BUYING A HOME: SELECTING A HOUSE SUITABLE FOR YOUR NEEDS
After choosing the best location of your new house, it is about time to decide on the home that you want. Basically, there are three types of homes: condominium, townhouse, and detached house. This article will outlines each home, as well as its advantages and disadvantages.
If you want a cheaper abode, but the idea of living in an apartment does not appeal to you, a condominium may be suitable for you. It is a large property complex with shared walls, parking space, and common areas. Unfortunately, you won’t have the entire control over your condo since unit owners are subject to the rules being implemented by the homeowners’ association.
Condo is not an ideal investment as a house because home developers can construct several condos quickly a small piece of land. Hence, it is easier to increase the number of condos on the market, unlike townhouses or houses. It will also be difficult to sell your condo as it will be harder to differentiate your unit from others in your building. On the other hand, you need not to worry about maintaining an exterior structure or yard. Plus, if you live alone, you may enjoy a heightened sense of security
A hybrid of a condominium and a house, townhouses offer more privacy, as well as peace and quiet, than condo units. Townhouse, known for urban proximity, has garages on the ground level, providing greater convenience for an individual or family. But it has less front and backyard square footage.
Similar to condos, townhouses have homeowners’ associations, but you need not to worry about maintaining the exterior of your house. It is usually larger than condos and has small yards. Townhouse is a good investment especially for starters as it is near to a city and town, and situated within an urban location.
Detached house is said to be the most expensive option due to its total purchase price and continuous maintenance. However, this can give you a complete independence and privacy. Depending on the size, you may have a yard and fence encompassing your home. A yard is also great for children, pets, parties, private pools, and and relaxing in the fresh air.
Your house may be damaged from time to time. Therefore, you will responsible for repairing damages in and maintaining your home, or you may also ask someone to do it. Since the entire house is yours, you have the option to expand or sell it.
Aside from housing preference, you also have to determine the size of your house based on your needs and wants. Just remember that the larger the property, the higher the purchase price, insurance, furniture expenses, maintenance cost, and utility bills. Take into account the location, too, as one home size or type predominates in certain location. It is advisable to determine the size or type of house first before the location if you are particular about it. And last, but not the least, consider the outdoor space that comes with the property. It is up to you if you want to have a small or big outdoor space.
Buying a Home: Determining the Amount You Can Afford
Connection of Inflation and Interest Rates
An Introduction to Ethical Investing
Choosing Your Bank
Ethical Investing: Leaving an Ethical Imprint
Buying a Home: Obtaining a Homeowners Insurance
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