Why do people buy apartments? Like why?

[Deleted member 1603965]

Never understood this thing. A house means you own the land on which it is built and it will be yours and that of your upcoming generations right? An apartment building has a life span of say 99 years.

It has to be demolished after some finite amount of time. And not to mention, if there is an earthquake and your apartment block/ building gets screwed, the value instantly becomes 0 right?

Does anyone have any logical counter to this argument?

 

[valac1993]

People buy what they like, different people = different taste.

 

[Dopious]

Cutting grass sux maybe?

 

[IM Dude]

Agreed, don't forget living like termite, people above below left right behind. Anyone can screw your sleep.
Usually people buy apartment, rent it out, and sell it later, like an investment.
Also depends where you live.
In US apartments are rental property, people buy actual houses.

 

[Venusaur]

Houses can also be affected by earthquakes. In most countries that suffer from this kind of natural disasters, buildings are already designed to withstand earthquakes.

Also, when there is a flood (if this happens in your country), your house is more exposed than an apartment.

 

[Jonnn]

well when you live in miami like i do the avg cost of a decent home is 500-600k

while rent is 3k

so at end day you can pay more to rent or you could own something that you are paying into that will hold its value

 

[deppo]

Most importantly, when you buy a house you never really own the house.

Stop paying property taxes and you'll figure out who the actual owner is.

 

[provocative]

It all comes down to location. Amenities, personal needs, and transportation options vary, and not everyone can afford to own a home in cities like NYC, Paris, London, or Istanbul.

In major metropolitan areas in Western countries, owning a normal house in the city center, or in its nearby perimeter, quite impossible unless you’re wealthy or its an inheritance.

I’d only agree with you if we’re talking about the countryside, where houses are more common and often priced similarly to apartments. In that case, buying a flat might not make much sense. But then again, some people hate dealing with gardens, bugs, and all the maintenance that comes with a house.

 

[Suspended Account]

I don't have children and I guess won't live until 2124, so if I buy an apartment with a lifespan of 99 years, it should be a nice fit for me

 

[joseph15]

Most apartment buildings are insured so the owner receives compensation in case of natural disaster. Also many new buildings in modern cities are built to last beyond 99 years, and there are quite a few advantages to condo living vs house (low maintenance, usually proximity to city centre, much lower risk of thieves breaking and entering, generally easier to sell, etc.)

Most importantly, when you buy a house you never really own the house.

Stop paying property taxes and you'll figure out who the actual owner is.

Exactly, apart from crypto you can't truly own anything 100%

 

[1SEOWarrior]

Because they understand that life is short. Maybe. I wish.

 

[Tipblog]

people have different taste example i like apartment and my parents like individual house

 

[xReminisce]

Never understood this thing. A house means you own the land on which it is built and it will be yours and that of your upcoming generations right? An apartment building has a life span of say 99 years.

I guess that would also depend on where you are from right?

Speaking strictly from Aus
If you buy an apartment, while you don't own the land, you do own a strata title which gives you ownership of your individual unit along with ownership of the shared common space like elevators etc.
Even if the apartment building has a life span of 99 years, a developer or builder cannot unilaterally decide to demolish an apartment building once it's owned by multiple individual unit owners under a strata title.
There are variations to this base on the state in Australia
But generally, if the building has to be replaced because of structural damage, all owners will pay
If the builder owner is forcing us out, they have to buy us out base on the market value of the unit.
Or if they just redeveloping the building for a newer one, you still have ownership of it and you still own an apartment unit on the complete one.

Which doesn't make having an apartment any worse than a house at all.
Considering apartment may typically be smaller, but it usually comes with more bonuses that are usually maintained. (Gym, pool, entertainment room, security etc)
Of course, you are paying the body corporate fee for them anyways; so, if they aren't maintained properly, you should be filing an official complaint.

Houses need renovation as well; while structures may last 99 years; if we take a house that was made 99 years ago from today; the structure vastly different from the modern ones now and it would be in your best interest to renovate it; espically if it's not a flat.

It has to be demolished after some finite amount of time. And not to mention, if there is an earthquake and your apartment block/ building gets screwed, the value instantly becomes 0 right?

Insurance is your friend.
Well, not your friend, the friend that attempts to steal all your money but once something shitty like a natural disater happens. You bleed them the fuck dry.

Also; as previously mentioned, your marketplace value cannot become zero like that.
Especially with insurance in place.
With most insurances for apartments in place; if a natural disaster does occur that renders that entire building worthless. You will get paid out completely (base on how much you insured) or very close to of its previous market price.
If the actual apartment owner of the building for whatever reason is refusing to rebuild due to $ or just being a dick in general.
Typically, the ownership will shift from a physical unit to a share of the land meaning, you now own part of that actual land deed making it more valuable than a residential land deed.

There no real better apartment vs house vs town houses etc arugment
they all have ups and downs really.

 

[dabz5]

They do because its a cheaper way to live near the city center. Others do it as investment, real estate prices are constantly rising.

 

[davids355]

Never actually thought about that. I would guess maybe it’s because you can buy a flat for less money than a house and owning a flat is better than renting a flat.

Or perhaps it depends on the motivation; for example some people just want a place to live that is most cost effective and maybe aren’t worried about the next generation.

Maybe it’s just short sightedness.

 

[indianmojojojo]

In India there are two types of apartment buyers:
1. Entry level apartment buyers buying their first home as it's cheaper in cities(these are in the outskirts)
2. Rich who buy this as a luxury experience. Inhouse club house, restaurants, house keeping on call, private jacuzzi and more. These are premium ones sold for 1 mil USD or more(these are usually near the city centres)

 

[Megabeceh]

Average ROI >7% or >4% per year depending on whether it's touristic or residential.

 

[SeoWrecker]

Because they are made to believe by real estate agents that prices increase over time which is untrue in many cases.

 

[TechnoTycoon]

Cutting grass sux maybe?

I agree or may be they are allergic to soil. lol

 

[Stifmeister]

There's a mountain of things you have to deal with if you own your own home, if you own an apartment it will usually be communally outsources to a company or a building manager.

It's much cheaper and most likely closer to more amenities. Really depends on the situation and what you need.

Also something for me personally: I grew up in my parents apartment, but I've also had longer stays with grandparents at their house and there is this feeling of "safety" when you're at your apartment because of the "communal living" and in your own home you're responsible for your own safety. In the US probably not a big problem, but getting a gun here is pretty difficult and I as many of my countrymen don't really like guns, that being said if I ever own a home I'm getting several.