Where a person chooses to live says a lot about them. If you live in an apartment, then you are probably at a stage of life where you are not ready to lay down more permanent roots, perhaps because you are still in school or you are figuring out your professional career. Those who buy houses are probably more committed to staying in one place and have saved up enough money for a down payment.
The type of home you live in has a direct impact on your lifestyle. Space, upgrade capabilities, maintenance responsibilities, location, and other factors all affect what your day-to-day looks like in your living space.
If you are ready for the next stage of life, it is time to start thinking about what type of home you should move into. Here are five that you can consider.
As mentioned before, apartments are often a form of temporary housing. Although you can choose to continue renewing your lease each year, many renters live in apartments until they can save up enough money to buy property. There are many different types of apartments, including studio, two-bedroom, garden, luxury, penthouse, and more. Apartments are always part of a building that includes other residential spaces, which could be an entire apartment complex or a portion of the owner’s home. Moving into an apartment is a great choice for those who are not ready to lay down roots and want to save some money on upfront costs for a living space.
Take a step up from an apartment, and you might find a townhome. The primary difference between apartments and townhomes is that townhomes usually have more than one-floor level per unit. That might mean that you have a common space with the kitchen, family room, and dining room on one floor and then the bedrooms on another. Also, some townhomes may even be free-standing rather than sharing walls with neighbors. A townhome is a good fit for a small family since there is more space to spread out, and there is not a large down payment requirement for a mortgage.
Now, we are moving into the realm of owning property rather than renting it. When you choose to buy a condo or home, you will most likely be taking out a home loan to cover the cost. Maximizing home loan opportunities means finding the right lender and favorable terms, such as a low-interest rate. As you pay back the loan, you are considered the owner of the unit, and you build equity in the property with each payment. Condos are similar to apartments in that they are usually one unit in a building or complex. However, instead of renting them, you own them and have a mortgage. There is more freedom to invest in upgrades as long as you follow the rules of the HOA, and you can profit when you sell the condo in the future.
If your priority in life is to focus on efficiency, then you might be more excited about a tiny home. Tiny home living is a more recent trend where people live in units that are less than 400 square feet. Often, these tiny homes can be moved by a trailer, though they are traditionally meant to stay in that one place once they are moved. There are many different styles you can choose from, such as park model cabins. You must become an expert at maximizing a small amount of space, but your costs will be low because of the extremely low utility bills and the flexibility of the space.
Perhaps the most well-known aspect of the American Dream is homeownership, and the classic property style for this dream is often the single-family home. As with a condo or tiny home, you can own the property yourself and pay back the mortgage over time to build equity. Additionally, you have the freedom to invest in home improvement that will customize the property to your needs and raise its value. Many families prefer the single-family home lifestyle because of the privacy and the future investment opportunities.
What Home Will Suit Your Needs?
There is often a lot of pressure to make the jump to homeownership, but you can make any type of living situation comfortable. An apartment is the right choice for many people, whether they are students, single adults, or small families. A townhome is ideal for growing families that are not ready for a 15 or 30-year mortgage to tie them down. A tiny home is a unique experience for those who want to maximize space and minimize their carbon footprint. All these options are viable for the right personality, so choose a property that fits your needs.