Among the many major decisions, you have to make in life, investing in a home is one among them. Apart from considering the finances, there other considerations that you have to make while buying a house such as the location and the housing type you are looking to buy. It can be a villa from Victoria Park Villa, or a condominium or a townhome. Experts at www.realtor.com are of the opinion that each housing type has advantages and disadvantages, based on your current situation you can make choices.
The decision that you make should be based only on knowing the pros and cons of each type of house. To understand the top house types and its investment values, read below.
Townhouses are a more affordable housing type than the detached types. Townhouses can be categorized into:
A freehold townhome ownership means that you own the home as well as the areas of the lawn. The responsibility of maintenance falls on your head, though it means more effort and time spent on looking after the garden, there are no maintenance fees that you have to pay which can cost quite a bit.
A condominium is like owning a condo, that essentially means that you are not only owned the house but some parts of the common areas. The advantage of this type of townhouse is that the corporation does the maintenance of exteriors. Though what the corporation covers vary, make sure to get the details before purchasing it. A monthly maintenance fee needs to be paid.
It is more valuable to purchase a condo townhome rather than a condo apartment as it can appreciate faster regarding property value. Also, investing in a freehold townhome can give you much greater returns as you do not pay any maintenance fees as well as resale value is much better for a freehold one than condo townhome.
Detached house or a single home:
This type of house is hot property as it is an excellent investment. They are separate houses which come with a front and a back yard, which means more land area and more privacy. Detached homes come in bungalows, 2 or 3-storey houses. Most seniors prefer a bungalow as you do not need to climb stairs and the basement offers a lot of storage space as it is the same size as the main building.
Investment wise single houses are very beneficial as you get ownership of the land which has high resale value.
This type of home lies somewhere between detached homes and townhouses. They are smaller than detached homes and larger than townhouses. The disadvantage with this home is that you will share a common wall with your neighbor.
From an investment perspective, these homes are affordable. But the resale value is less, and also the renovation of your house can be a little tricky.
The advantage of this type of homes is, it is usually built in locations where access to transport and shopping places is easy. In addition to that, the maintenance of the common areas is often handled by the corporations, and you can enjoy the amenities they offer in their complex.