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The pros, cons and cost of apartment living

Article by Your Home and Garden

The lure of apartment living has grown as the cost of housing continues to rise. We get quick fire answers to the pros, cons and cost of owning an apartment

The pros, cons and cost of apartment living

Apartment living doesn’t have to be in soulless, sky-high buildings any more. Smaller apartment complexes and apartments built around green, communal spaces are becoming more popular.

Greg Reidy, director of McDougall Reidy – joint venture partner in the Botanica development in Auckland’s Mt Eden – says the “idea of Botanica was to offer good spaces within a smaller footprint, so we could price them at a better level”.

All 67 apartments sold in six weeks in 2015, with one-bedrooms mostly snapped up by young couples and singles, and two-bedroom spaces bought by young professionals or downsizers; prices started at $455K for a one-bedroom.

Pros:

Less maintenance
Secure
Communal living
Often centrally located
Consent, design and build process managed for you
Services often managed, too.

Cons:

Body corporate fees and regulations can be costly and restrictive
Less outdoor living space
Close proximity to neighbours
Pets may not be allowed
Not much freedom over design.

Budget:

Price depends on location, size and other factors. For all of 2016 the median sales price for one-bedroom apartments in New Zealand excluding Auckland was $279K ($377K in Auckland); and for two-bedroom apartments it was $367K.