Tuesday, June 14, 2016 / by Jeff Stoffel
Wouldn’t it be nice if homes came as “one size fits all” to save you from the decision-making process? Unfortunately, you can’t try on different living spaces as you would jeans or shoes. To help out, we’ve created a list of the advantages and disadvantages of different homes.
Apartment or Condo
An apartment or condo is one unit of a larger building. The difference between them is that you rent the former and buy the latter. Deciding which option is better for you is an entirely other conversation — check out our renting vs. buying calculator for more. Regardless, both options offer some pros and cons regarding physical living space.
– Maintenance and repairs are covered.
– Utility bills can be lower because you may not be responsible for heat or water.
– Amenities, such as security and fitness centers, may be included.
– Privacy isn’t promised — sounds can travel through walls, floors, and ceilings.
– Parking can be a hassle if the building doesn’t have a designated garage.
– Space is limited, and a yard will be communal if it exists at all.
A townhouse is a house connected to others in a row, usually with space for a small front lawn or backyard.
– Communities are tight knit due to close quarters.
– Home Owners Association (HOA) covers maintenance through their membership fee.
– Prices are typically lower than standalone units.
– Renovations need approval from the HOA.
– Some walls are shared with neighbors, which decreases privacy.
– Space is limited, though more available than when in an apartment.
A detached house is a single structure with its surrounding property, though it can vary in terms of architecture, size, and location.
– Privacy, space, and independence are at a maximum.
– Value usually increases over time, making a house’s purchase more like an investment.
– Storage space allows for more material possessions, whether for hobbies or bulk buys.
– Maintenance can be costly and time-consuming.
– Cleaning is a bigger job.
– Prices may be higher than other types of homes.
Compare your family’s needs to what’s here and you may be able to find your perfect fit!