Top 6 reasons for apartment living

 

For decades, Kiwis have been hanging onto the house and quarter-acre dream.  While people are bemoaning the loss of the iconic Kiwi lifestyle, change is not new.

Late last century, we saw cross-leasing the family home to create a second dwelling. Infill housing became the norm. Now we have a growing population and not enough homes, creating a supply and demand imbalance. 

So, it’s time to think outside the square. Europe has lived the apartment lifestyle since forever. Other cities facing rapid population growth, like Sydney, are embracing the new apartment norm.

Brendon Skipper, CEO of realestate.co.nz, shares his top six reasons to embrace apartment living.

 

BRENDON’S TOP TIPS

1. It’s more affordable – Forget the home and garden with the way prices are going (especially in Auckland) which can mean a killer mortgage. By comparison, you can own your own pad and possibly have some money in the pocket to enjoy the finer things in life.

2. Lock up and leave – If you travel a lot with work, decide to head off for the weekend or take that overseas holiday (perhaps with the help of money you’re saving on a house mortgage), there’s nothing like being able to walk out the door with no worries about security or how out of hand the garden might get while you’re away.

3. Location, location, location – Apartments tend to be in the heart of cities, or in areas which link into transport hubs. That means easy access to the inner city where nearby houses can cost more than a French chateau. 
    
4. It’s a lifestyle – When you purchase an apartment, you’re not just getting bricks and mortar, you’re buying into a lifestyle. Many apartment buildings come complete with gyms, swimming pools and outdoor recreational areas like BBQ facilities.

5. Low maintenance – Enjoy a life where there are no lawns to mow, hedges to trim, or houses to paint with apartment living.Yes, there are body corporate fees, but don’t underestimate the ongoing maintenance costs for a house. What’s more – if there’s big work to be done on an apartment building, the body corporate should have it covered.
    
6. Family way of life – When there’s good infrastructure in the immediate vicinity of an apartment -recreation spaces, schools, supermarkets, medical centres and so on, apartments are a great alternative for today’s family. Three-bedroom apartment listings on realestate.co.nz have been increasing as developers recognise the potential. In Auckland, the average asking price for an apartment is $610,575, compared to the average Auckland asking price of $919622 for a house.

Brendon Skipper is CEO of realestate.co.nz

This article first appeared in M2 magazine.