Home Types Comparison
Generally, the available types of Homes are: Apartment, Condominium, Townhouse and (Detached) Home. The major differences between these types of Homes are Ownership and Responsibility. For Rentals, the Owner has the Ownership and Responsibility of the Rental property (rather than Renter). Following are some Advantages and Disadvantages of these Home Types and their comparisons…
Apartment: A type of property intended for permanent residents who lease a specific space or unit for Rent.
Advantages: Lowest cost ; Lowest maintenance effort because of no private yard (everything is shared and common) ; Best suited for singles, bachelors and empty-nesters ; Availability of Shared Swimming Pool, Exercise Room and Small Office.
Disadvantages: Hardest to sell or Cheapest to rent ; Generally difficult to finance with low down payment and low interest ; Least privacy (no private yard) and limited availability of common yard ; Share common walls, floors and ceilings (sometimes) with neighbors ; Renting neighbors change constantly for every 6 months to 1 year ; Crowded neighborhood with many units in each Complex.
Condominium: Individual units in a multi-unit structure that have joint ownership of commonly used property like sidewalks, hallways, stairs, and lawn
Advantages: Lower purchase price than Townhouse or Detached Home ; Lower cost and taxes ; Lower maintenance effort ; Better to re-sale or rent than Apartment ; Some important backyard activities possible…barbecues, sandbox, swings.
Disadvantages: Harder to re-sell and Cheaper to rent than Townhouse and Detached Home ; Value appreciation is modest at best ; No private yard and land ; Common walls shared with neighbors ; Less crowded than Apartment Complex (but still crowded with more units).
Townhouse: A dwelling unit containing having 2 or more floors and attached to other similar units via shared walls.
Advantages: Most privacy at the least cost – best compromise ; Own small private yard along with the house ; Best Value appreciation – easy to re-sell or rent ; Better financing available with low down payment and low rates ; Some outdoor activities possible in the yard – barbecue, swing…
Disadvantages: Common wall shared with neighbors – acceptable based on good neighbors ; More expensive than a Condominium for the same livable area (square footage)
Single-Family Home: A detached and stand alone housing unit designed and maintained for occupancy by one or more families.
Advantages: Provides best living space ; Own both lot and the house – best value appreciation choice ; Greatest privacy with greatest amount of control to change (no common walls) ; Best financing available with lowest down payment and lowest rates ; All outdoor activities are possible – barbecue, swing, swimming pool, gardening…
Disadvantages: Most expensive option than Townhouse, Condominium and Apartment Requires highest maintenance effort.