Should you opt for an apartment or a house when buying your main residence? The answer lies first and foremost in your personal tastes. Some refuse to live in an apartment building, others do not want to hear about villas and other pavilions. However, Cornwall House Accommodation must also take into account objective criteria. Your choice for this or that type of real estate will indeed influence your lifestyle, the financing of your project, its day-to-day management, insurance or even resale (remember that this point should never be neglected by buyers). This file gives you the points to study to make your decision in full knowledge of the facts.
Housing: identify your needs
The apartment. It is available in multiple surfaces and can therefore be adapted to more needs. A couple without children will, for example, afford a T2 while a family will settle in a T5. Retirees appreciate it (it is close to services), especially when it is equipped with a lift. For young people, buying a small apartment is often the first step in the residential journey. They will sell it later to buy bigger. The proceeds of the resale, once the loan is prepaid, will serve as a personal contribution, which will facilitate obtaining the new loan.
The House. Apart from small townhouses, this type of property corresponds a priori to the needs of families. This is all the more true as these properties are most often accompanied by a garden, a highly sought-after criterion. The choice of the surface, the number of rooms, will depend on the composition of the household. Also take into account what you want to do with the house (creation of new spaces, renovation, extension, etc.), knowing that the budget to be planned is greater than for an apartment.
Real estate: the importance of the address
The House Accommodation. Most often it is located in the city. It is closer to schools, public transport, shops and services essential to daily life. For children, travel times to school are shorter. On a daily basis, the car is not necessarily necessary. On the security side, the apartment takes the advantage. Buildings are located in the city, they accommodate several occupants per floor, so burglars are more likely to be surprised when they do act. Especially if the condominium has a caretaker
The House. It is generally further away from shops, services and public transport. You must have one or more cars. Daily life requires some organization, for example for shopping or taking the children to school. The house is more isolated than the apartment, which increases the risk of burglary. However, it benefits from a calm environment, a garden, better neighborly relations (there is less promiscuity) while the inhabitants benefit from more freedom. Remember that the house remains the preferred habitat of nearly 80% of French people according to numerous surveys.
Collective vs individual: asset management
The apartment. It is placed under the co-ownership regime. You own the private parts and a fraction of the common parts (directors' fees). You participate in the general assembly of co-ownership. You interact with two bodies, the trustee (the company that manages the building) and a union council (members of the co-ownership elected at the meeting and responsible for relations with the trustee). You pay condominium fees, an amount that must be budgeted since at the same time, you are paying off your loan. To find out more, see our file Screening the condominium before you buy.
The House. You are the sole owner of your property. You do not have to account or sums to pay to the co-ownership. You still have to take into account the neighbors in your daily life, but also the town planning rules if you are doing expansion work. If you buy a villa built by a developer (grouped houses), you come under the status of the co-ownership. In this case, the house is a private part, the garden a common part for private use. In housing estates, the rules are more flexible (the garden is a private part). The specifications and the subdivision regulations organize life in common, the management is ensured by a free trade union association (the co-ownership of the subdivision).
House or apartment: question of price
The apartment. Its price depends on the address, the condition of the accommodation, its surface. In the old one, the envelope that you will devote to the work will be less important than in the house. Another important point: you must budget for the condominium fees. Transfer taxes and other ancillary costs are calculated as a percentage of the price. These expenses are the responsibility of the buyer. In this area, comparing apartment and house makes little sense.
The House. The price is calculated according to the same criteria as that of the apartment, naturally taking into account the specificities of the house (distance from urban areas, size of the garden, presence of a swimming pool, etc.). Transfer taxes and ancillary costs are set in the same way as for apartments.
Use and maintenance: which housing costs the most?
The apartment. If you have to assume the expenses related to the private portions, you share with the other co-owners those devolved to the common portions. For example, you pay a quota for major works (cleaning for example). A priori, these expenses are lower than at home but this is not always the case. This is a point to check before buying, by consulting the list of expenses voted and / or paid by the co-ownership and the co-owner. As for local taxes, it all depends on the rental value of the accommodation and the tax rates applied by local communities. Again, this is a point to check before buying.
The House. Maintenance work, heating expenses, garden… You take care of everything yourself. Since the house is home to a family, heating and hot water costs can be high. At the end of the day, the house costs more to maintain, but then again, that's not always the case. As for local taxes, the situation is the same as for apartments. Note also that comprehensive home insurance, proportionally, is not necessarily more expensive for a house. To choose it well, play competition between insurers.
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