Should you be looking for a new place to live, you’ve got plenty of decisions to make. Perhaps the most important will be whether you want an apartment, townhome, or a traditional single-family home as your new address. Like anything else you are contemplating purchasing, each has its own pros and cons. There’s lots to consider when deciding what your best home option is.
What’s the best home option for you: Apartments vs. Townhome vs. Single-Family Homes
To help with your decision, here are a few things to keep in mind.
Flexibility to Relocate
If you have taken a new job or may just be planning to live in an area for a certain period of time and want as much flexibility as possible to relocate, an apartment maybe your best option. While you will have to put down a security deposit and sign a lease, some landlords now offer month-to-month leases rather than annual leases. If you can find this situation, you’ll be able to leave quickly without having to worry about selling a house or townhome.
How Much Can You Afford?
When deciding whether you want to rent or buy real estate, it often comes down to how much you can afford to pay now and in the years ahead. For example, single-family homes can require as much as a 20% down payment, not to mention a large mortgage payment that may need to be made for the next 30 years.
Should you be someone who leads a busy life and doesn’t have time for yard work or maintenance tasks, a townhome may be a suitable place in which to live. Like a single family home, you’ll need to make a down payment and monthly mortgage payments. But unlike owning a home, you’ll be paying HOA fees that will usually include having the yard work and maintenance taken care of by a property management firm. Thus, if you want to own a home but not have the numerous responsibilities that come with ownership, consider a townhome.
Saving for a Down Payment
When you do have the desire to become a homeowner but are in a position where money is tight at the moment, it may be better if you rent an apartment so that you can save up your money for a down payment on your dream home. Since many apartments are quite luxurious while still being affordable, this can give you the best of both worlds while you save your money.
No matter which of these options is best for you, always take the time to look over your finances so that you make the right decision for yourself and your family.
About the Writer: Anica is a professional content and copywriter who graduated from the University of San Francisco. She loves dogs, the ocean, and anything outdoor-related. You can connect with Anica on Twitter @AnicaOaks.