Whether you’re shopping for your first house or are moving to a new location, there are various things to consider before making a final decision. One important aspect is to weigh the pros and cons of the types of homes you could live in.Students might find a more suitable experience at upscale dorms at The U, some might enjoy the maintenance-free aspects than apartment provides, while others could benefit the most from a single-family style home. So, which type of home is best suited to your needs? Here are some pros and cons to consider before making a decision.
Apartments and Condos
Both apartments and condos share similar attributes, though they do differ slightly. Each is a single unit in a larger building, and each happen to share similar pros and cons. The only difference? You rent an apartment and buy a condo.
You can find both types of homes in all sorts of stylings from the basic to the grand. Some companies are redefining luxury apartments in downtown Los Angeles, while others provide a simple and inexpensive way to enjoy life in the city. Condos often offer a premier location, such as inner-city and beachfront locales, that would come at a much higher premium if they were single family homes.
The advantages to both are that maintenance costs are covered by the landlord, as are utility bills in most situations. Residents don’t have to worry about mowing a lawn or paying for things like water. You’ll also have access to amenities ranging from a pool to heightened security or common spaces.
On the downside, your neighbors are located just on the other side of your walls, floor, and ceiling. Parking might be somewhat of a daunting task, and space is often limited. All of those are often a trade off for a yearly lease, which allows you to move once a year if you would like.
Stepping up in size from apartments and condos is the townhouse, which is connected to other houses in a row. More often than not, residents have a small backyard accessed through their home as well. Communities are often tight-knit in these locations, and a Homeowners Association covers maintenance through a member’s fee.
You’ll find that prices are often cheaper than single family houses, but privacy is about the same as you’d experience in an apartment or condo since your neighbors are on the other side of your walls. Interior space is still limited, though it is slightly larger than most apartments.
Any renovations made to a townhouse must be approved by the local Homeowners Association, which can be a little annoying when it come to making the space your own. On the plus side, many townhouses allow you to own pets.
A Detached House
These are your typical single-family homes, but they come in a variety of shapes and sizes. With a detached home, you gain the privacy that surrounding yard brings. You have the independence to make any changes you see fit, and the majority provide more space than any of the above options.
The value of your home may increase over time, and there’s ample storage space if you choose to buy a home with any extra spaces. However, maintenance falls squarely on the homeowner, which can be pricey and time-consuming. More space also means more to clean, and a mortgage is often the most expensive option.
It’s important to weigh all of these pros and cons before making a final decision. Knowing which would suit you and your lifestyle best can help you save money while enjoying your home to the fullest in the time that you live there.