Purchasing a property is a big milestone in your life. Because it is a major purchase, it is crucial to examine your options closely. There are various types of properties in the market. Each property type has different pros and cons for how to maintain it, the amount of work involved with owning a specific property and so on.
Whether you’re buying a condo unit, a townhouse, or a single family home, it’s important to be knowledgeable about their pros and cons. Here are some things you need to know about each property type:
This type of property is often a unit within a high-rise building. Unlike apartments, condos can be sold to individuals, rather than rented.
- Maintenance is easy
- Major maintenance work is covered by the property manager or the condo association
- Security is guaranteed
- Condo association rules can be restrictive
- Less room for customization
- Amenities are shared by the residents
A single-family home is a structure that houses an individual or a family and stands alone on a piece of land. Single-family homes can be bungalow types or ones with multiple stories.
- Freedom to decorate and renovate as desired
- Alteration depends on the property owner
- Privacy is secure compared to other types of property
- Maintenance is done by the owner
- Furnishing the house is the owner’s responsibility
- Requires more time and money to renovate and maintain
This type of property is a small house with its own foundation. Townhouses are separated by communal walls with neighbours. Some townhouses can also have a mini yard. Consider them as a cross between condo units and single-family homes. Townhomes vs single family homes also hold different investment opportunities. Read our blog for more information.
- Has both features of condos and single-family homes
- General maintenance is done by the homeowners association
- Pet-friendly, unlike most condo units
- Strict HOA rules apply
- Fees can add up fast due to maintenance costs
- Owners of home are responsible for maintenance inside the home
- Divided by communal walls – can present noise problems from neighbors
If a townhouse is what you are looking for, we’ve put together a guide on how to buy a townhouse.
Lastly, an apartment is a residential unit for tenants without the typical responsibilities of property ownership. Some apartments have amenities like a condo unit would have, but for a cheaper price. Living in an apartment can be beneficial for people who do not have sufficient funds to purchase a property or those who cannot commit to buying a home due to various reasons.
- No typical ownership responsibilities
- Most maintenance work is covered by the property owner
- Affordable residential option
- Changes are limited
- Having pets is subject to the owner’s approval
- Renters have no ownership rights to the property
Now, you have an idea about the pros and cons that come with owning the different types of properties. When choosing the right property for you, consider your situation and which property will benefit you the most.
A typical scenario in purchasing a property is that the buyer may decide to opt for a different type, prematurely selling their home. For example, a person who travels a lot buys a single-story home and, in turn, fails to maintain it regularly. Keep your living conditions and situations in mind when deciding on the type of property to purchase.
If you’re looking for apartments, condos, houses, or townhouses in Walnut Grove, get in touch with us and see how we can help!