Different types of housing and who they’re suitable for?
House is one of the key elements needed by humans. It is a place that will provide you with spaces to locate and live out your life. That is why it is very important to understand different types of housing if you are looking to buy your first home or even for a new investment purpose. Getting to know more detail about how it differs from each other and as well as getting to know the pros and cons of each type of housing will let you choose wisely on your purchase too. Throughout this article, you will get to find out all the things you need for your home purchase and especially to avoid choosing the wrong one.
How many types of housing are there and Its Pros and Cons?
There are two main indicators to divide the types of housing. Firstly, you need to check the structure type and secondly, you need to see the style of the home. The structure refers to the building formation. For example Single-family houses, Condo, etc. The style of home refers to the architectural decoration features and design. For example Craftsman home. However, this article will provide you with the different types of houses that specify the style only. We have collected some common types of housing to let you see the details and better decide on your purchase.
Apartment
The apartment is a term to describe the same room blocks located in one building formation. Another fact about the apartment is you need to rent the place from a landlord who is the only owner of that building. What makes an apartment become very popular to most young adults or foreigners because it provides the faculty that include a gym, swimming pool, laundry, and even with 24/7 security and an onsite repair worker. Even though a variety of conveniences exist inside the apartment, you need to know that you may not have access to full privacy like owning a separate house.
Pro: Landlord will be the one who takes care of the maintenance and repairs
Cons: You are not the owner of this property which leads you to no property equity in the long term.
Condo
Condo or condominium is a similar term to describe the type of house with an apartment. It refers to a block of one building but you are the owner of this one block house. If you are looking for a type of house that provides you with all the convenient features mentioned in the apartment and you also want to become an owner of that property, choosing a condo is the best choice for you. Moreover, owning a condominium has become very common as well, especially for young adults or people who were born in the millennial generation since they want to live in a house where they can access full convenience also most Condo is located in the middle of the city as well.
Pros: You still need to spend less on maintenance than a single-family house. And you also become the owner of the house as well.
Cons: You still have limited privacy compared to a single-family house.
Co-Op
Co-op is a term to describe a housing cooperative. This type may be quite different compared to the other types on the list today. When you buy a co-op, it means you are a part of the shareholder of the company that owns an entire building rather than just purchasing the actual part of the building. The number of shares you buy will correlate to how much space you will have in the co-op. Once you are successfully accepted into a co-op, you will have the right to vote for the common spaces. Besides that, you will also have to split the maintenance costs and other fees as part of the shared expenses.
Pros: Co-ops offer a great sense of community and are cheaper than a traditional home.
Cons: The rights of owning this property are limited and need to have a group decision.
Single-family (detached)
This type of house is a very common and traditional home type that has been very popular with older people. It is a completely detached house unit from the others, unlike condos or apartments. It is a perfect choice for those who prefer to live a bit more quietly and looking for a more private home. Moreover, it also has a garden and more space which make those who live in feel like an exact home.
Pros: Access to a full house space that includes a garden, car garages, and a backyard as well.
Cons: Spend more on maintenance and other expense
Townhome
A townhome or townhouse is an individual house that is located next to each other and shares at least one wall with another housing unit. Moreover, it also has its own big entrance from the main street as well. However, its spaces are mostly the same but it has limited space compared to a single-family house.
Pros: They are cheaper than single-family homes.
Cons: You have less privacy and less freedom to change the exterior part of the house.
Villa
This is the most luxurious type of house on this list. Villa is a bit similar to a single-family house but the villa has a bigger space and usually, it also includes some more luxurious parts of the house including a swimming pool, a big space of grass, a flower garden, a pet house, a courtyard, a vineyard fountain and many more.
Pros: Very spacious house type that comes along with many luxurious features.
Cons: Cost a lot more than any other type of house
Now comes to the end of the article, as you know now, there are so many types of the house for you to consider buying. These types of houses have their own unique points compared to each other. As you have read in this article, we provide both pros and cons which enable you to make a wise decision on making a purchasing decision on houses. You better choose the type of house that suits your preference and living style as well as your budget. Since spending value of money buying a property could even cost someone a lifetime, therefore it is very important for you to do some research before making a decision to buy a specific house type. If you are making the right choice, it will save you a lot, and to avoid making impulsive decisions on your first property or investment as well.
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