Buying an apartment: a popular choice

In recent years purchasing apartments has become increasingly popular with both investors and owner-occupiers.

Ireland has come to love the easy life, and apartment living offers just that. We can pay an annual fee, which provides us with a range of professional services, saving us the bother of having to maintain the external and common areas of our properties. As an investor, this is ideal, as it means that we have to spend a minimal amount of time maintaining the appearance of the property having employed someone to do this on our behalf. As an owner-occupier this also applies and frees-up time, which may otherwise be spent mowing the lawn on a Saturday morning. Of course living in an apartment also has its down sides. It means that the common areas in respect of the block are being used by all residents and can tend to look grubby. There is also a certain lack of privacy. Depending on the location of your apartment, you could be surrounded both above and below and on either side by other apartments. However, this is all part of apartment living and it certainly seems that it is a rather trendy way to live.

As a first time buyer I invested in an apartment for a variety of reasons. I was a single person and did not want the hassle of purchasing a property with extra rooms, where I would have to spend extra money to furnish them. I also felt that apartments were more secure and as a single woman this meant a lot to me. I was on the fourth floor and was pretty confident that no one would be too interested in climbing up the front of the block to break into my apartment. Although storage space was tight at times, I found that there really was plenty of room despite people constantly saying otherwise.

We could all fill any amount of space if we have it; we tend to hoard items that we simply do not need.

The yuppie factor is still a huge part of apartment living. Many companies will have corporate lettings on apartments to put up businessmen who may be stationed in our country for a long period of time. They appeal to this niche of the rental sector of the market and with so many letting agents and such high demands, they are very easy to rent out. Many professionals will actively seek out apartments be it as owner-occupiers or as tenants. Similarly they are becoming popular with students and it seems that many new developments in close proximity to campuses these days are apartments.

Although when comparing houses with apartments it seems that apartments are more expensive per sq metre, you must consider that they are also generally closer to city and town centres and are generally more conveniently located. Although you may be getting a smaller space for the same money, is this what is important to you or is location a prime factor??

It is important to be careful of potential problems, which may arise when purchasing an apartment. It would be a good idea to establish who the management company is in relation to the development and have a good look around to see how well they are maintaining it. Be sure that you inspect the common areas and that you are happy with their upkeep. Of course this is probably not a reason to go against a property as you can do something about any issues you may have as a resident.

As an owner occupier and a recent investor of an apartment I am completely sold to what was once a strictly continental idea and concept. It suits me to be able to come and go as I please from my property and to pay an annual fee in relation to its upkeep.

Of course, it is a matter of personal taste and I know many people who place a large value on the comfort of their garden walls confirming the perimeters of their "patch".

As a long-term investment property has always maintained its value and will continue to do so be it a house or an apartment. The biggest factor initially for most people is not what to buy, but what can they afford to buy?