Suburban home vs. downtown apartment - who wins?

 A choice between NYC downtown apartment vs. suburban home is tough.

Choosing between a suburban home and a downtown apartment is a personal decision no one can make for you. An option with the most pros and the least cons is different for each one of us. Among other things, it depends on our habits and lifestyle, our expectations and character. The best we can do in search for the perfect home that suits all (or at least the larger part) of our needs is to do our homework. That's the only way to make an educated decision you won't regret later. So, here are some points that can help you make the best possible choice.

Suburban home vs. downtown apartment

There are many points you should factor in before you decide where to live. Depending on your habits and lifestyle your interests will vary. However, the most limiting factors are the following:

• housing and living costs
• size of living and storage space
• transportation costs and daily commute
• proximity to amenities and attractions
• access to modern conveniences

Regardless of the location, make sure you follow all available tips for buying your first property. There is never enough advice when it comes to one of the biggest expenses you are about to make. Note that it is possible that later in life your needs will change and that you may find yourself in this situation again. If your small downtown apartment suits you now, it may not once the kids come into the picture.

Housing costs are the most prominent limiting factor

Housing costs play a big role so if you're buying a property in NYC or any other major city, think twice. Price per square foot will affect your decision between a suburban home and a downtown apartment greatly. For the same amount of money, you can own either property, though, your downtown apartment will be significantly smaller. Moreover, property taxes are close between these two housing options but that also depends on the part of the country. 

Regardless of the city and the country, the cost of living is always higher downtown due to the high demand for goods and services. Relying on the comforts of the big city life has its price. Interestingly, the gap in housing costs between a suburban home and a downtown apartment tends to close in some cities. It happens due to the relocation of businesses and the growth of startups in suburban areas. Lower commercial rent costs attract entrepreneurs to the suburbs, as well as new residents. The ever-present struggle between supply and demand slowly evens out the differences. Thus, many cities make investments that should make life downtown more comfortable.

Living space size and quality are equally important

For young professionals, size matters. Living alone in a big suburban house doesn't make much sense. Underutilized space is one thing, but paying for it is something different entirely. If you realize at any point that you struggle with storage space, for example, check out movers101.com and consider renting a storage unit. Getting additional space for your seasonal and other seldom-used items will create more room in your downtown apartment, however, at a cost. In favor of the suburbs, rent or mortgage is more economical and thus perfectly suits families with children. Also, services, entertainment, and food costs are lower in suburban areas.

Hence, the size of your family (pets included!) will help you make a choice. While cozy sounds good, comfortable sounds even better. Add to that a fact that not many landlords tolerate pets and you have an even easier choice. Even if space doesn't pose an issue, liberties you find important for daily functioning may be threatened by downtown apartment rules and regulations. On the other hand, no one can dispute the privacy and peace you will have if you choose a suburban home. Even more so if you need frequent home modifications and improvements in your living space.

Means and costs of transportation

Should you opt for a New York City's most populous borough, moving into a new home in Carroll Gardens will lead you to a neighborhood with front gardens and famous brownstones. There are many apartments to choose from in these buildings, for families and young professionals alike. However, getting around Brooklyn and NYC, in general, depends greatly on your everyday duties and needs. Most importantly, you don't need a car unless you live too far from your place of work.

Furthermore, the central business district (CBD), aka downtown, houses the majority of commercial venues and businesses and is usually well connected with other parts of the city. If you opt for a downtown apartment you will likely never have to worry about the daily commute time, (non-)available parking spots, car maintenance, and gas costs. Most things you will ever need will be within walking or biking distance and those that are not - deliver to your home 24/7. Lately, young couples and families invest in hybrid cars to reduce not only the cost of transport but also their carbon footprint. In addition to protecting the environment, cutting fuel consumption also cuts the costs of transportation.

Suburban home or downtown apartment? The verdict

Some things in this never-ending debate don't carry a price tag. Some of your liberties may suffer in the confines of a downtown apartment. Additionally, dependence on cars to go out of the city cuts both ways. On the other hand, living in a suburb nowadays can separate you from your friends who live in the city. Options for hanging out will become less frequent over time unless you organize well. To sum up, the cost of living mostly goes in favor of suburban homes while proximity and ease of access to conveniences are traits of living downtown. At the end of the day, we all have something we can't imagine our life without, so you need to decide for yourself what you are willing to sacrifice. Good luck with your search!

Tyler Vincent Real Estate Inc. for transparency, reliability and trustworthy information! 

Photo used

https://pixabay.com/photos/architecture-new-york-city-manhattan-1853552/