impression of what a life might look like in those areas. Perhaps after doing it, you will a less hard time to make a decision.
The available space in a new home
It seems that in this round we also have to give an advantage to living in a suburban home. Nowadays, there are many people who move to the suburbs just to get more available square feet for less money even though that might mean that they will have to commute longer to their offices. If that’s your case too, then you might think about which NJ neighborhood would be the most convenient for you. Still, it would be great if you could find the one which is not too much far away from the office.
Even if you move into a smaller house, with time you will have a chance to upgrade it, remodel it, plus you’ll have an outdoor space which is something usually senior movers appreciate the most. Spending pleasant days, drinking a cup of coffee, or tea on the porch is something very priceless.
If we would make a poll asking people the reason for moving downtown, we bet that one of the main reasons would be the location. Being close to the center of events, restaurants, coffee shops, shopping malls, ect., is what makes the life in downtown very appealing for a lot of people. And logically, there are those who are ready to pay the price of the location. So the winner on suburban home vs. downtown apartment in this round goes to a centrally located apartment.
So, as you can see, if you take several parameters and try to draw some conclusions from the duel suburban home vs. downtown apartment, you will see that both have strong pros and cons. Now, it is only up to you to figure which one has the most advantages bases on your lifestyle and things you are looking for in your life.