The desire to get on the property ladder is one that enters the minds of many people every single year. Though many new homeowners prefer single family houses, there are some other options on the table. In particular, lots of people prefer to opt for a condominium or town house. If you are currently shopping the real estate market for a new home, you may find yourself choosing a property type to suit your lifestyle. Which choice is right for you?
Single Family Houses
Purchasing a single family house is still the most common way to hop on to the property ladder, and it is easy to see why. You get to enjoy all of the freedoms of your own space without having any upstairs or downstairs neighbours. In most cases, you will also be able to hang out in your own private backyard during those warm summer days. However, buying single family homes comes with a lot of responsibilities too. You will now be responsible for every aspect of the home. If the roof is leaking you will need to fix it, if the water heater is broken you will need to repair it and if the backyard is overgrown you will need to mow the lawn. It is always a good idea to keep these responsibilities (and their associated costs) in mind when deciding which type of home to purchase.
Condominiums are usually the most affordable way to purchase a new property. As such, condos are often quite popular with first-time homeowners. For many, they enjoy the similarities between the condo lifestyle and the apartment lifestyle that they are used to. Condo complexes will usually have many of the same amenities as an apartment community such as a pool or a gym. Of course, condos are often subject to many of the same drawbacks too. In particular, be prepared to deal with upstairs and downstairs neighbours. Condos are easier to maintain, as most of the communal areas will be looked after for you. But you will likely have to pay for this privilege in the form of a monthly condo association fees. Which varies based on the amenities offered and the location.
Individuals seeking to purchase a new townhouse will find that it is very similar to a condo in many ways. You will have nearby neighbours and will usually have access to some communal amenities such as a pool. However, a town home is usually a bit larger than a condo, which can be great for families. In addition, many town houses come equipped with a small backyard. Where you can plant some flowers of enjoy a drink in the evening.
Choosing a Property Type to suit ones Lifestyle
Ultimately, choosing a property type works for you will depend on your own situation and preferences. While many enjoy the freedom of a single family house, others prefer the low maintenance lifestyle that a condo and townhouse provide.
Once you decide on which one works for you, all that is left to do is begin searching the real estate market for the ultimate dream home that suits your lifestyle.